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What is Group Health Insurance?

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Group health insurance plans are plans for a group of people. They are usually universal and offer the same benefits for employers and employees. These plans are quite beneficial options that are offered by many of employers.

Most of these plans are covered by the Employee Retirement Income Security Act (ERISA). There are different types of the group health insurance coverage:

  • Fully-insured group health insurance plans.
  • Self-insured health insurance plans.
  • Self-insured medical reimbursement plans.

Group health insurance provider requires applicants to follow IRS, HIPAA, COBRA, ERISA, and ACA rules such as ERISA compliance and Summary Plan Description rules or ACA Market Reforms and applicable administrative requirements.

If you need, you can apply for group health insurance for small business. It’s a type of the insurance that is offered by the small business owner. Small business is a company where less than 50 full-time employees work. It’s a single policy for the entire group that is usually less expensive than coverage for individuals and that’s the main benefit.

As well as for private insurance, there exist the same kinds: HMO, PPO, and EPO as a combination of the first two plans. Every group will qualify certain level: platinum, gold, silver, bronze. The choice of every level depends on how much percent of expenses you expect your plan to cover. The minimum percentage of coverage is 60% (bronze).