Insurance for Small Business
We’ll assume you have a company with between two and fifty employees working full time, chances are your business qualifies for Small Business Group Health Insurance benefits for all working there. Employees of your company would be able to take advantage of health coverage for themselves and their families at rates that will save money.
There are two types of health insurance plans that are available to small businesses. They are indemnity plans, known as fee-for-service plans, and managed health care plans, HMOs, PPOs, and POSs.
Indemnity plans – These plans will let you choose your own doctors and hospitals. There is a $500 to $1,500 deductible you must pay before your insurer will pay your claims, and you have to pay 20% of the total amount of any individual claims.
HMOs – These plans provide you with a network of physicians and hospitals you must use when you’re injured or ill, and you must pay a $5 to $10 co-payment for each doctor visit.
PPOs – These plans also provide you with a network of physicians and hospitals you must use. You can visit out-of-network physicians by paying for the visit and submitting a receipt to receive partial reimbursement, and the copays are usually $5 to $10 per visit.
POSs – These plans are a combination of HMOs and PPOs. If you’re referred to a non-network physician by your network primary care physician your fees will be paid, and copays are the same as for PPOs.
With Small Business Health Insurance you can now spread the financial risk among all of the employees there. This usually translates into lower premiums and just more extensive coverage. Everyone will benefit from being part of a group and will receive the lower premium rates that come with a group plan.
You can get a good estimate of how much a plan would cost by visiting a web site that specializes in health insurance for small business plans. Enter your specific information and find a speedy estimate for your company on the costs. There are many sites that deal with small businesses insurance.
Tags: commercial insurance, group health insurance, insurance, small business insurance
