We’ll assume you have a company with between two and fifty employees working full time, chances are your business qualifies for Small Business Group Health Insurance benefits for all working there. The employees of your company will be able to take full advantage of health care coverage for themselves and their families at rates that will save money.
There are two types of health insurance plans that are currently available to small businesses. These are indemnity plans, known as fee-for-service plans, and managed care plans, HMOs, PPOs, and POSs.
Indemnity plans, The plan lets you choose your own doctors and hospitals. There is a $500 to $1,500 deductible you must pay before your insurer will pay your claims, and you have to pay 20% of the total amount of any individual claims.
HMOs – These plans provide you with a network of physicians and hospitals you must use when you’re injured or ill, and you pay a $5 to $10 co-payment for each doctor visit.
PPOs – These plans provide you with a network of physicians and hospitals for you to use. You can visit out-of-network physicians by paying for the visit and submitting a receipt to receive partial reimbursement, and copays are usually $5 to $10 per visit.
POSs – The plans are a combination of HMOs and PPOs. If you’re referred to a non-network physician by your network primary care physician your charges will be paid, and copays are the same as for PPOs.
With Small Business Health Insurance you can now spread the financial risk among all of the employees working there. This usually translates into lower premiums and more extensive coverage. Everyone will benefit from being part of the group and will receive the lower premium rates associated with a group plan.
You can get a good estimate of how much a plan would cost by visiting a web site that specializes in health insurance for small business plans. You may enter your specific information and find a quick estimate for your company on the costs. There are many sites that deal with small business insurance.
