Feb 18, 2023

Group Insurance Plans

Group Insurance health plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders. Group members can claim tax benefits on the premium paid on group insurance while filing their income tax returns.

Such a plan provides the same level of insurance coverage to all members of a group irrespective of their age, gender, occupation or socio-economic status. Group insurance eliminates the need to buy a separate insurance plan for each member. Often, employers cover their employees with a group insurance plan as part of the payout benefits. Such a plan provides cover to group members and their spouses, children and dependent parents.