What is group health insurance, the advantages and costs?

Group insurance is when a group of people is gathered for a common reason such as work, social hobby or interests and they can pool together their numbers for medical,  health insurance that would be a lot cheaper than individual health insurance.

Group insurance offers a great benefit for staff and gives them extra reasons to stay in the same company as their insurance coverage is only when they are in the existing workplace (or club, social group, etc).

How does group insurance work?

When people gathered for work, social or leisure reason, they have numbers and can offer economies of scale to insurers to sell them coverage to all of them, for a bulk discount.

The most common group health insurance would be due to the workplace, where either the company pays for the group health insurance as a benefit or the staff pays for the cheaper insurance with part of their salary.

Group insurance is also available for people joining together for sports, leisure, hobbies or social reasons such as dancing, board games, gardening, discussion groups also. The bulk discount offered for group health insurance makes it a lot cheaper than individual insurance.

Group Insurance is Group Buy Discount

Group Insurance is Group Buy Discount

Is group insurance only limited to group healthcare insurance?

There is other numerous group insurance such as group life, group personal accidental, group dental coverage, a group critical illness. These are usually offered with a great discount too on top of the group health coverage.

What is group health plan insurance or GHP?

This is the most common form of group insurance, that covers hospitalisation and surgical costs, as well as certain outpatient. GHP can include additional healthcare benefits such as critical illness benefits, generous outpatient benefits, etc.

What are the benefits of group insurance?

Cheaper premiums, no exclusion of pre-existing medication conditions are 2 great advantages compared to the usual insurance. Also, it is easy to implement with no lengthy questionnaires and data collection required for a large group.

What is the difference between individual and group health insurance?

You can only buy group insurance via a large group (of at least 3 members). Group insurance can cover pre-existing conditions due to a large number, and also offer cheaper premiums per person.

Is group insurance cheaper than individual? Is health insurance cheaper through work?

Yes. There are great benefits to Group Insurance! The premiums would be much cheaper than individual health insurance. Due to the group buy, each group can tailor their own customised health group coverage that they desire.

Is pre-existing conditions included for group health insurance coverage?

Yes, it can be included for some group insurance. If the number of participants is large enough, each individual can have their pre-existing coverage included, with some limitations or deductions. This is much better than buying individual medical health insurance where his/her conditions would be flatly excluded.

Can I get group health insurance? What is the minimum number to buy group insurance in Singapore?

Group Insurance policies only need 3 people

Group Insurance policies only need 3 people

The minimum in Singapore is usually 3, especially to cater to small SMEs in Singapore that has a small number of workers. Even if the staff are family relatives and friends, it can be considered for GHP or group health plans. This provides an effective and cheap way to purchase insurance coverage for everyone working in the business.

What is the Aviva Mindef group insurance?

Aviva Mindef Group Insurance is large group insurance in Singapore that is famous for low cost as it allows SAF soldiers and NSmen to join in this “group buy” of insurance for lower premiums. The coverage is basic minimal and serves to protect against simple catastrophic events such as premature death, critical illness, and personal accident.

Unfortunately, Aviva Mindef Group Insurance does not offer group health on it own as it designed to be affordable and cheap for most. Any inclusion of healthcare medical bill coverage will increase the premium payable.

Aviva Mindef Group Insurance is the best value for money group insurance in Singapore. Do get your coverage if you have the good luck to be covered by Aviva.

You may like to contact us via sales@hminsg.com or WhatsApp: +65 8163 1130 for any group policies in Singapore. We tailor customized plans to suit your value-for-money request. Because we work with General Insurers, the premiums you paid are much lower than other insurers.