Group Health Insurance Plan
Is a company: no
Is a proper noun: no
- group health plan
- group insurance
Definition of Group Health Insurance Plan
- 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.
Related Terms and Acronyms
- Healthcare Plan — Definition,
- Insurance that can cover medical and dental expenses for insured people.
- 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.
- 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.
- 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.
- Concurrent Periods — Definition,
- When a patient requires treatment for more than one ailment at a time, all insurance benefits are paid together.
- 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.
- Co-insurance — Definition,
- Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
- Utilization — Definition,
- How frequently a policyholder makes use of their insurance policy.
- Point of Service Plan — Definition,
- A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
- Voluntary Life Insurance — Definition,
- Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
- Yearly Renewable Group Term Insurance — Definition,
- A group insurance policy that is annually reviewed to keep premiums manageable.
- Private Health Services Plan (PHSP) — Acronym, Canada, Important,
➥ Provides tax-deductible health and dental benefits in Canada.
- 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.
- Wholesale Insurance — Definition,
- A form of insurance used by small businesses to provide benefits for employees.
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.