Are you looking for affordable group health insurance for your Fort Pierce, Florida, or St. Lucie, Florida, employees? If so, sorting through the complexities of health insurance plans can seem daunting. However, with some basic understanding of how group insurance works, you will be able to make informed decisions allowing for affordable and effective coverage. If you are looking to educate yourself about different options for affordable group health insurance and you are not sure where to start, contact Browning Insurance in Ft. Pierce Fl.
What Is Group Health Insurance?
Group health insurance is purchased by an employer and is offered to employees, providing coverage for the employees and their dependents. Employees can choose options within the plan or plans offered. Typically, the premium cost is split between the employer and employee.
Under the Affordable Care Act (ACA), businesses with fewer than 50 full-time employees do not need to offer health insurance to employees.
The ACA requires plans to meet specific benchmarks, categorized as bronze, silver, gold and platinum tiers, intended to standardize care coverage across plans. The tiers are based on the expected out-of-pocket medical expenses for those using a particular tier, from 40 percent for a bronze tier down to 10 percent for a platinum tier.
Pricing and Costs
Plan pricing varies according to the tiers selected and specific plan features. Some plans may have higher coinsurance for employees but lower deductibles or copays, while those with less expensive coinsurance may pay higher out-of-pocket costs.
The ACA changed the way insurance plans are priced. No longer can medical histories and preexisting conditions be used to determine pricing. However, the community rate for the plan may consider certain factors, including geography, age and smoker status.
Plan Options
Businesses considering offering group health insurance need to determine the number and type of plans made available to employees. There are two basic plan options:
* Health Maintenance Organization (HMO) plans: HMO managed care plans usually provide services through specific hospitals, clinics or health systems that contract with the insurer. Under an HMO, enrolled employees must see primary care providers and specialists covered within the network.
While HMOs often contain a number of rules and restrictions, the rates are generally cheaper.
* Preferred Provider Organization (PPO) plans: A PPO provides more choices to employee members. Employees can see any physician within a (usually large) network at negotiated reduced rates. Employees can also see out-of-network physicians but will pay higher rates usually. These plans offer much greater choice and flexibility for patients, but usually come at ahigher price.
Benefits to Providing Group Health Insurance.
There are financial and intangible benefits to offering group health insurance for your employees. For one, there are financial advantages; the employer-paid portion of employee premiums paid is tax deductible.
There are also the longer term benefits. Providing insurance may be a competitive advantage in attracting employees to work at your company over that of a rival. Employees with affordable health coverage are more likely to remain healthy and seek medical attention when they are sick. Finally, providing employee benefits such as insurance is one way to strengthen employee retention.
At Browning Insurance and Financial Services, our experienced agents work closely with companies to find the right group health insurance. Based in Ft. Pierce, Florida, Browning Insurance and Financial Services has been serving small businesses in St. Lucie Florida and Fort Pierce Florida since 1982.
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