Group Medical Insurance is a form of medical insurance that is intended for groups of people, businesses, and corporates to preserve their health and protect themselves from any illnesses or sudden injuries. Help your employees safeguard their families and give them peace of mind by providing medical protection. At INLE Risk Management we specialize in tailor-made group medical solutions that will satisfy the needs of both the employer and employees.
In a Group Medical Insurance policy, every individual is covered under one policy. Typically, the policy-owner is the employer or an entity, such as a union organization, and covers the employees or members as they join. Often, companies provide medical insurance as an employee benefit package, but is also a common way for employers to recruit and retain professional employees.
Qualifying for quality and competitive medical insurance can be more difficult as an individual and may lead to higher premiums. A Group Medical Insurance plan is far cheaper than an individual policy for the same coverage because its purchased on a wholesale basis. An additional benefit of group plans is the potential for a Medical History Disregarded (MHD) policy. If the policy has enough members, MHD may be offered. This means that pre-existing ailments, such as a bad knee or back, which would normally not be covered or would be covered with a loading on the premium, is covered under the group.
Group policies typically renew yearly, with the premium decreasing or increasing dependent on the average age of the group and the company published premium tables. For example, if all the employees were to remain, the policy would increase year on year, whereas if an older staff member leaves the company and is replaced with a much younger staff member, then the overall premium will decrease.
Group cover will remain in force until your employment is terminated or unless the specific coverage has ended. In some cases, you have the option to convert your group cover into individual cover if you leave your employer. However, it is not common for people to exercise this right, due to the fact that at conversion (individual) premiums are typically much higher than group premiums. Only those who are uninsurable or have pre-existing conditions tend to exercise this right.
At INLE Risk Management we structure ideal medical solutions to fit the varying needs of you and your employees – whether comprehensive or simple, we will create tailor-made solutions to your needs.
Group Medical is often utilized as an employee benefit package for recruiting and retaining professional staff, but also as protection for you and your family against an unfortunate medical emergency.
Group Medical provides appropriate coverage for your employees and their families, giving them peace of mind at work. In some circumstances, individuals don’t believe their coverage is suitable or comprehensive enough for their needs. It is then recommended that the group coverage act as a supplement to your own individual policy.
In the event of an unfortunate medical emergency, the policy will pay for your hospital fees, surgery costs, and other related charges. Ensure your employees and their families are not financially burdened by any unfortunate medical emergencies and the associated expenses.
At INLE Risk Management, we will produce appropriate Group Medical for your business and will help design the suitable solution to cover you and your employees’ needs.
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