What are the Types of Coverage?
PPO (Preferred Provider Organization)
PPOs are well suited for employees who want the freedom to choose their own doctor. As a PPO subscriber, you have the choice of using either an “in-network” or “out of network” doctor. By staying in the network, you receive the biggest benefit, lower copays and less out of pocket costs. PPOs are typically less expensive than HMOs.
HMO (Health Maintenance Organization)
HMOs are designed in such a way that employees are restricted to HMO doctors and hospitals only, except for emergency services. HMO copays are usually lower but the monthly cost is usually much higher. Kaiser is one of the more popular HMO type platforms.
HSA (Health Savings Account)
HSAs are usually PPO type plans with an HSA component attached. The HSA part is a tax free savings account, sometimes referred to as a “medical IRA”. The HSA allows the employees to have a savings account to pay for qualified out of pocket expenses on a tax free basis. The HSA account can be funded by the company, the employee themselves, or anyone. Contributions are limited to $3300 for singles and $6550 for families. Money not used by the end of the year “rolls over” year to year with no limits. This tax free money can be used for things like; Dental expenses, Vision, Chiropractic, Massage, Acupuncture, Orthodontics, prescribed medications, etc.
HRA (Health Reimbursement Arrangement)
HRAs are very similar to HSAs. The biggest difference with an HRA is that when an employee has a medical expense, they are “reimbursed” by the employer. HRA Health Plans are very flexible and the benefit structure can be tailored to the needs of each company. The pricing of HRAs vary widely.
Group Dental Insurance
Group Dental can vary widely in coverage and cost. Most plans have no waiting periods to obtain services, large networks, and have at least $1500 or $2000 in yearly benefit, per person. Some of the top companies include: Delta Dental, MetLife, Guardian, Principal, Humana, United HealthCare, Aetna, Cigna, Blue Cross. A Group Dental plan ranges from about $40-$75 a month.
Group Vision Insurance
Vision coverage varies widely but is relatively inexpensive. VSP and EyeMed are probably the most popular companies. We usually recommend the Vision benefit allow for lenses, frames, and exams every month. Pricing ranges from $9-$15 a month.
Group Disability Insurance
Disability coverage is purchased for protection in case an employee gets injured and is unable to work. The disability can be either classified as Short Term Disability or Long Term Disability. The coverage is based on an employee’s income, the benefit payout, and the “waiting period” before benefits start. The coverage can be structured to include both on and off the job injuries.
401K-Deferred Compensation-Retirement Plans
Compensation plans can be very important to an employee and business owners alike. Making sure they’re set up correctly is crucial! We partner with experts in the various areas of investment. Some of our experts specialize in the framework of the plan, the plan design, and how it gets funded. Others focus on the funding vehicle itself, the investment, and the tax implications.
Providing business health insurance for your employees is an investment in their wellbeing, as well as the continued success of your company. The benefits of a healthy workforce are numerous, and a good employee benefits package can give you a competitive advantage in the marketplace. Good health coverage doesn’t have to be expensive, either. We can help you strategize to maximize your benefits plan at the lowest cost available.
Get Business Health Insurance Today
Don’t try to navigate the complex world of health insurance offerings and regulations without an expert by your side. Contact us for a Free Strategy Analysis, call us today at (800) 579-6369 for free expert advice, or complete the form below to get started with your business health insurance solutions today.