Employer group insurance - Can we depend on it?

Submitted by Anonymous (not verified) on Tue, 12/09/2008 - 09:31

Guys,
..an employer group insurance health policy would come my way very soon. I'd like to know all the important things associated with it. Please also explain to me the areas where it is different than that of an individual policy.
Thanks, brown_brooke

Posted: 09 Dec 2008 10:32 Post Subject:

Dear,

There are a lot of things that would vary from one employer to another.
Some of them would just pay for all your premiums, while some others would charge a minimal amount. I've also heard of employers who'd demand that the employees have to bear the coverage cost of their family members. It is truly good to see a lot of these employers are now helping their employees to avail such employer group insurance programs.
Waiting for more responses..PalinRome

Posted: 09 Dec 2008 11:00 Post Subject:

Yes, I'd agree with most of that..and now it is truly important for us to remember that health insurance benefits coming through the employers is quite natural now-a-days!

Employees would certainly be protected from losses of higher magnitude through such employer-backed plans. Employer group insurance could be of many types and they would offer different benefits through different forms.
All the best! Roddick

Posted: 09 Dec 2008 12:49 Post Subject:

Employer provided healthcare plans could be of many types and they would offer different benefits through different forms.


See...there are differences between the largest of employers and the smaller employers. It becomes quite obvious that the larger employees would have more employer group insurance options to offer to you.If

you're employed with a large employer, you could enjoy the benefits of availing the same employer group health insurance plan through a variety of programs. But even if your options are limited (as in case if you're employed with a smaller employer), you'd need to make sure that you have some kinda health insurance in place.
Regards, Fatman

Posted: 09 Dec 2008 01:11 Post Subject:

Hey guys,

There are also a couple of good employers who'd find the strength to run their own employer group insurance policies for covering their employees. Under such circumstances they'd hire a TPA to control the plan that they have designed for their employees. Thus the cost of coverage would be borne by the employer out of their funds. Through issuing such plans a large employer would surely save out of the profit margin (as is usually done by the insurance companies). At the same time it would increase the volume of risks for such large employers as they would need to bear the entire bulk of claims under a disaster.
Crossbreed

Posted: 10 Dec 2008 10:56 Post Subject:

The question posed by the OP was what's the difference between Group Medical Insurance vs Individual Medical Insurance?

So EXACTLY......What is the difference between Group Medical Insurance vs Individual Medical Insurance?

I didn't see where OP inquired about a TPA or an ERISA plan or small employers vs large employers???

I'm confused. :? Did I miss something? :?: :?:

I like this line though:

Employer group insurance could be of many types and they would offer different benefits through different forms.


:P That sounds like a quote from ObamaManCan! :P

I'm just saying. :wink:

Posted: 14 Dec 2008 04:42 Post Subject:

No doubt. :? :roll:

Group health insurance normally provides a wider and further-reaching package of benefits when compared to individual policies, primarily due to state rule and law.

Group policies commonly treat certain condition differently than individual contracts and have fewer limitations and exclusions. Underwriting is hugely different, with group providing much easier entrance into the plan without having to worry about pre-existing conditions problems.

Some primary coverage differences would be benefits provided for:


  • * Maternity
    * Drug and alcohol addiction
    * Mental Illness
    * Diabetes
    * and others, depending on state of residence.


Additionally, group policies provide different tax benefits. For instance, if your employer pays for your health insurance, they get a tax write-off and it isn't considered income to you. There are additional tax benefits that come with other types of group policies as well.

An individual policy only allows tax deductibility if the total of your unreimbursed medical expenses exceeds 7.5% of your adjusted gross income.

Lots of other things about employer group insurance health coverage...you can research and find out whatever you need, or just ask someone here.

InsTeacher 8)

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