As with any type of insurance, you need to become familiar with some basic guidelines before you begin to shop around for a group health insurance quote that fits your company's requirements. Group health insurance plans generally fall into one of two categories.
- Indemnity (reimbursement) plans let your employees choose their own doctors and have their medical expenses paid totally, in part, or up to a certain amount per day for a certain number of days. These types of plans are rarely offered now because of their high cost.
- Managed care plans include health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point of service (POS) plans. These all involve an arrangement between the insurer and a selected network of doctors, hospitals, and other healthcare providers.
You'll probably get more than one group health insurance quote that looks attractive, but make sure they all offer a variety of coverages that are appropriate for your company. A good group health insurance policy contains several types of coverage.
- Hospital expense insurance pays room, board, and incidental services costs if an employee is hospitalized.
- Surgical expense insurance covers surgeons' fees and related costs.
- Physicians' expense insurance pays for visits to a doctor's office or for a doctor's hospital visits.
- Major medical insurance protects your employees against losses from catastrophic illness or injury.
In addition, check to see if the group health insurance quote you're considering requires your employees to be responsible for any or all of the following:
- Co-payment: The amount they'll have to pay each time they visit a health insurance provider.
- Deductible: The amount they'll have to pay toward your medical expenses before the insurance company begins to pay claims.
- Coinsurance: The percentage of their medical costs they'll have to pay after you reach any deductibles that apply
Don't accept a group health insurance quote that omits any of this vital information. Let NetQuote help you find the lowest priced group health insurance in you area.
Take the first step to choosing the right health insurance company for you - get your free group health insurance quotes today!
