If you run a small business, you may wish to offer your employees group health insurance. Itâ€™s an excellent, attractive offering that has short- and long-term benefits for your workers. Group insurance allows employees to get medical, dental and perhaps vision insurance for a lower cost than they would find individually. With group insurance offerings, your company can better compete to hire the best potential employees.
There are two types of small group insurance: Preferred Provider Organizations (PPO) and Health Maintenance Organizations (HMO). With PPO insurance, those enrolled pay a deductible but may see any doctor they wish within in a specific network. Participants do not need referrals for diagnostic appointments or to see specialists. If they see a medical professional out of their specified network, they pay higher fees and make a claim for the difference later. HMOs restrict whom a patient may see and what services they may get. Any treatment must be provided by a medical profession within the network. The primary doctor manages the patient and makes referrals when needed.
Before choosing a plan, find out as much as you can about each. Decide what suits your business environment and workers best.