Small Business Health Insurance Plans

All that you know about the small business health insurance plans

Are you looking for the right small business health insurance plan that won’t hurt your budget? Things can be really challenging when you have a small business venture. The insurance plan can be quite expensive as compared to the revenue and profit your business earns.

Small business health insurance plans are less expensive

In case, you possess a small business, including employees from two to 50, you are eligible for the group health insurance plan. It is much profitable, as it will cost you and your employees much less as compared to the individual health insurance programs. Furthermore, the small business health insurance plans aid in tax deduction.

Choosing the apt insurance plan

Do you know the way the group health insurance rates are calculated? It is calculated based on the overall group of members who might go for any customization or include an extra coverage to cater to their needs and requirements. Based on your business requirements, you have to choose the apt small business health insurance plan.

The types of small business health insurance plans

There are primarily two types of insurance plans for the small businesses. They include:

  1. Indemnity plans or the Fee for service plans
  2. Managed health care plans, that includes HMOs, PPOs and POSs

The indemnity plans:

The indemnity health insurance plan enables you to select your own preferred doctors and hospitals. A deductible amount range of 500$ to 1500$ can be claimed. But you have to pay before the insurer makes the payment. You have to pay 20% of the total amount of the individual claims.

The managed health care plans:

There are three categories-

  1. HMOs

You get hold of a network of hospitals and doctors. You have to pay $5 to $10 as a co-payment for every visit, and is indeed the most affordable health care plan.

  1. PPOs

The plans offer you with a network of hospitals and doctors as well. But, you can choose anyone from outside the list as well and get a partial reimbursement.

  1. POSs

It is the amalgamation of HMOs and PPOs. In case you are referred to a non network doctor or hospital by your network doctor, your fees will be paid.

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