If your business is growing and you now have more than 50 employees, you have to offer health insurance to them. Due to the many options, you may be finding it difficult to choose the right insurance company. If this sounds like you, below are some tips so you can choose the one that is best for you and your employees.
One of the first things you need to look at is the benefits the insurance company offers. You need to know exactly what is covered and if there are any limitations. For example, some health insurance plans limit how many times you can see a physical therapist, or they will charge more money for certain medications.
Some plans may not pay for pre-existing conditions, such as if you hire someone that is pregnant.
Depending on the insurance company, you may be offered different plant types such as:
- EPO (Exclusive Provider Organization: The insurance company will only cover you if you go to doctors, hospitals, or specialists that are in their network.
- HMO (Health Maintenance Organization): Have to work or live in the plant’s service area, and the plan limits coverage to doctors that contract with the HMO. This means if you see a doctor out of their network, the insurance company will not cover it.
- PPO (Preferred Provider Organization (PPO): They will cover doctors that are not in their network, but will only pay part of the cost. How much this is depends on the insurance company.
- POS (Point of Service): You will pay less money if you see doctors and hospitals that are in the company’s network. Your doctor has to refer you to a specialist before the insurance company will pay.
Personalized Member ID Cards
It can be easy for you or one of your employees to lose their health insurance card. In many cases, they would have to order a new one from the insurance company, which will take time to receive. To take care of this problem, some health insurance companies have a feature where you can print online identification cards in your office. They will provide you with a printer to allow you to do this.
Sit down and talk with a health insurance representative (like those at W B Adams Co) who can go over their plan in detail with you. Talk with a few so you can find a company that you can afford to pay each month..