The Different Health Insurance Plans for Businesses
Health insurance is something you know you need, but the plans can be very complex. To take the mystery out of them, lets take a look at the basic plans available.
One always needs to include a caveat when discussing health insurance plans. Much like the mortgage market, there are a wide variety of plans available. Some can even be custom made for very large businesses. That aside, there are three basic forms of health insurance for most businesses.
The health maintenance organization is the most common approach to business health insurance. You probably know it better by the abbreviation of HMO. Generally speaking, an HMO is the cheapest health insurance available. A monthly premium is required as is a small co-pay by patient each time they visit a medical provider. Unfortunately, you can only use doctors and facilities that have been approved by the HMO unless you are receiving emergency care.
The preferred provider organization is the next step up the food chain of health insurance solutions for businesses. You probably know it better as a PPO. The PPO is more flexible than you average HMO. You can seek treatment from medical providers outside of the list of approved doctors by the PPO. You also do not require a referral from a general physician to a specialist.
The downside of the PPO is the cost. With flexibility come increased premiums. In general, you can also expect to pay more of your medical cost for treatment by providers outside of the approved list of physicians maintained by the PPO. Each PPO is different, but you can expect to pay 20 percent of such medical bills if you use a physician that is not approved.
Our third option is the point-of-service plan. You probably know it as a POS. The POS is essentially a hybrid plan. It is designed to combine the best of the HMO and PPO world, or at least that is the idea. You must pick an approved physician as your primary care giver. If you go outside of the list of approved medical providers, you are going to pay most of the cost of doing so with one exception. The exception is important. If your primary care giver refers you to a doctor outside of the approved list of providers, the POS will pick up the cost.
When picking a health insurance plan, the devil is in the details as they say. Get a firm understanding of what you need from your plan and then find an appropriate policy.
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