Group Insurance Plans
Group insurance is divided into two main categories, group retirement plans, and group life – health insurance plans. With the increasing weaknesses of Social Insurance to adequately cope with outpatient/ inpatient care and retirement, group insurance is required to fill significant gaps created to the insureds. Thus, employers and employees tend to be directed in the Group Insurance Plans direction.
Moreover, group insurance contributes both to the strengthening of business activities and to the encouragement of the employees, whose daily life is occupied by uncertainty and insecurity.
Also, with group life and health insurance, a company can cover all the employees, regardless of their health history and regardless of profession, duties, age, or gender. Thus, a company that provides group insurance to its employees, in addition to the own financial benefits it has, actually shows its interest in its employees, as it creates an additional incentive for work and dedication.
Group insurance plans, complement the social insurance that the employer is required to pay contributions for his employees (EFKA etc), as it upgrades the health benefits for all employees in both primary and secondary care, enabling them to have access to private hospitals and diagnostic centers.
The company, through group insurance plans, has the ability to provide coverage to all employees, which are made exactly according to the needs and financial capabilities of the company (tailor-made).
Indicative benefits of Group Insurance Plans:
- Group insurance for the employees of a company implies the provision of the driving force of the company
- Strengthens employee loyalty and efficiency
- All employees can be insured, even without checking their health (MHD medical history disregarded), up to the 70th year of their age
- Low cost of premiums per employee
- Tax deduction for the employer, since a group contract is deducted as an expense of the company (with the applicable provisions)
- Ability to differentiate benefits, depending on the level of employees, under one contract
- Possibility to insure employee’s dependant members, as covered members at a very low cost
- Financial support for the employee’s family in case of his premature death, diagnosis of a serious illness or disease, or permanent disability
- The cover provided through a group insurance scheme is usually not provided on an individual plan
- Employees can extend the group health contract, individually, at a very low cost, saving money from their annual family expenses
- When companies offer group insurance to employees, they provide advantages over other competing companies
- Incentive for employees to work with the company, as it enhances the attendance and retention of capable executives
- There is flexibility in terms of benefits – coverage, where they are adapted to the needs of each corporation
- Contributes to the reduction of business own expenses
- Enhance the relationship between employees and employers
- As an additional benefit, it is not included in the salary of the employees and therefore can be terminated without consequences for the company
- It creates increased prestige for the company by improving its public image
- Possibility of insuring the entrepreneur with significantly lower costs compared to an individual contract
- It can be done in large companies, as well as in medium and small (less than 10 people) enterprises (SME)
- It is a substantial benefit for employees – equal to salary increase since the employee has no withholding and is not taxed
- The social insurance fund is being upgraded
- It offers a feeling of security and safety
With group insurance, the coverage is according to the needs of the employee. Indicative coverage that is given usually with a group insurance scheme:
- Life insurance (premature death due to illness/ accident)
- Permanent total/ partial disability
- Hospital expenses due to illness/ accident
- Expenses for Intensive care unit
- One day clinic/ one day surgery
- Single/ double room inpatient
- Ability to have coverage only in-country or abroad
- Hospital allowance
- Surgery allowance
- Doctor fees
- Nurse expenses
- Loss of income due to accident/ illness
- Expenses due to an accident (inpatient or outpatient)
- Maternity cover
- Serious illness allowance
- Outpatient care (diagnostic tests)
- Private doctors visit expenses
- Check up
- Drugs/ dressings/ vaccinations
- Emergency incidents 24/7
- Emergency transportation
- Travel insurance
- Coverage of pre-existing conditions
- Bespoke cover according to corporate needs
For corporates that need a quotation for group insurance and do not have group insurance in force, is needed: assignment order (a form with which you assign us the insurance plan research according to your needs), a spreadsheet stating the number of people to be insured – ages – gender – job duties – dependant members and form with the desired coverages of the group contract (broker slip).
For corporates that have group insurance already and are looking for alternative options or more competitive premiums – terms, it is also needed a compensation form that has been paid (loss ratio).
Finally, at Delta Insurance Consultants we have the option to provide you with pre-calculated group insurance plans.
After the acceptance of the group insurance proposal, all employees and members have to fill the application for insurance in order to join the group insurance scheme. Finally, the corporate has to pay the agreed premium of the proposal in order to begin the coverage.
Usually, group insurance is acceptable in groups of 10 or more people. Nevertheless, at Delta Insurance Consultants, we have the ability to provide group insurance through reputable insurance companies to groups consisted of less than 10 people, even without a medical history check (SME – MHD).
The ages that are usually covered through group insurance are less than 65 (age of entry into the group) with a maximum of 70 years (age of leaving the group) for the main insured (employees) and the dependant members (spouses). For children as dependant members, usually from 30 days until the age of 18 or 28 if they are studying.
Another important motivation for group insurance is tax deduction. Taking into account the current legislation regarding the taxation of group contracts (life / health), the employer has tax deducted (taken as an expense) up to € 1,500 per employee per year.
It is possible, if the employer wishes, to provide different coverages with one insurance policy. For example, senior executives can have different coverage from other executives or employees. Thus, a way of rewarding and motivating employees is achieved, for better performance in their work and goals to reach higher levels within the company.
Business sectors that usually ask for group insurance:
- Group insurance for associations
- Employee group insurance
- Human resource management companies group insurance
- Ship crew management group insurance
- Shipping companies group insurance
- Group insurance for shipyards
- Airline crew group insurance
- Group insurance for IT companies
- Consulting companies group insurance
- Pharmaceutical companies group insurance
- Group insurance for industries
- Hotel employees group insurance
- Group insurance of tourist offices/agencies
- Drivers group insurance
- Doctors group insurance
- Lawyers group insurance
- Students and teachers group insurance
- Hunting clubs group insurance
- Group insurance of clubs of all kinds
- Sports team group insurance
- Actors / artists group insurance
- Group insurance for journalists
- Group insurance for publishing houses
- Radio and television media group insurance
- Energy companies group insurance
- Telecommunication companies group insurance
- Logistics companies group insurance
- Transport companies group insurance
- Oil companies group insurance
- Food companies group insurance
- Group insurance for trading companies (retail / wholesale)
- Beauty salons group insurance
Usually, covers provided through an individual insurance policy are not provided through a group and vice versa. The best combination is group insurance with an individual plan. There are many insurance companies that provide individual life/health insurance policies that work well with group insurance policies. In this way, the insured secures at a very low cost the full insurance of himself and his family, with less than half the money he would give in insurance premiums without the combination of individual – group contract.
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At Delta Insurance Consultants, through international insurance companies that we have secured our cooperation, we can provide group insurance either to companies that have offices in other countries outside Greece, or to companies that are based only outside Greece and want international coverage. of their staff. Indicative companies:
Bupa Global group insurance
International health plans Cigna
Aetna International group insurance
Axa Global group insurance
For more information contact us
Due to the fact that group insurance is made according to your needs, the cost of insurance depends on the coverage – benefits, number of people, the insurance company, etc. Nevertheless, we can say that the cost of insurance per employee can start from 25 €/ month.
For those of you who wish to provide group insurance to your business staff, or wish to join (individually) a group insurance policy, we have the ability to offer you ready-made group insurance solutions, depending on the coverages you desire.
Another type of group insurance is that of group retirement (savings) plan. For more information click here.
At Delta Insurance Consultants we have secured cooperation with the most and most reliable insurance companies in Greece & abroad. In this way we can provide the appropriate group insurance for the human resources of your business, according to your needs.
For our clients, we provide 24/7 service to both you and your company’s staff, in order to provide personal and individual information to each employee about the coverage he has through group insurance – how can he/ she use in each case or combine them with existing individual ones. We also provide ongoing training and information, either in person or virtually, about the group coverages you have chosen for your business and their use, in order to minimize the work of HR and facilitate executives in managing the insurance policy. In addition, we provide information and insurance study for any other type of insurance you or your employees wish and of course, 24/7 support in emergencies and cases that will require compensation.
In case there is already a group insurance contract in your company, we have the opportunity to study the coverages provided to you and to offer you a more competitive group contract.