Final answer:
Group insurance plans offer the advantage of convenient payroll deductions, potentially lower costs through negotiated rates for health care services, and coverage for all eligible group members.
Step-by-step explanation:
Among the advantages of using group insurance plans provided at your place of work, one significant benefit is that payments are deducted directly from your paycheck. This is convenient because it simplifies the payment process and ensures that premiums are paid on time.
Furthermore, group insurance plans can also offer coverage to all eligible individuals within the group, often at a lower cost than direct-purchase insurance, due to the insurance company's ability to negotiate better rates with health care providers thanks to the larger pool of insured members. This arrangement can also reduce the insurance company's fear of adverse selection by having both high and low-risk individuals covered in the same plan.