Group Health Insurance Plan
Definition
- A health insurance policy used to provide coverage for a group of people, usually, but not always, as a benefit offered by employers for their employees. Group health insurance plans generally offer the same benefits to all members of the group.
Synonyms
group insurance, group health plan
Related Terms and Acronyms
- Co-insurance — Definition,
- Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
- Concurrent Periods — Definition,
- When a patient requires treatment for more than one ailment at a time, all insurance benefits are paid together.
- Fringe Benefit — Definition,
- Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
- Health and Welfare Trust (HWT) — Acronym,
- A method for employers to offer their employees tax-free health benefits.
- Health Insurance (HI) — Acronym,
- Insurance that covers the costs of medical expenses for insured persons.
- Health Maintenance Organization (HMO) — Acronym, Important,
- A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
- Healthcare Plan — Definition,
- Insurance that can cover medical and dental expenses for insured people.
- Least Expensive Alternative Treatment (LEAT) — Acronym,
- When multiple treatment options exist for the same illness, insurers are only obligated to provide the most cost effective treatment.
- Point of Service Plan — Definition,
- A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
- Private Health Services Plan (PHSP) — Acronym, Canada, Important,
- A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
➥ Provides tax-deductible health and dental benefits in Canada. - Utilization — Definition,
- How frequently a policyholder makes use of their insurance policy.
- Voluntary Life Insurance — Definition,
- Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
- Wholesale Insurance — Definition,
- A form of insurance used by small businesses to provide benefits for employees.
- Yearly Renewable Group Term Insurance — Definition,
- A group insurance policy that is annually reviewed to keep premiums manageable.
