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A PRIMER TO MEDICAL PLANS AND INSURANCE FOR THE SMALL BUSINESS

People that work for small companies or non-profits are usually offered some health coverage choices by the company they work for. The insurance covers pretty much everything, ranging from trips to the physician to prescriptions to hospital visits, and more.

 

To help small businesses decide on what type of heath insurance for small business owners best matches the budget of their company, as well as the requirements of those that work for them, the following is particulars relating to the different types of plans available.

 

Indemnity plans – This type of insurance plans generally have a deductible. The provider of insurance will start to pay the cost of coverage after the deductible has been met. After the medical costs go beyond the deductible amount, medical bills are usually paid as a fraction of the billed amount, generally around 80%. This type of coverage generally offer the best versatility when it comes to selecting where to go for medical care.

 

Health Maintenance Organization (HMO) plans – These main self employed insurance plans generally allows the insured person to choose on a Primary Care Physician, or PCP, from a directory of network authorized providers. The primary care physician is the one that handles the medical treatment of the insured person. If the covered person requires treatment from any out-of-network provider, they usually need to obtain a referral from their PCP.

 

The insured individual should receive treatment from a network provider in order to get paid by the HMO.

 

PPO, or Preferred Provider Organization plan – This plan is when the insurance company makes an agreement with chosen doctors and medical facilities to provide services at reduced prices. If you are a PPO member, you can receive health treatment from a facility or doctor who is not from the network, but you are most likely to have a co-payment or larger deductible amount.

 

POS, or Point of Service plan – This plan gives a combination of a PPO and a HMO, yet is more adaptable than a HMO, but does need you to choose a primary care physician. Much like a PPO, you can get medical service from a facility or doctor outside of your network, but you need to pay more of what the actual cost is. However, if your primary physician gives you a referral, POS will compensate the cost.

 

This article brought to you by the number one magazine for wholesale merchandise, Retailers Forum Magazine.