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What is group health&accident insurance?

A group health and accident insurance plan provides coverage to a group of people such as workforce or organization in exchange for premiums. Coverage can be paid for entirely or partly by the plan’s sponsor.

Coverage

Group health and accident insurance pays for losses suffered by the insured and their spouses and dependents due to an illness, injury or accident that is covered under the policy.

Benefits

All eligible applicants of a group health and accident insurance plan must be accepted regardless of their health status.

Considerations

Insurance companies consider several factors, including the group’s occupation, size and plan features, such as co-pay, coinsurance and deductible amounts to determine premium payments.

Misconceptions

Benefit payments received from a group health and accident insurance plan may be considered taxable compensation if the premiums are paid totally by the plan’s sponsor.

Warning

Under a group health and accident plan, members have no control over the plan’s details or changes made by the plan’s sponsor. Also, if a member loses his job, his coverage will be terminated.

Source:

More Information:

NAHU:Consumer Guide To Group Health Insurance

IRS:Publication 525

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Site Disclaimer: This site is designed for educational purposes only and is not engaged in rendering medical advice or professional services.
If you feel that you have a health problem, you should seek the advice of your Physician or health care Practitioner.

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