Group Benefit Plans
A Company Group Benefit Plan shares the financial risk of health related expenses among the group of employees, under one contract, who pay into a fund or pool.
When a employer has a Group Benefits Plan in place for their employees, any member of the group who becomes ill or requires services is financially compensated by the plan according to the terms laid out in the contract between the employer and the insurance company.
Group Benefits Plans can also be include retirement savings plans as many employees find it appealing to have the contribution deducted directly from they paycheck. Group Benefits Plans savings plans are also more economical than individual savings plans as the cost of the investment are shared among other participants. Additionally, many employers will offer contribution matching for their employees.
Family members of employees are also covered under the plan as specified by the contract.