What is a performance/narrow network health plan?
A performance/narrow network health plan is offered under a smaller pool of doctors, hospitals, and treatment centers, who agree to a lower price for services with the expectation that they will get greater patient volume. That in turn
can save the consumer an average of 30% in premiums.
What is an H.S.A?
A Health Savings Account (H.S.A.) is a tax-free bank account that can pay for present and future health expenses incurred by you and your family members. The account holder has the option to deduct money from their gross income which in turn, lowers their overall taxable income. There is a triple tax benefit to being enrolled in an H.S.A. – contributions are excluded from federal income tax, interest earnings are tax-deferred and withdrawals for eligible expenses are tax-exempt.
There are also long-term financial benefits to owning an H.S.A. since you can save over time for future medical expenses, funds roll over from year to year with no overall limit and the account is portable so you can take it with you even when you switch plans, companies, or retire.
There are several qualified medical expenses that you can use your H.S.A. for. Some examples include (but are not limited to): medical services, treatments, procedures; prescription drugs; dental, vision and hearing services; Medicare coinsurance, copays and deductibles; psychiatric care; medical equipment; diagnostic services.
What is the difference between self-insured and fully-insured?
While the risk falls on the insurance company in a fully-insured plan, in a self-insured plan the employer or company assumes most of the risk. Businesses that have self-insured plans must pay for employee medical claims and associated fees from their own general assets.
What are some differences between group and individual coverage?
Workplace (group) health insurance is usually cheaper than an individual health plan. An employer-sponsored health plan helps pay for your health costs. Federal law demands that large employers must pay at least half of health plan premiums. Individual health insurance is bought by the member and is not purchased through an employer or association. The cost of the coverage is 100% the member’s responsibility.
How is Telehealth changing healthcare delivery and keeping renewal rates in check?
By using telemedicine, employees avoid expensive healthcare claims resulting from unnecessary trips to the doctors’ offices, immediate care facilities or emergency rooms (ER’s). Especially for employees on high deductible health plans, this benefit can put real dollars back in the employee’s and company’s pockets. The savings from these avoided visits translate into even larger savings for employers. Less office visits and claims and even increased productivity.
Virtual Visits with a doctor is available 24/7/365 for FREE / $0 consult fee and is available in all 50 states. All you need to do is either download the app to your smart phone, visit the website or call a toll free number. Contracted Licensed Physicians can then conduct the visit, provide a diagnosis, prescribe medication (if applicable) and will send the prescription to the pharmacy of your choice.
How do I know which plan to choose for my employees?
There are many factors in choosing the right plan for your company. These could include but not limited to your company’s demographics, location(s), size, and industry. We work with leading carriers that offer nationwide coverage. After some brief fact gathering, we can offer the best possible solutions for you and your employees.
Where do I send my employee applications and changes?
We work as an extension of your HR team. Therefore, rather you have a new hire, termination, address change, or an employee with a qualifying event (birth, loss of other coverage, marriage, etc.) send it all to us. We can work with your HR team to process changes or your employees directly, whichever you prefer.
My medical bills are more than I expected, what do I do now?
We can work as the liaison between your insurance carrier and providers to investigate your claims. Sometimes resolution is as simple as the provider not having the right insurance information on file. By working with your providers and the insurance carriers, we can find resolutions to your claims issues and in some cases get the claims reprocessed and reduced.
What if I have other questions about offering insurance to my employees?
We are here to help. Give us a call us at (847) 564-1640 weekdays from 7am to 4:30pm CST and we can answer your questions and provide you with a no obligation quote.
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