Small Business Owner's Health Insurance
In last several yrs health insurance coverage field has changed to a great extent. For an average American, this is extremely confusing. Because so many people are talking about it at the same time. Therefore, to chose best suited insurance coverage is extremely important & difficult at the same time with all the inforamtion available;incidentally this varies from person to person. This website's main purpose it to help you in getting the proper insurance coverage for yourself.
Let's discuss health insurance coverage related to small business owners. For more details please visit the site due to space restrictions here.
Definition of Small Business
What is small business? "It is the business where number of employeed persons is less than 50." Do not focus on legalities of this def. It is for discussion only. Don't use it for legal issues.
Types of plans available
Two types of plans are available for small businesses -
a. Individual & Family Health Insurance Coverage
b) Group health insurance
Let's discuss Individual & family health insurance coverage first - - This is coverage for teh owner & his or her family members. So as an individual, the business owner can apply for this plan.
The owner can get proper coverage plan as an individual. But this is not that good choice as a business owner, because you also have to take care of your employees. So, the second insurance coverage plan is best suited for the owners.
Group Coverage Plan - These are employer sponsored coverage plans. Owner & employees are covered with the plan in which they participate. The family persons are or can be covered in this type of coverage plan. Some lucrative tax benefits can be enjoyed with these plans.
Most important Factors
These factors are extremely crucial while chosing your health coverage plan. List of the factors -
- Medical insurance amount in the plan
- Comfortable & convinient purchase
- ANy specific preferences for treatment providers
- The cost of the premium
You must carefully consider these factors before you commit to any health insurance coverage plans.
The most popular plan Types
Every person;s situation is unique and so is the insurance coverage plan to chose from. Let's see which are the most popular or top coverage plans available.
1. HMO - Health Maintenance Organization Plans
An HMO network of providers offers the range of health care services in this plan type. If one goes to provider outside the network, then the services are not covered normally.
2. Preferred Provider Organization Medical insurance Plans
Insurance provider companies has their own preferred service providers. They get first preference from them. Under this plan, one must go to the provider listed for services. If one goes to other doctors or hospitals, then he or she may not get full reimbursement of the treatment fees.