This may be any number of things, but most frequently it's the advantage of offering group medical insurance. While this could be a superb strategy for your small business to take so as to recruit new workers, there are a few things you have to know first before you dip into choosing a plan.
A group health insurance program can be obtained by any small business that has as small as two employees for as many as fifty. There are two ways that you can go about supplying the health insurance to your employees; this may mainly be determined by your own budget. Many small businesses that provide group medical insurance help contribute to the expense of this strategy. On the other hand, if a worker would like to get coverage to their families, the employer may offer to pay the workers' premiums and have them pay the premium for their families.
Another aspect of the group health insurance program will be picking between managed care or fee-for-service.
An HMO will significantly reduce the cost your members might need to cover medical care provided that they use the providers specified by the HMO. A PPO won't require a referral to allow them to find a professional. Even though the PPO is more flexible it will bring higher prices into the per-visit and yearly deductibles.
The POS programs are basically a mix of the characteristics you'll see in an HMO and PPO. Members get to determine whether to cover a flat fee for offices in the community or pay a deductible fee to see someone out of network. The fee-for-service plan provides the employee the power to select health care providers themselves. This usually means they will have way more flexibility with where they can go for medical aid.
Adding an attractive Group Health insurance plan for your business could potentially bring you, additional workers. This is just the basic information regarding Group Health insurance; there are many alternatives to consider when deciding upon a strategy. Be sure to explore all options to make the ideal plan for your employees. (yip)