As a business owner you value your employees and know they deserve top rated medical insurance. While that may seem like a simple task, anyone who’s ever had to go over multiple insurance plans can tell you, it can get complicated. Each insurance company seems to do their best to confuse. This is where an experienced broker can help.
Charles Newman Company has been providing businesses like yours with knowledgeable brokers capable of navigating the medical insurance field. With experience and competence, our brokers can break down what the different insurers offer into language you can understand. Additionally, we can help you explain the options to your employees.
HMO vs PPO
Most health insurance plans fall into two different types; the HMO, which stands for health maintenance organization, and PPO, which stands for preferred provider organization. There are difference between the two that should be discussed to help determine which is right for your employees.
HMO’s often coordinate through a primary care physician (PCP). Your PCP will need to refer you to specialists and hospitals that remain within your insurance provider’s network. The benefit of an HMO is that monthly premiums tend to be lower but deductibles may be higher than a PPO.
If you prefer more choice and flexibility when choosing your healthcare providers, then a PPO is an option. Your deductibles may be lower, but often your monthly premium is higher. PPO’s do offer a wider network, and often you can use an out of network provider at an increased cost.
Choosing a Health Plan
Knowing the types of plans helps to narrow down the choices. Ideally, you’ll be able to offer both HMO and PPO options to your employees. Families and individuals all have different needs that one or the other type of plan can help address. Before meeting with an insurance broker, you may want to discuss with your employees the types of coverage that best helps address their needs. Many companies send out an annual survey that provides feedback on where their current insurance stands and what they’d like to see change.
Top Rated Medical Insurance
Choosing the right plans for your employees can be both difficult and time consuming. Charles Newman Company and our experienced insurance brokers are here to help you determine the best options or options. We can break down the insurance speak into clear and concise terms to give you and your HR team a better overall understanding of medical insurance and how it applies to different situations. Contact Charles Newman Company today to schedule an appointment with one of our specialists.
