Group Health Insurance

Group Health Insurance Means There Is Strength In Numbers

Group health insurance plans utilize the leverage of large numbers of people to get lower insurance rates for everyone involved. It is a kind of group discount for insurance. The group health insurance provider wins, because it gains many new insurance clients. The people win, because they get much needed group health insurance at very reasonable rates. Employers offer group health insurance to their employees, because the cost is easier for the employer to bear.

Enrollment in a group health insurance plan might not be automatic. Insurance companies are in the business of managing risk, and they want to know what kind of medical risk you represent before they issue a policy. The basic medical history will often be required with the application form. Sometimes a physical exam is required. The exam might be at your own expense. Alternatively, an employer might pay for this physical exam if it is the entity offering you the group health insurance plan.

Pre-existing conditions can affect enrollment in a group health insurance plan. Insurance companies make more money when their clients stay healthy. That means the clients are not submitting claims for payment. While insurance companies will often happily pay for routine preventive care, they don't like to inherit long-term and expensive medical conditions. Your group health insurance premiums might be adjusted upward to account for the extra risk that potential pre-existing conditions can bring.

Employers routinely offer group health insurance to their employees. This benefit is also a good hiring benefit. Some people who hate their jobs nevertheless continue working there because the group health insurance is so good. Perhaps those people have existing conditions that would prevent them from being eligible for group health insurance if they were to quit their jobs. It may also be that their current health condition would be considered an expensive pre-existing condition if they applied for group health insurance with another employer. These medical plans are good at getting and keeping good employees.

The group health insurance system is not all wine and roses, however. You must still deal with the usual headaches of deductibles, co-payments, paperwork, insurance cards, finding doctors in your plan, and all the other details of medical insurance. The same procedures must be followed as with any other type of insurance, regardless if it is a group plan or not. Compared to the cost of individual medical insurance with the same benefits, group health insurance is indeed a bargain.

The Health Insurance Game

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