Streetsmart insurance Blog
Everyone has to have health insurance. Whether you are young or old, it is something you must possess because your health is your greatest wealth. Health insurance helps protect you in cases of unexpected health hazards and illnesses. It can also help you with pills, medication, and others, depending on your coverage plan. Let’s talk about the advantages of group health insurance.
What is Group Health Insurance?
There are different ways of purchasing health insurance. You can either avail of a policy for yourself, or purchase as a group. You can choose to get a policy that covers the whole family, or for a specific group or party.
Typically, a group health insurance plan is defined as health insurance that covers a defined group of people. They can be employees of a company or professional association, members of a community, or alumni of an organization. Their plans will be the same for each member. They will enjoy the same benefits however, the risk will be distributed among them.
What are the advantages of Group Health Insurance?
There are many advantages and benefits of availing a group health insurance over purchasing individually. These advantages are for both the organization (ex. a company) and the members (ex. the employees). Below are some of the top advantages.
Both the organization and members bear the cost of premiums. This means lower cost for the individual. Compared to getting it individually, costs are generally lower for a group.
Risk in this case is the cost or payment since it is possible you will not need it. So it is viewed as a risk since you are paying for something you may not use. For the member, since you are part of the group, the cost per head is cheaper. This lessens the risk for the individual. As for the organization, the more members you have, the less you have to pay.
Since it is the organization who processes the payment, payments are done regularly and at a timely manner. You lose the risk of premiums and other penalties. Also, you do not have to do the payments yourself as it is already processed by the organization.
Health insurance means protection from unwanted health problems. You get access to medication and treatment, without the burden of large medical bills. This means the members are generally healthier and more capable of contributing to the requirements of the organization.
Being part of a group health insurance means you are a bigger client for insurance companies. You may be entitled to special perks and extra services because of this.
The saying “no man is an island” can be aptly applied to availing group health insurance. You leverage on the strength of the group and get benefits from being together. Ensure your health is protected with a flexible and appropriate insurance policy for you.
At Streetsmart Insurance, our mission is to ensure that we protect are clients and offer them policies that they can afford. Learn more about our products and services by calling our agency at (732) 462-8343. You can also request for a free quote by clicking here .