This article describes the types of health insurance plans for employees.
As the insurance industry continues to evolve, the insurance products that attract and retain employees also change. At Malden Solutions, our employee benefits consultants can help you explore your options and inform your employees about your offerings as an employer. This article describes the types of health insurance plans for employees.
Health Insurance Plans
Health insurance plans provide an extensive spectrum of inpatient and outpatient health services. For instance, group policies share the cost of health insurance premiums with your employees. Your company’s premium contributions will be exempt from federal taxes, and employee contributions may also be made pre-tax to lower their taxable income.
HMO Plans
Health Maintenance Organization plans usually cover most preventive care. Depending on the policy, a yearly deductible and copays are linked to non-preventative care visits. HMO health insurance plans are attractive to employees who visit their primary care provider (PCP) routinely for preventative care and checkups.
PPO Plans
Employees can see any healthcare provider within the Preferred Provider Organization health plan without a referral. They don’t have to select a PCP and will be accountable for annual deductibles and non-preventative care copays. PPO health insurance plans are most attractive to employees seeking regular specialist care.
Exclusive Provider Organization Plans
EPO health insurance plans offer employees access to all healthcare providers within their network. They can’t see a provider outside of their network unless it’s an emergency. EPO plans are ideal for employees who don’t mind limiting themselves to providers within a fixed network to receive healthcare.
Point of Service Plans
POS health insurance plans combine PPO and HMO plans because they require a PCP but can also access out-of-network providers on a limited basis. This plan could appeal to employees willing to pay a significant amount for the flexibility and freedom of selecting their aproviders.
High Deductible Health Plans
HDHP plans can be EPO, HMO, or PPO plans with a high deductible that must be achieved before health insurance benefits kick in. HDHP offerings attract employees who decide not to spend much on their health insurance premiums and don’t expect to use much medical coverage during the year.
Bottomline
Shifting through numerous health insurance options can be overwhelming. Plans have unfamiliar terminology, it’s impossible to know your future healthcare needs, there are upcoming deadlines, and you must carefully evaluate your comfort with expenses and risk. No worries! Malden Solutions can assist you. Call us today at 410-435-4937 to request a free quote!
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on X, Facebook, and Linkedin