Five Health Care Insurance Policies that You Should Certainly Know About!
Have you ever thought about getting health insurance for your small business? Well, it is essential to find what suits you the best. Well, there are several health insurance policies that you can try. Whether you’re buying a health insurance policy for the first time, or planning to change your current health plan for another, you’ll like to take a good look at the options available and find out which policy suits your needs the most. Spend a little time planning it all to choose the right types of health insurance.
Preferred Provider Organization (PPO)
A PPO plan or Preferred Provider Organization is a group health insurance policy. In this plan, employees use a network of preferred doctors and hospitals. These providers can provide a service plan at a much-reduced rate. Employees can then choose a primary care physician from a plan’s network.
In this plan, the employees will have a certain amount of money deducted to cover their medical bills. In some instances, they may have to co-pay for certain services, where they have to pay a specific percentage from their total medical bills. A PPO is perfect for a small business, especially when you need to choose physicians, you may need a referral to see a specialist or lean towards a better provider choice than a lower premium.
Health Maintenance Organization (HMO)
An HMO is a group health insurance policy or a Health Maintenance Organization. So, unlike the PPO plan here, employees may cost a little less, but it also may mean lesser flexibility in terms of the type of physicians you choose. So, here employees need to choose a primary care physician.
And if you need a specialist, you can only do that by obtaining a referral from their PCP. With an HMO plan, you get a whole range of preventive services. While some policies require you to pay a deductible, in others, you don’t have to! An HMO may be a good option for a small business like yours, especially when you need to pay lower premium rates, and need reliable preventive services for things such as checkups and immunizations.
Point of Service (POS) Health Insurance Plans
A POS or a Point of Service group health insurance policy has both the feature of an HMO or a PPO plan. So in this insurance plan, you need to choose a Primary Care Physician from the plan’s network providers. The services rendered by the PCP should not come under the policy’s deductible.
If the employees want to utilize a non-network provider’s services, they may be subjected to a deductible and lower coverage. In some cases, they may have to pay and claim for reimbursement. This kind of policy is great for you if you need greater flexibility in physicians to coordinate care.
Exclusive Provider Organization (EPOs) Health Insurance Plans
An EPO or an Exclusive Provider Organization is a group health insurance policy. EPO is similar to HMOs as they have a large number of physicians at their disposal. Employees will also have a PCP (Primary Care Physician) who will provide referrals to get in-network specialists.
Members of the EPO may need smaller co-payments and may need a deductible too. This type of plan may provide more choices at lower rates. This is also great for employees who are comfortable about bearing higher costs for certain events.
Indemnity Health Insurance Plans
An indemnity-based health insurance plan is where the health insurance company reimburses the actual amount you pay during hospitalization. The maximum amount of money paid is insured under the policy after submitting proof and the medical bills, and it may be a good option for you if you need to find a greater balance.
It provides more service control and higher rates and may be a good option for your business to cater to more paperwork and administration. It may also be one of the best options that offer more flexibility with doctors and hospitals.
When it comes to your choices for health care coverage, the options are fairly varied. But there’s only one set of plans that may suit your needs and budget. Nowadays, some various tools and services will provide just the health plan that suits your circumstances.
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