Affordable Group Health Insurance
GetInsurancePlans.com is making group health insurance affordable through the use of Health Savings Accounts, Health Reimbursement Accounts, as well as traditional HMO’s, EPO’s, PPO’s and POS insurance plans. The premiums vary among the different insurance carriers based upon the varied plan benefits, and recognizing that there are key differences in the plans offered could affect the amount you and your employees may pay out-of-pocket. Our unique strategic approach will provide you with the most innovative benefit solution for your companies group health insurance benefit needs while fitting your budget.
GetInsurancePlans.com and our preferred licensed market experts will provide you with a full suite of choices for your business so that you can make the most educated decision on how to proceed with us.
What is Small Group Business Insurance and how is it priced?
Small Group Health Insurance is for companies raging form 2 to 50 employees. The health insurance pricing is based on community rating factors and the projected utilization of services for a specific geographic area. The age and gender demographics of the employees which make up a given group play the largest role in determining the pricing for any plan. Generally speaking, the benefits provided under a group health plan are more extensive than those provided under an individual health plan. Group Health Insurance plans are subject Federal guidelines.
What are the Tax Advantages?
Employers are entitled to take a tax deduction for premium contributions they make to a group health policy. For the employee, generally the individual premium contributions usually made through a payroll deduction are not tax deductible. However, if the employer has set up a Section 125 (IRS), the individual premium contributions are tax deductible. Benefits the individual receives under the group health policy such as claims payment for services are not considered taxable income.
To qualify for group health insurance, the group must have been formed for some reason other reason than to obtain insurance. Qualifying groups include employers, labor unions, and trade associations.
Today, most employers set their own waiting period before an employee can enroll onto the health plan. The waiting period is the times between an employees hire date and the time they are eligible for coverage. Commonly most employers set waiting periods from one to three months. In addition, in most states the employee must be employed full time. The definition of full time can vary from state to state.
What is Managed Care Group Business Insurance?
Managed Care health insurance plans involve several different types of choice HMO, PPO, and POS plans. These plans typically have a provider network of contracted physicians and hospitals that agree to perform services for managed care patients at a pre-negotiated rate. The provider will usually submit the claim to the insurance company for the individual, which means less paperwork and cost of administration. In most circumstances, managed care delivers health care services at a lower cost.
What is an HMO and how does it work?
A Health Maintenance Organization (HMO) is a group of contracted medical providers in which members of the HMO may seek medical services at a pre-negotiated rate. It is a comprehensive prepaid health care service. Generally, there are no deductibles, but most plans require co-pay for services. One usually must choose a Primary Care Physician from the plan’s Provider Directory and/or a network. The Primary Care Physician (PCP) will act as a “Gatekeeper” for all of one’s medical needs. The PCP will become the primary contact and they will refer a patient to other providers or specialists within the network. With most HMO’s, there is no out-of network benefit, except for emergency care. HMO participants can be members under a group insurance plan or they can be individual or family members.
What is a POS Plan?
A Point-of-Service (POS) is a hybrid of the HMO and the PPO. Typically, the POS is an HMO with an added out-of-network benefit. In most circumstances, a POS plan has “Open Access”. This feature allows a member to access providers both in, and out of network, without a referral at the time they need services. With a POS plan, your access to providers is unrestricted as opposed to the Gatekeeper model that the standard HMO provides. A POS plan is usually higher in premium cost due to the “open access” and the out-of-network benefits.
What is a PPO?
A Preferred Provider Organization (PPO) is a group of providers, mainly hospitals and physicians that contract with insurers, employers and third party administrators to provide health care services at a pre-negotiated fee. Typically, a PPO plan will pay a fee to the provider when service is rendered (fee for service).
How do I get a quote for my business?
Join the best in class consultant team by simply providing us with some basic information about your business. After a careful review of your information, a professional licensed insurance agent who is an expert in your marketplace will provide you with a comprehensive market evaluation. This market evaluation will provide you with multiple insurance carrier plan offerings at different costs points for your review. Pick what is best for your business and let GetInsurancePlans.com provide you a better working environment where employees can grow with happiness and health.
To connect with a licensed agent who can guide you through this important decision making process or for friendly, impartial advice, please e-mail us.
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