Small business health insurance
Small business health insurance plans are the group health insurance that the employers provide to the employees of the organization. It will provide the employees several benefits such as affordable health insurance, incentives in tax, more satisfaction, and much more. Not only for the employees, but the employers will also have many benefits through this health insurance, such as the retention of skilled employees within the company, a productive work environment with healthy employees, and much more. There are several types of health insurance in the industry. Let us discuss four of these insurance plans.
Preferred provider organization (PPO) plans
It is a type of group health insurance policy that you can enjoy as an employee in a small business firm. The insurance plan will have a set of preferred physicians and doctors. You can have a choice of choosing a suitable physician within the options preferred by your organization. However, there will be a discounted price for the medical services you get through this scheme. You would have to pay a yearly deductible before the plan starts paying your health bills. In addition to the deductibles, there may be some co-payments and co-insurances for the services. If you choose to go to a physician out of the network, you may end up paying extra costs.
Health Maintenance Organization (HMO) plans
Health Maintenance Organization plans will help the employees cover most of their medical expenses with a low out-of-pocket cost. But the disadvantage is that you cannot go to the doctor of your choice. The restrictions are a bit strict, and you should have to select a primary care physician. This physician will be responsible for directing you to a specialist doctor whenever necessary. However, if you go to an out of the network doctor without the guidance of the primary care physician, the plan will not cover your expenses. In some cases, you would pay the yearly deductible, and, in some cases, it is not necessary. HMO plan will cover a wider range of benefits than other plans.
Point of Service plans
If you combine the features of both the HMO and PPO plans, you can understand the point of service plans. In this plan, you would be selecting a primary care physician to guide you on your medical emergencies to a preferred doctor. But the thing is, if you go for a doctor referred by your PCP and check with him, your plan will cover all your expenses without waiting for you to pay the deductibles. But when you go out of the network, you would have to pay the deductible, and the plan will not cover entire expenses.
Exclusive Provider Organization
It will be mostly similar to Health Maintenance Organization plans where you would pay a deductible and co-payments for the services. Your PCP will guide you to the preferred doctors within the network, but you can opt for an outsider in the case of an emergency. In those cases, the coverage will be less.