Most employers today offer group health insurance policies to ensure their employees’ well-being. There are two types of plans that employers provide, a Group Medical Coverage (GMC) and a Group Personal Accident (GPA) insurance policy.
What is a GPA insurance policy?
Here is what you need to know about GPA insurance plan:
- A group personal accident policy or GPA provides financial assistance during unforeseen circumstances.
- You get coverage for treatments in case of an accident that leads to disability or fatal injury.
- The employer pays the premium for the group personal accident policies. In some cases, a certain amount gets deducted from the employee’s salary and the employer pays the remaining amount.
What is a GMC insurance policy?
Here is what you need to know about the GMC insurance plan:
- A group medical coverage or GMC is a health insurance policy that covers a group of employees. The policy offers financial coverage to take care of medical expenses when needed.
- GMC policies are cheaper than individual health policies as the coverage amount and risks get divided among the employees.
- The employer either pays the entire premium amount or the premium gets divided between the employee and employer.