Group Health Insurance Plan ? An Added Perk To Employees
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Group health insurance can be taken up by any firm or business that has an employee strength of a minimum of two and maximum of fifty. Based on the budget that is available, two different types of health insurance can be chosen. Many companies choose to provide the coverage to the employee under the group health insurance. But, if the employee wants to include his/ her family under the plan, then the additional costs are usually borne by the employee for the added benefits.
One more important feature that needs to be considered while choosing group health insurance is to opt between managed care and fee-for-service. Managed healthcare plans again have different options depending on your budget and include Health Maintenance Organization (HMO), Point of Service Plan (POS) and Preferred Provider Organization (PPO).
If HMO is opted for, the total costs to provide health insurance will go down if the medical treatment is got under the providers of the HMO. Under a PPO plan, the patient will not need to see a primary care physician to use the services of a specialist. Although PPO plan is much more expensive in terms of per-visit and deductibles yearly, it is much more flexible. The POS plan includes features of both HMO and PPO plans. Here, the insured can either visit a hospital or physician within the prescribed network by paying a flat fee or consult someone not in the network by paying a deductible fee. This plan enables the patients to choose the physician or hospital themselves and provide more benefit in being able to choose the place they need to go for treatment.
By having an added perk in the form of group health insurance, you can ensure that your employees will remain faithfully with you and will also ensure that you can rope in more good employees to your company. Group health insurance has many facets attached to it and what has been elaborated here is just a basic picture. Be sure to talk with your service provider and get to know about the benefits and disadvantages of each and every plan in detail before actually choosing any plan that you wish to pass on to your employees. In this way, not only will you be answering the health needs of your employees, you will be doing so in the best possible way that suits you and your budget.
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