What Is Group Health & Accident Insurance?

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Group health and accident insurance policies operate a little bit differently from other types of coverages. Find out about group health and accident insurance policies with help from an insurance broker in this free video clip.

Part of the Video Series: Personal & Health Insurance Tips
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Video Transcript

Hi, my name is Susan Combs and I'm an insurance broker for Combs and Company. Today, we're going to be talking about group health and accident insurance. These are a little bit different. So how they work is with group health those are your standard medical plans where a lot of times you pay a co-pay per service or say a percentage is covered after you meet a deductible, it's an employee benefit that a lot of times the employers look at giving you so employee benefit is one thing to remember with that one, okay. A lot of times there is an eligibility requirement so depending upon your state you might have to work say more than 40 hours plus to be eligible for the group health coverage. With the accident insurance a lot of times there is not an hourly wage limit or an hourly time that you have to work. So the thing is with the accident is it gives you a flat dollar amount depending upon the diagnosis. So a lot of times if say you go into the hospital it will automatically give you say $1,000 for the hospital. This is in addition to your health insurance if you have that. If you get diagnosed with cancer, sometimes it will give you a flat $500. If you have a baby, it will give you a flat dollar amount. So if you are utilizing your group health insurance and say get a physical then the accident policy will actually give you a flat dollar amount for The accident policy we see put in place more with hourly workers or say high accident areas to be quite honest, so say like bakeries and places that have burns that people are going to take them to the doctor to get treated, that they can get that flat dollar amount that might not have the group health insurance in place but they can still get a reimbursement so that they are not out of pocket so much. So this is something that depending upon where you are getting these insurances from usually it's through your company, you need to talk to your HR provider and see how they work and see if they work in connection with each other or see if you have the option of taking either one or both or how they actually work together.

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