A solid employee benefits package can both attract and retain good talent. It can help improve employee morale and loyalty.
It might also be required, depending on the size of your company (under the Affordable Care Act, employers with 50 or more full-time employees are required to provide health insurance to at least 95% of their active employees).
At lifestyle Shield we offer ON Marketplace Options or OFF Marketplace Medical Options with well-known Insurance companies. Whatever your mission is for your employee’s needs, we have you covered.
As an independent insurance broker, we can help provide solutions for:
- Group health insurance
- Group vision
- Group dental
- Group life insurance
- Group Medicare
- & more!
Most group insurance plans will either be an HMO or PPO plan.
1. Health Maintenance Organization (HMO)
An HMO is a large health care network that requires members to select a primary care doctor. In these plans, individuals cannot see specialists without a referral from their primary care physician. HMO’s require individuals to visit doctors within the health insurance plan network and will not be provided coverage if they see providers outside of the network unless its an emergency. With an HMO out of pocket costs are always predictable with low annual deductibles and low copayments.
2. Preferred Provider Organization (PPO)
PPO’s can be an excellent group health insurance plan due to the fact that they allow individuals to visit any doctor when necessary. Members are not required to choose a primary care doctor as with an HMO. You can also use doctors outside of your insurance plan, however, there may be less coverage. Financially speaking, PPO’s have higher premiums and can have unpredictable out of pocket costs that include deductibles, copayments, and coinsurance.
Monthly premiums: Decide what payment can be made by you and your employees and how much.
Deductibles, Copayments, and coinsurance: Ensure these types of payments will be manageable for you and your employees when receiving medical care.
Medical provider networks: If you already have a preferred doctor or facility can they be included in the new group health insurance plan.
Prescription drug coverage: Research which plans cover prescription drug coverage for you and your employees.
Coverage add-ons: Research which plans allow vision and dental to be included.