Group insurance is basically what it sounds like. It’s when a large group of people are all insured together. Generally an employer with many employees will offer insurance benefits through a group insurance plan. It doesn’t always have to be an employer though many other organizations offer group insurance plans as well.

So what are the benefits? Well you have to look at it from a couple different angles to really see what the benefits truly are. That means we’re going to have to look at both the employer’s side of benefits as well as what benefits employees as well.

What’s so great about being an employee & having access to group insurance through your employer? Well for starters most companies that offer their employees group insurance also pay for a large portion of it. This is the largest benefit since it makes purchasing insurance a lot more affordable and allows people that otherwise wouldn’t be able to afford insurance a chance to purchase much needed insurance.

Another huge benefit of group insurance is that many employees that have preexisting health problems can generally get accepted into group healthcare plans. This is a huge benefit to people that have existing health problems and why many people will only work for companies that provide group health insurance.

So what are the benefits to employers? The main benefit employers receive from group insurance plans is a huge discount on purchasing insurance for their employees. Without group plans it would cost employers much more money that it would be worth for them to provide healthcare insurance for their workers.

Another benefit that I think is probably the most important is that it attracts high quality workers to their company. It also makes employees think twice about leaving their current job when they have benefits such as health insurance. When you think about it, it really does make a lot of sense.