Group health insurance refers to the group or its employer as the insured, signed an insurance contract with the insurer, and its employees as the insured (including retired employees in the group), agreed to be paid by the group employer alone, or by the employer and the group, employee share the group health insurance premiums. When the insured is hospitalized due to illness or childbirth, the insurer is responsible for paying the cost of treatment, hospitalization, nursing care during the hospitalization. and when the insured is disabled due to illness or childbirth, A type of group insurance where the insurer is responsible for paying disability insurance benefits.
(1) Group (Basic) Medical Expense Insurance
In this type of group health insurance, when the insured is hospitalized for illness after the coverage period begins, the insurer will be responsible for paying the cost of hospitalization, treatment, doctor’s visits, and fluoroscopy, and laboratory fees.
(2) Group Supplementary Medical Insurance
Group supplementary medical insurance, also known as group high-level medical insurance, is a group health insurance product whose primary purpose is to exclude many restrictions in basic medical insurance.
(3) Group Special Medical Expense Insurance
Group individual medical expenses insurance mainly includes group long-term care insurance, group dental expenses insurance, group eye health insurance, etc.
(4) Group incapacity income insurance
Groups incapacity income insurance, also known as group disability income insurance, which is based on employers as a group or insured by the subordinate group employees protected by the insurer bear the compensation due to the insured accident injury or illness.
Group insurance is based on the group as the object of insurance. It is insured in the collective name, and the insurer issues a general insurance contract. The insurer provides insurance to members of the group according to the agreement. It is not a specific type of insurance, but a form of underwriting. Group insurance generally includes four types of group life insurance, group annuity insurance, group accident insurance, and group health insurance.
There are several factors to be aware of when purchasing group insurance. First of all, we should consider combining short-term and long-term incentives with equal emphasis on guarantee and service. At the same time, we should increase or adjust the sum insured to improve the competitiveness of enterprises. Pay attention to the following points when purchasing group insurance:
First, protect the insured’s right to know.
The second is that the enterprise should reasonably choose an insurance plan according to its own situation and carefully read the insurance terms to ensure the effective implementation of the contract.
Third, it is recommended to examine the solvency and creditworthiness of the insured company to ensure the full use of insurance effectiveness.
Fourth, for companies with high-risk factors and substantial liquidity, it is recommended to seriously consider the importance of purchasing commercial insurance to ensure the diversification of risks.