| Group Health Insurance (insurance)
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Group Health Insurance
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Group Health Insurance
To discuss the terminology Group Health Insurance, we must first familiarize ourselves with the concepts Insurance and Health Insurance.
Insurance is a kind of protection, a safety net against unforeseeable losses. No one knows what the future holds, and insurance is a good way of preparing for what may come. Health insurance is a protection against medical costs. The insurer pays the cost of the insured person if the latter falls ill - due to accident maybe, or any of the covered causes. Magnify the health insurance more than ten times over and you get the Group Health Insurance.
Group Health Insurance is a health coverage based on a group of people under a company or an organization. The cost of the insurance is allotted among the members of this group. The group enjoys a wide range of benefits of Group Health Insurance. A master contract or policy is issued to their employer or to any of the group's affiliations.
Health insurance is one of the most important benefits offered to an employee through their employers. Not only does an employee feel secure with this insurance, he also feels assured of the care of his employers. Companies spend billions annually for health insurance, and group health insurance make up the bulk of the revenues earned by health insurance companies.
Group health insurance can be availed by any company with two or more employees. Requirements vary around the world, though one constant requirement is the proof of legitimacy of the company's operation. The number of employees to be insured under the group plan determines the type of coverage available to the employer. A company with more than a thousand employees will have customized health plans, and these may include additional benefits.
With the rising costs of prescription drugs and health care in recent years, companies have experienced a drastic increase in the cost of providing health care benefits to their employees. Many companies are forced to cut back on the benefits of the health plan, and some even require their employees to pay a higher share of the monthly premium of the insurance, even to the point of requiring them to pay the 100% of the dependent premium! Decreases in the health insurance benefits cause some employees to pay medical expenses themselves when they require medical treatment or prescription drugs. Businesses offering full premium payment for employees and their dependents are fast decreasing.
Robert co-founded Insurance4USA.com, an insurance quote shopping service, in 1999. He has been a licensed insurance agent in New York State since 1990.
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Disability Coverage and Information
In federal law, disability is an impairment, either physical or mental, that substantially inhibits a person in a major way. As such, a disabled person is not necessarily born that way. Something may have happened to hinder him from performing normal activities. The Benefits Plan also takes this into consideration. In the Article II, Section 2.1 (1) definition, disability is an inability of a person to perform substantially all of the material duties of a person's regular work that would have afforded a reasonable amount of income due to any medically determinable impairment, which can be expected to result in the demise of the person or which may last or is expected to last for not less than a year. Any such person is eligible for a Disability Coverage or Disability Insurance.
There are two kinds of disability coverage - the short-term and the long-term.
Any physical damage, illness, or pregnancy resulting in total disability for less or exactly 180 days falls under Short-term disability insurance. Coverage starts on the first day of disability in the case of an accident, and after the seventh day of a disability in the case of an illness or pregnancy. Benefits are not paid for the days you are not under the supervision of any physician, and a disability exceeding 180 days will not be given any more coverage. Benefits are not payable while you are qualified for your workers' compensation benefit.
Short-term coverage may be purchased for monthly benefit amounts ranging from $300 to $5000, any amount within one-third of your gross monthly salary. The cost of insurance is established on the amount of your chosen monthly benefit. Employees may increase coverage any time, or even purchase a new one, by simply showing a clean bill of health.
Any physical damage, illness, or pregnancy resulting in total disability past 180 days falls under Long-term disability insurance. Income is provided, and the coverage starts after the 180th day of a total disability due to pregnancy, illness or physical damage, and is billed until your regular age of retirement determined by the date of your birth. The cost of long-term disability coverage is based on the amount of your chosen monthly benefit. Monthly benefit amounts also range from $300 to $5000 for long-term disability coverage purchase.
Still, there is more to filing a claim for disability benefits, either short-term or long-term. Filing for disability coverage requires time and effort. Get the necessary claim forms, depending on the type of coverage you want. After that, answer clearly and honestly. The form has several parts that will require the participation of people you know - the Employer Portion, the Physician Portion, and you, the Claimant.
The employer portion simply needs basic information about your employment - date of hire, salary, etc. The physician portion is the doctor's objective professional input and opinion on your disability. The final portion is the claimant portion. Simply list complete details about you.
After completing the process, gather all completed portions of the mail form and have them photocopied before mailing them direct to the insurance company. Continue follow up a week or two later to make sure your application has been received and are being reviewed.
Robert co-founded Insurance4USA.com, an insurance quote shopping service, in 1999. He has been a licensed insurance agent in New York State since 1990.
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