Did you know that almost 4% of uninsured Americans become bankrupt to high health care costs yearly?
Although COVID-19 hit hard across all industries, the healthcare sector has maintained its usual steady hum of activity. Group health insurance has always been one of the primary drivers of this section of the economy.
So, the pandemic’s impact on the sector has been somewhat tempered. Companies have innovated new (and old) ways to buy benefits for employee insurance. The result is a buffet of options never seen before.
With so much to choose from, it’s time to enlist the help of professionals to guide you through the complexity. Learn more about the group health insurance plans here.
Different Types of Popular Group Insurance Plans
Health insurance plans are a vital part of the benefits packages that many employers offer to employees. The most common types of group employee health insurance are the following:
HMOs
They are the most restrictive of the four types of plans. They only allow employees to see in-network doctors and specialists.
Many HMOs need a referral from a primary care physician to see a specialist. Employees with HMOs often have lower premiums and out-of-pocket costs, but may have to wait longer to see a specialist.
PPOs
They are less restrictive than HMOs. They allow employees to see in-network and out-of-network providers.
But, employees will usually pay more for out-of-network care. PPOs have higher premiums than HMOs, but lower deductibles and out-of-pocket costs.
POS
The plans are a mix of HMOs and PPOs. They usually allow employees to see in-network and out-of-network providers. POS plans often need employees to choose a primary care physician and may need referrals to see specialists.
HDHPs
They have high deductibles, and employees are only responsible for paying for preventive care. But, employees are responsible for the full cost of any other health care services. HDHPs often have lower premiums than other plans, but higher out-of-pocket costs.
What to Look for When Choosing a Plan
When you are looking for a group health insurance plan for your company, there are a few things that you should keep in mind. The first is the size of your company.
This will determine the amount of health insurance coverage you need and the monthly premiums. The second is the type of business you have. This will help to determine which type of plan will be the best for your company.
The last thing to keep in mind is the budget you have for the premiums. This will help you determine how much coverage you can afford. Including what type of plan will be the best for your company.
Group Health Insurance Plans
There are many popular group health insurance plans available to choose from. But, it can be difficult to determine which one is right for you and your family.
This guide will help you understand the different types of plans available and how to choose the best one for your needs. Get started now!
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