Group Medical Insurance
With individual health insurance costs at an all time high, group medical insurance plans are becoming more and more popular. Any business with 2 to 50 employees can get a group medical insurance plan, the trick is finding an affordable plan.
Group Medical Insurance Benefits
Because group medical insurance plans spread the financial risk between all the members of the plan, your rates are much lower than they would be if you were purchasing individual insurance through the same insurer.
Group Medical Insurance Plans
Group insurance plans fall under two categories: indemnity plans, also known as fee-for-service plans, and managed care plans - HMOs, PPOs, and POSs.
* Indemnity plans are the most expensive plans. You can choose your own physicians and hospitals. You pay your bill after you see your physician and are then reimbursed by your insurance company.
* Health Maintenance Organizations (HMOs) are the cheapest plans. You are provided with a network of physicians and hospitals chosen by your insurer. You pay a monthly fee, and visits and prescriptions must be approved by your insurer.
* Preferred Provider Organizations (PPOs) are the most popular plans. They re similar to an HMO, but you have the option of seeing out-of-network doctors for an extra fee. They cost a little more than an HMO.
* Point of Service Plan (POSs) are more expensive than HMOs and PPOs but you have the option of choosing non-network physicians. You re still covered if you see a non-network physician, but you may have to pay more for his or her services depending on your plan.
Bottom Line
If you want the most flexible plan and are willing to pay for it, then an indemnity plan is what you need. If you want the cheapest plan, and don t don t mind your doctors being chosen for you, then an HMO plan is what you want. If you want a little more flexibility than an HMO, a PPO plan is what you re looking for. And if you want the most flexibility of all the managed health care plans, and are willing to pay a little more for your insurance, then a PPO is your best bet.
Get the Best Rate on Group Medical Insurance
After you choose the group medical insurance plan which fits your needs, the easiest way to find the best rate is to go to an insurance comparison website where you can compare rates from different companies.
The better comparison sites let you talk with insurance experts online or by phone, so you can get answers to all your insurance questions. (See link below.)
Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get group medical insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.
The author, Brian Stevens, is a former insurance agent and financial consultant who has written extensively on group medical insurance.
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