GROUP SOLUTIONS
Providing Group Benefits is one of the most important types of compensation you can give to your employees. Quality benefits affect their personal and family lives and help retain valued staff and attract new talent. At QfinancialS, we’ll do more than set you up with great benefits programs. We have resources to maximise your program’s effectiveness, minimise coverage costs, and advise on details from enrolment to claims. Some of our group services include:
QfinancialS provides strategies and products that positively impact your company’s bottom line, as well as the bottom line for those you employ.
Contact us today to participate in your next renewal. You’ll be surprised at what we can do for you.
HOW GROUP HEALTH INSURANCE WORKS
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.
WHAT IS A GROUP HEALTH INSURANCE PLAN?
Group health insurance plans are purchased by companies and organizations, and then offered to its members or employees. Plans can only be purchased by groups, which means individuals cannot purchase coverage through these plans.
Once the organization chooses a plan, group members are given the option to accept or decline coverage. In certain areas, plans may come in tiers, where insured parties have the option of taking basic coverage or advanced insurance with add-ons. The premiums are split between the organization and its members based on the plan. Health insurance coverage may also be extended to the immediate family and/or other dependents of group members for an extra cost.
The cost of group health insurance is usually much lower than individual plans because the risk is spread across a higher number of people. Simply put, this type of insurance is cheaper and more affordable than individual plans available on the market because there are more people who buy into the plan.
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