COMMERCIAL INSURANCE
Group Health Insurance Policies
About Group Health Insurance Policies
When deciding on your employees’ benefit plan, consider this: Among most employees, health insurance usually ranks as the most important of all available benefits.
It’s wise to reevaluate your company’s health insurance options every year. Premiums usually change every year, your business’s employees will change, and state and federal policy changes can affect costs and coverage in a multitude of ways. Often times, employers will carry overlapping coverage which can greatly increase overall costs.
The three most popular types of company health insurance plans offered to employees today are:
HMO
Health Maintenance Organizations (HMOs) were the first to create a network of doctors and hospitals. HMOs are usually able to control costs better than other health insurance plans. The HMO premiums are typically the lowest of any type of group medical insurance plan.
Unfortunately, HMOs are also the least flexible type of health care plan. Employees are required to choose a primary care physician who performs basic health checkups and approves visits to other physicians. Visits to doctors and hospitals are limited to those that are part of the network. Visits to nonparticipating doctors are paid directly by the employee.
PPO
Preferred Provider Organizations are now the most popular choice for employer provided health care. A PPO includes a selection of physicians and hospitals that agree to provide health care at a reduced cost to the PPO members. The plan is less restrictive than the HMO plans.
For visits to doctors and hospitals that are listed within the PPO, patients pay a low deductible. Visits to doctors and hospitals outside the network are allowed, but not as fully covered thus requiring higher payments from the insured.
POS
Point of Service plans allow members to choose a primary care physician who will provide referrals when needed. However, they are also free to visit out-of-network providers with or without a referral. This plan will cover the majority of the expense. Keep in mind; members who use services outside the network must pay more than they would for in-network services.
Call a BLG Insurance Specialist to review, renew, or establish a health plan for you and your employees.
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Annual Review
At BLG, we strongly recommend you review your insurance coverage at least once a year. Your commercial situations may have changed. Or, maybe you’ve made a few major purchases throughout the year that should have extra coverage. Inflation or depreciation can affect the value of your properties and their contents. Call BLG now to review, renew or establish your customized insurance policy that fits your world.
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