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Health Insurance Basics

Health insurance is one of the top benefits employees look for. You want to provide the best health plan for your employees but you have many factors to consider such as annual premiums, number of employees, and state and federal regulations. Since employees depend on health insurance and it's a costly expense, make sure you take your time to choose the best one for your company.

The three most popular types of health care plans you can offer employees are the HMO, PPO, and POS. Some businesses offer only option, while others — particularly those with a large, diverse group of employees — offer two or more. Look into what each plan offers and decide which best fits your employees' needs.

Regardless of the plan you select, most of them will cover hospital care, emergencies, and outpatient services. However, some plans may vary based on the tests they will cover or how much they charge. Your health insurance provider should detail what each plan covers so you can make an educated decision.

Points to consider:

• Do you need a health plan for yourself, or for a group of employees?
• If you already have health insurance in place, what coverage do you offer?
• What types of health plans are you interested in (PPO, HMO, POS, etc)?
• Do you need coverage other than medical such as dental, vision, wellness, flexible spending, etc?
• What states do your employees reside in?
• How many employees fit into the following groups: single, married/co-habitating, single employee with children, and employees with families?
• Do you want health insurance with higher up-front deductibles that your employees pay if it provides lower premiums and better plan flexibility?

Related articles - December 2008

Common terms:

• business health insurance
• business health plan
• business health plans
• company health insurance
• employee health insurance
• employee health plan
• company health plans
• group health insurance
• group health plans
• HMO
• POS
• PPO
• Self-insurance
• small business health insurance
• small business health plans

Leading suppliers:

• ADP Total Source
• Aetna
• Blue Cross Blue Shield
• Cigna
• Harvard Pilgrim
• Kaiser Permanente
• Wells Fargo