Group Accident and Health Insurance
Group Accident and Health Insurance policies provide coverage written on a group basis for employees of a single employer and their dependents. This type of insurance typically covers:
- Scheduled Benefits: Pre-determined amounts paid out for specific injuries or sickness.
- Medical Expenses: Costs incurred due to medical treatment from illnesses or injuries.
- Accidental Death: Compensation provided to the dependents in the event of an accidental death of the insured.
The policy excludes:
- Uninsured Accidents and Health Plans: Incidents or health issues not covered under any insurance plan.
- Partially Insured Plans: The portion of claims that exceed the coverage limits for accidents or health issues that are only partially covered by the insurance plan.
Relevant Legislation
It is important to reference applicable laws pertaining to group health benefits, such as:
- The Employee Retirement Income Security Act (ERISA) of 1974 – Which sets minimum standards for private industry health plans
- The Affordable Care Act (ACA) – Improving access and broadening health coverage
Who Needs This Insurance?
This policy is essential for employers who aim to provide comprehensive health benefits to maintain employee wellbeing and satisfy regulatory job-related insurance requirements. It’s generally procured as a protective measure for employees and their immediate families, helping to alleviate financial pressure from accidents or health issues.
Professional advice: Always consult with an insurance professional or legal advisor to understand specific requirements and options tailored to your organization.
