What Types Of  Health Plans Are Available For Small Businesses?

- Finding Good Health Coverage at an Affordable Price

For millions of Americans, finding good health coverage is difficult and expensive. If you are a business owner, self-employed, or work at a job that does not offer benefits, you will need to find a good health plan at a price you can afford. What health insurance choices are available in Wisconsin? Here are the main types of health plans with the pros and cons for the different choices.

What is HMO Health Insurance?

One of the most common health insurance options for small businesses, self employed, individuals and families are the Health Maintenance Organizations (HMO). An HMO is a Health Maintenance Organization. It is a group of healthcare providers who come together to treat patients. They follow the organization’s guidelines and restrictions in return for the HMO bringing patients to these healthcare professionals. HMOs allow people to get medical care at affordable prices because the prices are set and agreed upon by the healthcare providers in the organization. The drawback of an HMO is that care outside of the group of healthcare professionals is not covered.  For example, if someone is looking for maternity health coverage outside the directory of healthcare providers, the care would not be covered. Also, there can be restrictions on which healthcare providers you can see and what types of treatment options are offered.

What is a Preferred Provider Organization (PPO)?

Another health plan option for the individual, families and employers is called a PPO or Preferred Provider Organization. A PPO consists of doctors, hospitals, and other healthcare professionals that have agreed to provide services at lower rates for clients of a particular insurance company. Even with the lower rates, a PPO can still be more expensive than an HMO. The good thing about a PPO is that you have a lot more flexibility with available treatment options and in which healthcare professionals you go to for care.

What is a Health Savings Account (HSA)?

Another option that small businesses and the self-employed as well as individuals are often choosing is called a health savings account or HSA.  An HSA really is considered more of an Option that a typical ” Health insurance Plan” An HSA may be a good option for people that are generally healthy and don’t need to visit the doctor on a regular basis. It is often a lower  priced, self determined option. A health savings account allows you to deposit money from your paycheck into the account without paying taxes on the money. As long as the money is used to pay for medical services, no taxes will be owed when the money is taken out of the account. An HSA can be used with a high deductible health plan which has very low monthly rates.  The option likely has more expensive co-payments and deductibles than other common health plans. The choice can be  good for those who don’t go to the doctor often,  but want to be covered in case of a serious injury or illness.

It is important for you to choose what is best for you and meets your needs. No matter which type of health plan you decide to choose, you will want to get the best rate or discount out there. Compare not only what the plan covers but compare prices so that you get the best deal that works for you. Consult with an agent to help you ask the best questions to discover which options really satisfy your needs, your level of risk and your budget. Be assured that your premiums will cost the same for whichever plan you choose regardless of whether you go through an agent for a quote or if you get a quote online yourself.

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