Currently the health insurance field is very dynamic. People are confused because everyday some new news comes their way. That’s why it is really important now to get relevant information about the most appropriate health insurance for you;and this is different for everyone. Our whole site is dedicated to helping you find that correct coverage.
Here,
we will be discussing the insurance needs of small business owners. For more
details please visit the site due to space restrictions here.
Small Business
Definition
- “Small Business is any business where the number of employees is less than
50”. Note that this definition is used here for the purpose of health insurance
only. So the legal definition might be different.
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Types of plans available
For
a small business, mainly there are two types of health plans available –
a) Individual & family health insurance &
b) Group health insurance
a) Individual & family health insurance &
b) Group health insurance
Individual & family health insurance -
Individual & family health
insurance plans are purchased to cover the business owner & family members.
So as an individual, the business owner can apply for this plan.
As
an individual, this could be good plan. But as a business owner this may not be
the best strategy, because you also have to take care of your employees. In
such cases next option may be the better
one.
Group health insurance-
Small Business insurance plans / Group Insurance plans
are mainly employer sponsored health coverage plans. In these, the employer
& employee typically participate in the same insurance coverage. The family
members could also be included in the coverage. These plans could also be
better choice due to tax incentives.
Most important Factors
Whenever
choosing any type of plans, we must consider the factors that are important for
you. Among these various factors are –
-
The amount of protection you want
-
Convenience & comfort
-
Preferences to specific hospitals / Doctors
-
The money you want to spend
So
think about these factors before choosing any coverage plan.
The most popular plan Types
There
are many options when it comes to choosing a coverage plan that is appropriate
to your situation. We shall discuss some of the most popular ones here.
1. HMO – Health Maintenance Organization Plans
An
HMO network of providers offers the range of health care services in this plan
type. Normally the services obtained outside of network providers, are not
covered.
2. PPO or Preferred Provider Organization Plans
Every
insurance company has certain Doctors or hospitals on their preferred list.
These are their preferred providers. Under this plan, one must go to the provider
listed for services. Non-preferred service provider charges may not be covered
at the full reimbursement rate.
3. Indemnity Health Insurance Plans
These
plans offer maximum freedom. You can decide which Doctor or hospital will treat
you. It is not uncommon with these plans that you pay upfront for the services & the insurance company then reimburses
you.
So
these are some of the most popular plan types available for a small business
owner. As stated above, for further details do visit our site & choose the most
appropriate plan for you.
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