{"id":258,"date":"2019-06-13T17:46:35","date_gmt":"2019-06-13T12:16:35","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=258"},"modified":"2021-07-07T18:32:12","modified_gmt":"2021-07-07T13:02:12","slug":"group-health-and-group-accident-insurance-all-you-must-know","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/group-health-and-group-accident-insurance-all-you-must-know\/","title":{"rendered":"Group Health and Group Accident Insurance. All you must know"},"content":{"rendered":"\r\n<p><span style=\"font-size: 14pt;\">Human life is full of uncertainties. One cannot predict the problems and predicaments that one is likely to face in the future. This also holds true for people\u2019s health-related concerns. A person leading a very healthy life can suddenly meet a dangerous accident which can injure their body permanently or even cause death. To protect oneself against such unexpected predicaments, people take the help of health and accident insurance. Health and accident insurance can be for an individual or can also be meant for a group of people<strong>.<\/strong><\/span><\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f661a315bc3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f661a315bc3\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.plancover.com\/insurance\/group-health-and-group-accident-insurance-all-you-must-know\/#What_is_a_Group_Health_Insurance\" title=\"What is a Group Health Insurance?\">What is a Group Health Insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.plancover.com\/insurance\/group-health-and-group-accident-insurance-all-you-must-know\/#Advantages_of_having_Group_Health_Insurance\" title=\"Advantages of having Group Health Insurance\">Advantages of having Group Health Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.plancover.com\/insurance\/group-health-and-group-accident-insurance-all-you-must-know\/#For_employers\" title=\"For employers\">For employers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.plancover.com\/insurance\/group-health-and-group-accident-insurance-all-you-must-know\/#What_does_a_Group_Accident_Insurance_cover\" title=\"What does a Group Accident Insurance cover?\">What does a Group Accident Insurance cover?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Group_Health_Insurance\"><\/span><strong>What is a Group Health Insurance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Group Health Insurance is an insurance policy that is purchased by employers or business heads for its employees and the dependents of the employees. It is a very useful insurance policy that brings a large number of people under the domain of a single insurance policy.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">These insurances, apart from protecting the employees from unforeseen circumstances, also reflect well upon the company and show that they truly care about the people who work for them. In a group health insurance, a fixed amount of money is provided to those who are covered under the scheme, to help bear the medical costs that arise due to accidents, treatment of diseases and medication costs. Certain group health insurance plan provides insurance benefits to the dependents and\/ or family members of the employees who are protected under the group health insurance. The amount of money that will be provided to the insurance holder is based on the salary earned by him\/ her. The premium costs of a Group Health Insurance is borne by the employer.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Insurance holders continue to avail the benefits of the Group Health Insurance as long as they work in the company which has purchased the Group Health Insurance. The insurance benefits cease to exist once the employee changes his job. Hence, Group Health Insurance might not be too useful for those who keep changing their jobs regularly. Individual health insurance would be more useful for them. \u00a0<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">The first usage of the Group Health insurance was seen for the first time in the United States during the first world war. During this time, soldiers of the American Army fighting the war were insured through the Risk Insurance Act. The Act later on also insured the dependents of the soldiers. Companies started to opt for group health insurance towards the 1940s and this was a good way for them to attract potential employees. Apart from this, group health insurance was also beneficial for employers since no taxes were levied upon the group health insurance schemes.<\/span><\/p>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_having_Group_Health_Insurance\"><\/span><strong>Advantages of having Group Health Insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Group Health Insurances are advantageous both for the companies as well as to the employees who are the beneficiaries of the insurance policy. These insurances spread out the associated risk to a large number of people, as opposed to a single person in individual health insurance covers. This results in low premium costs. <\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Benefits of Group Health Insurance for employees and employers:<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">For employees:<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">It helps employees save money as health treatments under Group Health Insurance plan turn out to be cheaper compared to personal health insurance. Hence, employees can save money at the same time avail quality health treatment.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Employees can be stress free, focus on work, and have decreased absenteeism from work as they would not be burdened with health related stress.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Most Group Health Insurance plans do not require an employee to go for a health check-up at the time of applying for the policy. This saves time and effort.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">A number of organizations offer coverage for the family members of the employees. This benefits employees in many ways &#8211; saves money and keeps them stress free from the worries of health related expenses of their family members.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Good organizations partner with well-known insurers that partner with well-known hospitals and health care centres. This ensures quality health care to the employees.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_employers\"><\/span><strong>For employers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">Organizations avail tax benefits when they purchase group health insurance for their employees. SMEs can benefit a lot with the help of tax benefits. This is practised so that employers can provide their employees with some part of the premiums that are received by the company.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Since the health insurance related needs of employees are taken care of, employees remain stress free and are more focused on work. Research has proven increased productivity in employees that are given good benefits at work.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\"><strong>What is a Group Accident Insurance: <\/strong>Group Accident Insurance, also referred to as Group Personal Accident Policy (GPA) provides insurance services to employees or their dependents, of a company, for unexpected death or a severe accident that might render the employee unable to work. Under this insurance policy, a predetermined amount of money is paid to the insurance holder or their dependents. The insurance policy is purchased and its premiums are paid by the employer.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">Usually, the insurance cover is provided for the death or the accident of an employer that has taken place in any part of the world and irrespective of whether the employee was on duty for his\/her employer. However, employers also reserve the right to purchase insurance covers that limits the insurance benefits based on where the employee dies or meets an accident, and can also nullify the insurance benefits in case the employee faces these predicaments while not being on duty.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_a_Group_Accident_Insurance_cover\"><\/span><strong>What does a Group Accident Insurance cover?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><span style=\"font-size: 14pt;\">A group insurance cover provides for the costs of the following eventualities:<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\u25cf Unexpected death- If an employee dies suddenly due to an accident or mishap, in that case, the insurance benefits are provided to the family members.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\u25cf Severe accidents- The insurance policy covers the medical expenses of the insurance holder that arise due to accidents. The consequences of such an accident might be loss of a limb, dismemberment, eyesight loss or hearing loss. The treatment costs for such casualties will be borne by this insurance policy.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\u25cf Disabilities- The policyholder will be eligible for insurance benefits in case he\/she meets an accident that causes total or partial disability.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">It must be noted here that extra premium charges have to be paid to avail the insurance claims for medical expenses and total or partial disability.<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-size: 14pt;\">There are certain costs that are not included within the ambit of the Group Accident Policy. These include death caused due to suicide, or due to war or similar military operations, death caused during childbirth, death caused while playing life-threatening sports, death caused due to AIDS, and death caused due to pre-existing medical conditions.<\/span><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Human life is full of uncertainties. One cannot predict the problems and predicaments that one is likely to face in the future. This also holds true for people\u2019s health-related concerns&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[10,17,12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/258"}],"collection":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/comments?post=258"}],"version-history":[{"count":3,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/258\/revisions"}],"predecessor-version":[{"id":497,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/258\/revisions\/497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media\/259"}],"wp:attachment":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media?parent=258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/categories?post=258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/tags?post=258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}