Group Health Insurance Plan

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • group health plan
  • group insurance

Definition of Group Health Insurance Plan

  1. 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,
    • 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.
  • 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.
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