Group insurance plans are purchased by companies and organizations and then offered to their members or employees. Plans can only be purchased by groups, which means individuals cannot purchase coverage through these plans.  Typically group plans are for 5 or more Full-Time Employees (FTE’s), however depending on the zip code and SIC code, exceptions can be made. 

Group insurance is typically offered at a discounted rate through your employer. Individual insurance is a plan you purchase for yourself — either through the marketplace or from an insurance company directly — and often costs more.  Common options for Group insurance are medical, dental, vision, disability and life insurance. 

Group health insurance plans offer lower premiums and cover pre-existing illnesses. They also provide supplemental health plans, such as vision, dental, and pharmacy coverage. Group plans spread the risk among all employees who are being insured, which sometimes benefits the group members and the insurers and sometimes affects them negatively.  

There are a lot of advantages of group health insurance, and one of the biggest ones is the cost savings. Choosing the right insurance plan can be a daunting task. It’s important to consider your personal needs and budget when choosing a plan. If you’re looking for coverage for yourself and your family, group health insurance may be a good option.

It’s important to review the details of the plan before making a decision. You should consider the cost of the plan, the benefits offered, and any restrictions or limitations that may apply. You may also want to consider the network of providers that are covered by the plan.