Types of health insurance nc for small businesses

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Types of health insurance for small businesses
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• There are 4 key types of health insurance that
  small businesses can choose from
• PPO plans,
• HMO plans,
• HSA-qualified plans and
• Indemnity plans.
• Here are some of the pros and cons of each type
  of plan.

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PPO (preferred provider organization) plans

• PPO plans are the foremost common sort
  of insurance .
• Employees covered under a PPO plan can choose
  either in-network or out-of-network doctors or
  hospitals, but selecting from the insurance
  firm 's list of preferred providers leads to the
  insurance company covering a bigger percentage of
  every claim.

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• Pros
• A PPO plan allows participants to hunt care from
  doctors, hospitals and specialists both
  within and out of doors the network, and
  participants aren't required to settle on a PCP.
• PPOs cover a good range of services, including
  preventive care, hospitalization and emergency
  care, medications, outpatient surgery and
  specialist treatments.
• These plans follow participants wherever they are
  going , meaning they will seek medical
  aid albeit they're traveling and be covered.

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• Cons
• With a PPO plan, participants are liable for a
  co-payment of around 10 to 15 any time they
  visit an in-network doctor, and co-pays are
  higher if they visit a doctor outside the
  network.
• For some categories of service, participants must
  also meet an annual deductible before the plan
  pays for those services.
• Plan participants are liable for filing their own
  claim paperwork if they visit a doctor outside
  their network, which may be a hassle.

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HMO (health maintenance organization) plans

• HMO plans offer a wide range of healthcare
  services through a network of providers that are
  exclusively contracted with the HMO or that agree
  to provide services to members.
• Employees who are on this type of plan generally
  must select a primary care physician who will
  provide the majority of their care and will refer
  them to a specialist if needed.

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• Pros
• A primary care physician can be an excellent
  medical resource, since they get to know the plan
  participant, their medical history and their
  health goals through consistent care.
• HMOs tend to offer lower-cost healthcare because
  they only cover in-network treatment and can
  negotiate lower prices with their provider
  networks.

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• Cons
• You must choose doctors and facilities within the
  HMO network.
• Participants must get a referral from their
  primary care physician before seeing another
  doctor, even for routine care.

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HSA-qualified plans

• HSA-qualified plans are PPO plans designed
  specifically to be used with health savings
  accounts (HSAs).
• An HSA is a bank account that allows participants
  to save pre-tax money specifically to be used for
  future medical expenses.

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• Pros
• The No. 1 advantage of an HSA is its triple tax
  benefits Participants contribute to their HSA
  with pre-tax dollars, pay medical expenses with
  pre-tax dollars and earn compound profits
  tax-free.
• Any unused balance in an HSA automatically rolls
  over year to year, so participants don't lose
  their money if they don't use it in a given year.

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• Cons
• To be eligible for an HSA, participants must have
  a high deductible health plan (HDHP) with a
  deductible of at least 1,350 for single coverage
  or 2,700 for group coverage.
• The high deductible of HSAs may lead participants
  not to seek medical care when they need it.

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Indemnity plans

• Indemnity plans allow members to direct their own
  healthcare and visit any doctor or hospital they
  want.
• The insurance company pays a set portion of the
  total medical charges.
• Employees may be required to pay for some
  services up front and then apply for
  reimbursement from the insurance company.

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• Pros
• Indemnity plans give a cash payment to the member
  in the event of a qualifying incident, like an
  accident or a critical illness, which means quick
  and easy money to cover medical costs.
• Some indemnity plans may include additional
  wellness benefits, such as telemedicine, so that
  members can access medical care 24/7 at no
  additional cost.

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• Cons
• Members with pre-existing conditions likely won't
  be covered within the first 12 months of
  coverage.
• Indemnity plan benefits are tied to particular
  incidents, such as admission to the hospital or a
  doctor visit, so they don't provide comprehensive
  coverage.

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Independent Benefit Advisors

• The Independent Benefit Advisors are here to
  listen and help you find the right group employer
  health insurance plan for your small, mid-size,
  or large company that is headquartered in NC.
• We serve the entire state including, but not
  limited to Raleigh, Charlotte, Greensboro,
  Wilmington, Asheville, Fayetteville, and
  everywhere in between.
• Contact us today to find out how we can help
  make employer health insurance NC plan benefits
  uncomplicated and straightforward for your
  company.

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Contact Us
Address 1121 Pemberton Hill Rd, Apex, NC
27502 Phone [phone] Toll Free (888)
303-9690 Fax [phone] ID
john_at_thebenefitadvisors.com Website
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