Group health insurance is the type of insurance that covers a particular group of people like employees, society members or any other organizational groups. The group coverage reduces the problem argumentative selection by creating a pool of people eligible to get the insurance cover. The group cover help all the undercover individuals to enjoy all the benefits other than the one who just want to obtain the insurance. People don’t just pay for this type of insurance to save their money and avail huge benefits but they form a group for similar benefits from the company.
Here are few characteristic of Premier choice health New Jersey for a group –
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There should be a group of people who want to be insured and have something in common other than the plan to obtain the insurance. For Example : employees having the same employee, members of a society etc.
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There must be a master policyholder, who will have to retain the terms and conditions mentioned in the contract on the behalf of members and carriers in case one withdraws.
- Such covers are typically available at great discounts to respective individual rates.
Normally, there are two categories of insurable groups according to Premier choice health New Jersey –
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Employee – employer groups
- Affinity groups
The “employee – employer” groups are those in which the whole member serve common employer who is availing the insurance cover as master policyholder. On the other hand, affinity groups are of those people who are the members and has a common factor other than employment. Example: deposit holders of any bank. In the case of affinity groups, the bank is the master policyholder. The master policyholder enjoy the interest rate on the deposited amount and has to pay when when one of the member fails to pay the premium.
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