Group Health Insurance
Surging health insurance costs, coupled with stringent regulatory and legislative compliance obligations, pose increasingly challenging situations for employer-sponsored health benefits programs. Capital Providers Insurance can help employers keep their costs down while providing the necessary cover by designing an attractive group health insurance package that also attracts and retains a happy and competent workforce.
Big savings with group insurance
Many employers provide group health insurance for medical, dental, life, disability, and similar types of coverages. Group insurance policies are different from individual health insurance policies, which are intended for a single person or a single family. Group insurance aims at providing specific benefits to all employees who qualify for the coverage.
The premium for group health insurance is based on the overall condition and experience of eligible employees, which often results to considerable savings compared to what each employee would be required to pay for a similar individual policy.
These plans typically have requirements for coinsurance and deductibles, so it’s best that you work with an experienced insurance consultant to explore all your options.
Types of group health insurance plans:
Preferred Provider Organizations (PPO)
The insurer makes arrangements with specific healthcare centers and physicians to cover the employees at a reduced cost. This arrangement requires a co-pay. If the employee seeks medical assistance from a physician who is not in the network, the plan should still cover some of the cost.
Health Maintenance Organization (HMO)
This option is similar to PPO in that employees are required to seek medical help from a specific network of hospitals and physicians. However, co-payment is not required. But if employees visit a physician out of the network, they will have to pay the full cost of treatment (100%).
This option allows employees to visit any hospital or physician, and pay 20% of the bill, while the plan pays 80% for services specified in the plan.
Health Savings Account (HSA)
This deductible health plan only activates after your tax-advantaged savings account reaches a specific amount. Until then, you’ll be required to pay for medical costs out-of-pocket.
Best health plan for your employees
Despite the constantly evolving employee benefits, health insurance is still considered a top employee benefit offering. A well designed and administered group health insurance plan will help to reduce your insurance costs, attract quality employees and reduce turnover, and generally improve your bottom line.