Group health insurance for small companies is a benefit that can, unfortunately, cost too much to offer employees. However, it can also help a business attract and retain the best employees.
Is there any way for a small company to offer group health insurance without breaking the budget?
What are Your Options?
Group health insurance is not limited to the traditional model of fee-for-service, comprehensive medical, dental, and vision plans. Such traditional comprehensive policies are often too expensive for small companies.
Numerous alternative plans are available at much lower costs:
* A Preferred Provider Organization, or PPO, provides comprehensive health services similar to a fee-for-service plan. However, employees must choose a doctor and hospital that is part of the PPO’s network.
* A Health Maintenance Organization, or HMO is even less expensive than a PPO. Like a PPO, employees must choose a doctor and hospital from an approved network. HMOs usually offer fewer choices than PPOs, and employees may need to receive approval before they can visit a specialist.
* Major medical plans provide coverage for major accidents and illnesses. Employees pay for smaller expenses such as routine office visits.
* High-deductible plans cover all your employees’ medical expenses, but only after a high deductible is met. Such plans are often coupled with a Medical Savings Plan, which allows employees to set aside money to use toward their deductible.
By considering one of these options for group health insurance, you may find you can afford to offer this needed benefit to your employees at an affordable cost.
Comparison Shop for the Best Quotes
Whatever type of health insurance plan you decide to offer your employees, you can find the best rates by comparison shopping at an insurance comparison website.
All you do is fill out a simple form online and you'll receive quotes from multiple insurance companies that you can compare.
Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get affordable
group health insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written numerous articles on where to get affordable group health insurance for small companies.
