As health laws change, many small companies are looking for ways to offer 
health insurance for employees without excessive costs. Many find it necessary to offer some type of insurance plan to retain the best talent, especially when larger companies in the industry are doing the same. Before you can choose the plan that is right for your small business, it is important to understand the different types of health care benefits.
Health Plans on the Stock Exchange
the healthcare market, otherwise known as the Stock Exchange, allows individuals to buy their own health plans through a competitive system. In this system, there are five different levels of cover
- Platinum - consumer pays 10 percent. coverage is on average 0 percent of medical expenses
- Or - Consumer pays 20 percent; coverage is on average 80 percent of medical expenses
- Silver - Consumer pays 30 percent; coverage is on average 70 percent of medical expenses
- Bronze - Consumer pays 40 percent; coverage is on average 60 percent of medical expenses
- Catastrophic - Only available for those under 30; coverage is less than 60 percent of the average cost of care, but covers preventative and three primary care visits care
These are individual health plans that employees can choose to purchase on the health market if the option. group health insurance plans are different in that they are offered by the employer. Businesses with more than 50 employees are required to offer insurance to their employees or pay a fine determined by the government.
group health insurance Types
If your company chooses a group health insurance plan, there are several different types to choose
- HMO -. a health maintenance organization offers a full range of services to your employees. Participants, or registered, are fitted with a generalized system for medical care. Enrollees may choose from a selection of general suppliers, and, if necessary, the practitioner will refer enrolled in specialist
- fully insured Employer Group -. Certifications covered employees are given to the insurance company directly contracted by the employer
- Small Employer Group -. industries grouped by an insurance company to control and predict costs associated with health care in order to offer a lower rate for small businesses.
- Grand employer group -. This is similar to a small group of the employer, even if the contracts directly with the insurance company to cover the employer
- group Association - rather than a employer, another organization provides insurance to a group of people. An example is a church group offering insurance to its members
- Preferred Provider Organization - .. This healthcare network contracts directly with companies for health insurance
what to consider before choosing a plan
Each owner of a business must evaluate their options and needs of their employees before choosing a plan. Here are some things to consider as you go through this process:
- Your business is growing or significant reduction? If you find your numbers increase dramatically, and you will be well over 50 employees soon, you want to offer health insurance or face a fine. Many large companies are the group health insurance to be a good fit, because the risk spread over a large number of employees, premiums are lower. But if you end up with a very small staff, individual health insurance makes much sense, especially when coupled with a specific health plan contribution.
- Your employees are looking for customizable health insurance? Group health insurance is increasingly offering different options, largely due to the SHOP Marketplace. Business owners now have a number of plans to choose from. However, the group health insurance has always tends to be a one-size-fits solution. If your employees are looking for a health insurance option that is customizable to their specific needs, individual health insurance is a good solution.
- Do you have the time and resources to manage limited health insurance plans? Health Insurance Plans Management can be time consuming and if this concern is preventing you from offering health insurance in your business, you may want to consider a specific health plan contribution. These plans use the Exchange, allowing employees to do the work in choosing a plan that is a good fit for them, and employees receive a fixed amount each month. With this benefit, individuals are reimbursed for their Medicare expenses. Many small business owners find that this reduces the amount of time their managers and HR professionals must pass the monitoring and administration of health coverage.
These are just some of the considerations that you encounter as you determine which health insurance soltuion to persue, but this short list will help you begin the process.
Conclusion
Thanks to endless options, companies find it more profitable to offer health benefits to their employees. Insurance on the stock exchange to different types of group health plans, perfect fit can be found for any business.
What solutions do you prefer for your small business insurance coverage?
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