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Group Health Plans and Supplemental Insurance Group health insurance is an insurance cover bought by an employer and is offered to eligible employees of the company as a benefit of working for that company. It mostly covers the individual employee and his family members. A group medical cover is one of the main offerings in an employee benefits package presented by their bosses. Most people enjoy this cover from their employers and a family member’s. How the employees benefit in such a scheme is when the employer undertakes to help cover the premium costs. Ideally, the employee is required to pay a smaller percentage of the premiums. Most employees have put in place parameters that ensure an employer’s premium portions are exempt from taxation. This makes the premium payments for such plans quite affordable. This is also helped by the fact that employer premium contributions are not taxable. It is important to point out that these plans have limits as to what conditions, medical service providers and age groups they can cover. When the cases to be covered go beyond certain thresholds, direct financing by the affected individuals is required. This the need for buying a supplemental medical cover. This product, sold by private companies, can help pay for those health care costs group health insurance doesn’t cover, like copayments, coinsurance, and deductibles. This is especially beneficial for those at the retirement age. A point to note is that various employers offer diverse benefit packages. Many people work for small employers, which for health insurance purposes are generally those with 50 employees or less. More people access their medical covers through their employment in large companies. Companies with more than 50 employees fall in this category. Rules governing the administration of medical covers in large companies are not similar to those of small companies. The way that premium rates are determined is also different. In both scenarios, it is prudent to get supplemental insurance, as some of the extras not covered could prove to be extremely expensive.
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Some countries have certain regulations that make it mandatory for companies with retired employees to continue having them on their group health plans. In abiding by the law, the offered covers do continue. But most of the time they do not fully cater to the needs of that age group. At this point, the value of a supplemental medical plan increases considerably. Auxiliary costs, which are rarely factored in the generation of group medical plans but crop up especially in this age group, can be adequately covered by this medical plan.
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After reviewing your employer’s benefits package, it would be advisable to proceed and purchase supplemental medical insurance where applicable.