Small businesses usually offer a number of various types of health insurance. Leading medical plans normally cover a complete selection of health care essentials, together with hospital care, prescription medicines and doctor visits.

To assist owners of small business decide on what type of health insurance best matches the budget of their company and the needs of their employees, the below offers information about the various types of plans.

Indemnity Plan – This type of medical plan usually has a deductible, an amount that you paid before an insurance provider starts paying the benefits. If the covered expenditures exceeded the amount that is deductible, benefits are typically compensated as a portion of actual cost, usually 80%. This plan regularly gives flexibility in terms of selecting where to obtain medical attention.

Health Maintenance Organization (HMO) plans – These main medical plans typically allow the insured person to decide on a PCP (Primary Care Physician) from a directory of network providers. A PCP is in charge of handling the health care of the insured person. If he/she requires treatment from any out-of-network provider, they need to obtain a referral from their PCP.

The person insured should obtain treatment from a network provider so as to get paid via the HMO.

Preferred Provider Organization (PPO) plan – This plan is when the insurance provider makes an agreement with chosen doctors and hospitals to provide services at discounted price. If you are a PPO member, you can seek medical care from a hospital or physician who is not from the network, but you are most likely to compensate a co-payment or larger deductible amount.

Point of Service (POS) plan – This plan is a combination of HMO and PPO, only this one is more adaptable than HMO, but does need you to choose a primary care physician. Similar to PPO, you can seek medical attention from a hospital or physician not belonging to the network, but you need to pay more of what the actual cost is. Then again, if a primary care physician recommends you, POS will compensate the cost.

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Posted Friday, May 1st, 2009 at 9:59 am
Filed Under Category: Small Business Health Insurance
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