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A group plan is an insurance plan for a group of people. The group can be the employees of a company or members of an association.
A group plan is an insurance plan for a group of people. The group can be the employees of a company or members of an association.
There are two types of groups, namely, employer-employee and non-employer-employee groups. Most of the time group insurance plans are employer-employee groups. In the case of non-employee-employer groups, the members must formally assemble and engage in a common economic activity. A group formed with the intent of reaping the benefits of a group plan won’t be recognised.
No, they cannot. These groups are exclusively for individuals part of a group.
A formal group should have a minimum of 10 members, whereas an informal group should have at least 50 members.