What different types of group insurance are available in the market today?
Group health insurance plans are varied. They differ in terms of how they are purchased. Group medical insurance that are available in the market today consists of the Fully Insured Employer Group, Small Employer Group, Large Employer Group, Health Maintenance Organization, self-funded ERISA, Association Group, Group-Managed Care, and Preferred Provider Organization. The Fully Insured Employer Group is a type of group insurance where the employers contract the services of HMOs. The employers and the HMOs discuss the group medical plan that best address the healthcare needs of its employees. The Small Employer Group offers insurance to groups that consist of small company employers. These small company employers are grouped together by industry. By grouping them together, the insurance companies have more chances of arriving at more accurate estimates on the cost of the group insurance offered to each small company employer. All the small company employers are usually offered the same group insurance plans. The Large Employer Group works the same as the Fully Insured Employer Group. The employer directly contracts the health insurance company to provide individual health plans to its employees. The Health Maintenance Organization or HMO provides various medical services to its members. The healthcare providers of HMOs belong in a network. The doctors and specialists that belong in this network can refer the HMO members to other doctors or specialists if needed. The HMO generally provides a generalized system of providing medical care. Persons whose healthcare is covered by HMOs are called ‘enrollees.’ Group medical plans may also be offered through the self-funded ERISA or the Employee Retirement Income Security Act. This type of group insurance is offered to large groups. The group pays for the administration and operation expenses of the group insurance by paying for the services of a health insurance company or any Third Party to take care of the necessary paperwork. The Association Group’s medical plans are similar to those offered through a Fully Insured Employer Group. This type of group medical plans is offered by a different type of group. One example is the medical plan offered by a credit card company to its card holders. Another is the medical plan offered by a church group to its parishioners. Group-Managed Care is a type of group medical plan that is offered through a group or association. This type of group medical plan is considered long-term health insurance. The Preferred Provider Organization or PPO is another type of plan which provides healthcare services to its members through its network of doctors, hospitals, specialists and other healthcare providers. Answer by general public — May 25, 2009 @ 12:15 pm No CommentsNo comments yet. Leave a comment |
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Group medical or 
