Group Medical Insurance Plans

Group insurance plans are among the major benefits offered by many employers. These Group insurance plans are usually uniform in nature, and they all offer the same benefits to all members or employees of the group.

Group medical insurance usually costs less for participants than individual plans that offer the same benefits. Unlike an individual plan, group medical insurance spreads the risk over the entire group rather than one person. If the insurer bears the cost of the premiums, than they are fully deductible. The benefits that will be received by the group members will be tax-free.

It is a requirement that if an employer offers a group health coverage to any full-time employees, they must offer coverage to all full-time employees. The employer has an option to offer coverage to part-time employees, and if they do this to one employee, they should also offer it to all of the part-time employees. This rule applies regardless of the medical condition of the employees.

Any eligible employee can not be denied coverage based on previous medical problems or known pre-existing conditions. Group medical insurance cost depends on the package employers decide to pay for their employees. Some employers might decide to pay the full premium while others require employees to pay a portion. If an employee’s share of the premium for group medical insurance costs the employee more than 9.5% of that employee’s annual household income, that group medical insurance is not considered affordable to the employee and must be changed.

However, even with group insurance plans, you still have to pay for dispensing or pharmacy fees. Luckily, Pharmacy Coupons enables you to save up to 80% on prescription drugs. You are provided with discount cards and coupons at Pharmacy Coupons that can even save you more money than your insurance co-pay coverage. Though you cannot use both together, you may choose to use a Pharmacy Coupons coupon or card rather than your insurance when buying prescription drugs. Pharmacy Coupons is free, with no personal information or registration required.