GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Group Health Insurance Plan


Synonyms:group health plan, group insurance
Filed Under: insurance
Tags: health, insurance
 

Definition of group health insurance plan

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:

  • co-insurance   Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
  • fringe benefit   Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
  • group life insurance   Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • health maintenance organization (HMO)   A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
  • healthcare plan   Insurance that can cover medical and dental expenses for insured people.
  • private health services plan (PHSP)   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.
  • voluntary life insurance   Life insurance offered as part of an employee benefit package where the employee agrees to pay the insurance premiums.
  • wholesale insurance   A form of insurance used by small businesses to provide benefits for employees.
  • yearly renewable group term insurance   A group insurance policy that is annually reviewed to keep premiums manageable.

More Related Terms and Acronyms

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