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Large Group Medical Insurance

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 Large Group Medical Insurance
Large Group Medical Insurance

Large Group Medical Insurance may be defined as the coverage offered to a large company with minimum 51 or more staffs, who are qualified for the employee advantages. Coverage to large businesses is most often divided into small groups known as tiers; with choices that range from a 2-tier plan (with one coverage for the families and the other for the individuals) to a 4-tier plan option (with several levels of insurance coverage that may include policies for the married people, individuals, single parents and so on).

Large Group Medical Insurance Options

Majority of the insurance providers provide the basic options of PPOs, POSs and HMOs to large groups as well as their staffs. But, such plans can be modified to better fit the requirements of the large companies. In general, the rate offered to the large quantity of employees is lower due to the high volume of insurance policies being traded. In addition to that, due to the broad array of requirements that are present among such big group of staffs, “add-on” advantages to a medical insurance polity like dental or vision insurance is also generally provided at reduced prices in case of a “packaged deal”. The key drawback of such large group medical insurance while compared with small group insurance or individual insurance is that with a large number of staffs to get coverage under one plan, the suppleness of electing among several choices accessible may be restricted that may result in the situation where the individual staff should accept the only one insurance plan which is rendered; not a plan of his or her own choice.

Large Group Medical Insurance - Advantages and Disadvantages

The main distinction between a small group medical insurance and a large group medical insurance to keep in mind is that 'guaranteed issue' law (no small business applicant who is capable of paying for their coverage can be refused to get a policy rendered due to any pre-existing condition among the staffs) is not applicable to large group applicant looking for insurance coverage. The insurance provider is allowed to reject an application for coverage from a large company if the company has a history of undesirable claim. Nevertheless, unlike small group insurance, once the policy is provided, no individual can be scrutinized or refused from getting coverage because of any specific illness, or in other words can't be pulled out from large business coverage.

Large Group Medical Insurance


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