Business Benefits Group can work with companies to help them understand the various health care plan options available to them. BBG’s Benefits Consultants can assist business owners in making the best healthcare plan selections for their company and employees. Companies who work with BBG will not only save time and money, but they will also select the optimal benefits for their workforce. BBG’s Benefits Consultants will explain what plan comparisons are, and how they can be useful to a company and its workforce.
In 2017, having a great benefits package is critical to both attracting top talent and ensuring employee satisfaction. Health care plans are incredibly important to employees, but for many business owners, the process of picking health benefits is confusing and overwhelming. Comparing plans with BBG can help employers to understand what each health care benefit means, which ultimately allows them to make the best possible selection for their company.
Types of Health Care Plans
There are two main types of health insurance plans, with variations on each plan offering additional choices. Health Maintenance Organizations, or HMOs, are restricted networks of health care providers. Patients first select a primary care physician (PCP); the PCP then coordinates medical care for that patient. Services are limited to the HMO network, with patients often required to pay for most of the cost of an out-of-network visit. The monthly premiums for HMO plans are generally higher than for other plans, but the cost for health care services is typically low for in-network visits. Annual deductibles are often low in HMO plans.
Preferred Provider Organization (PPO)
The other primary type of health insurance is a Preferred Provider Organization, or PPO. These plans have an open network of medical professionals, with lower rates negotiated for these providers. Patients can select the provider of their choice without a referral, and can see medical professionals both inside and outside of the network (with out-of-network visits typically costing more). Premiums are often similar to HMOs, but the annual deductibles are higher. These plans give patients more flexibility, but may be more expensive than HMO plans.
Other Common Health Networks
Other options from health insurers offer variations on the two main types of plans. Point of Service Plans (POS) combine the features of HMOs and PPOs. Patients pick an in-network PCP, who then coordinates their care as in a HMO. However, patients can choose to see either in-network or out-of-network providers, as in a PPO. An Exclusive Provider Organization (EPO) is similar to HMO, but it does not require a PCP to coordinate patient care. Patients can see any medical provider within the network, and are not reimbursed for visits to professionals outside of the network. Finally, High Deductible Health Plans (HDHP), or Consumer Directed Health Plans, is a variation on a PPO plan. These plans are often ideal for younger, healthier employees, as they have low monthly premiums and high deductibles. Patients can deposit money into a Health Savings Account (HSA) on a pre-tax basis, and then use that money to pay for medical expenses.
Beyond Group Health Insurance
While many businesses choose to purchase group health care plans offered by private insurance companies, there are many other ways to provide health care benefits to employees. Thinking outside of the box may result in significant savings for businesses. Employers may decide between self-insure or self-fund, either in full or partially, or allow for employees to purchase plans through the healthcare exchange. Some businesses offer additional salary in lieu of a group health plan, so that employees can use this money to buy the health insurance that is best for them. Others may join a Professional Employer Organization (PEO) to administer benefits, including health insurance. Each of these options offers different advantages and disadvantages for companies, which BBG’s Benefits Consultants can help employers to analyze.
For some businesses, it makes sense to offer healthcare benefits beyond basic insurance. This could include everything from wellness programs to vision and dental care, to long or short-term disability insurance. Employee Assistance Programs (EAPs) are a popular option for many large employers, but may not be cost-effective for smaller companies. A plan comparison can help employers to understand the full range of health benefits available, and decide which of these choices is right for their business.
Advantages of Working With BBG’s Benefits Consultants
With such a wide variety of health care benefits available, choosing a an effective and cost-efficient plan can be daunting. BBG’s Benefits Consultants can perform a plan comparison for employers—explaining each option and analyzing each in light of the business’s unique attributes. This will enable employers to make the best decision for their company, and prevent costly, time-consuming mistakes.
Contact BBG For More Information Today!
Employers who would like to speak with a Benefits Consultant about plan comparisons and choosing the right benefits plan can contact Business Benefits Group by sending us a message online or by giving us a call today. We offer complimentary consultations so that employers can understand their options before moving forward.