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Need more help deciding?Jeff Skeesick can answer questions you may have. 866.696.3154 orjskeesick@aiin.net

What is meant by “group” insurance plans?

Group insurance is medical coverage provided for business owners of qualified businesses, as well as for their employees and often dependents as well. This employer-sponsored coverage could include dental care, vision care, prescription drugs and other health-related services, and a portion of the cost is often shared by the employees.

What are the benefits of providing group medical insurance?

Much has been said in the news about the “affordability” of health insurance, but it is still a good buy and offers many benefits for business owners.

Obtaining tax credits. Although options vary from state to state, tax credits are often provided to employers who provide a portion of the cost of coverage for their employees.

Retaining your best employees. Today’s marketplace is highly competitive. Providing health coverage for employees has been shown to aid in the hire and retention of top workers, especially for businesses, since just 47 percent of business offer medical insurance for their employees. (Source: National Conference of State Legislatures.)

Keeping your workers healthy. Group Business health plans cannot turn your company down because of the prior medical history of some of your employees. Consequently, group coverage protects workers and others who may not otherwise be able to obtain insurance. And when an employer helps their employee afford medical care, they increase productivity levels and the quality of the work environment.

What plan options are available?

Although plans vary from state to state, generally speaking, group medical insurance plans are divided into two classes that differ generally regarding: choice of providers or out-of-pocket costs. The two classes are Managed Care plans and Fee-for-Service (or “indemnity”) plans. 

Managed Care plans: Managed care plans are more predominant in the insurance field. There are three basic types of Managed Care plans:

Preferred Provider Organizations (PPOs) offer affordable plans that offer great flexibility. State plans vary, but in Washington State, a PPO Plan includes coinsurance (employees pay a deductible) and allows participants to go outside the preferred provider network, under certain circumstances.

Health Maintenance Organizations (HMOs) are one of the more affordable options but require the insured to use medical care only within the designated network, even in emergency situations.

Point of Service (POS) Plans are typically more expensive than HMO's, but provide greater flexibility.

Fee-for-Service plans: You will typically have a broader choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers with an indemnity plan while you will typically have less out-of-pocket costs and paperwork with a managed care plan.

 

Do business health insurance plans cover dental services and vision care?

Dental insurance is a highly appreciated option that emphasizes preventive care and can be an important factor in a competitive compensation package to attract and retain the best employees. Plans vary in coverage and cost, but your insurance producer can explain the options.

 

Vision coverage is another valuable option. Vision packages also vary, but all are designed to promote visual wellness and quality of life for your employees.

 

There are many reasons to purchase a Group Business medical insurance plan for you and your employees. You can discuss your business medical coverage needs with a licensed inova insurance producer. They can provide you with various, affordable options. You can simply choose the medical coverage plans and rates that are best for you and your employees or decide that group health insurance isn't right for you.

 

There is no obligation. Call us at inova today to see if this is the right decision for you. Contact us today:

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inova | 1206 N. Lincoln Suite 200 |  Spokane WA 99201-2559 | P: 509.777.2655 TF: 866.696.3154
Fx: 509.777.2675 | E: jskeesick@aiin.net

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