A quick guide to choosing the right company health insurance plan
So as you may have found out the hard way, choosing a company health insurance plan can be rough. There are thousands of options to choose from. Getting quotes back can be overwhelming. And if you aren’t sure what you’re looking at, or even what you’re looking for, it’s even worse.
So let’s break it down nice and easy, shall we?
There are four health plan options:
You’ll find different features, benefits and price points across all of these. Now let’s discuss the significance of all of them and why they differentiate in price.
There are 2 main variables across all plans which determine the price point. The first variable: do you need to go through a referral doctor (your primary care physician) in order to coordinate the rest of your health services? The second variable: does the plan cover out-of-network coverage (at a premium cost, with a separate deductible)?
Now you may think these variables aren’t significant or don’t play a major role in your personal coverage but that is definitely not the case. It can be extremely frustrating and time consuming to call your primary care physician and coordinate an appointment with a hard-to-book specialist. At the same time, it can be extremely expensive to see a doctor that is not in your network and leave you stuck with a headache-inducing bill.
Here’s a breakdown of how these factors play out:
As you can see, the most affordable plan (the HMO) requires you to go through a PCP and does not provide out-of-network coverage while the PPO does not require the referral and allows you to go out-of-network. The EPO and POS plans fall in the middle since they each offer one benefit.
Determining which of these plans is better for you is a personal preference. Some individuals may actually prefer to go through a PCP so they can develop a more personal relationship with their doctor while others care strictly about the convenience of going to any doctor whenever they want.
On the other hand, some people would rather know they are covered within their network and are diligent about staying within that network, while others want the flexibility of seeing any doctor they want.
These decisions are ultimately up to you. Choosing the right company health insurance plan should be a matter of comfort and personal preference, knowing that you are covered properly for your medical expenses, in a way that works for you.
Talk to us to help choose the best plan & benefits structure for yourself and your company.
Choosing the right employee health plan for a small business or mid-market company is no small task — but we share some tips to help this process feel more seamless.
Have you ever wondered how you can save money on your group health insurance plan? Ever wanted to find a way around paying those high premiums and save your company money? Well, Igloo Health is here to guide you through the process of medical underwriting in the current marketplace.
What is a BOR? It’s your “Broker Of Record.” This is an insurance industry term that many people don’t know about, but it could be the most important thing to learn as a business owner. Understanding what a BOR does (and what they can’t do) can give you peace of mind. Have you ever been promised
What if we told you that the price you pay for your monthly premiums wasn’t the most important thing to pay attention to when choosing health plans? That might sound a little crazy but the reality is that there are critical factors to look into besides premium. Ever wonder why you were stuck with a
A lot of people will tell you how happy they are with their current health and benefits broker and rave about how fantastic of a job they’re doing. Still the question remains: “is he really doing the best job he possibly can?” These same people will claim how their broker is the nicest guy in