Small Business Owner's Health Insurance
Health insurance is transforming at a very fast rate. This is confusing for an average American. Therefore, to chose best suited insurance coverage is very important & difficult at the same time with all the inforamtion available;and this is very personalised & differ from person to person. We are here to help you in chosing the best insurance coverage plan.
We'll be discussing regarding small business owner's insurance needs. For more details please visit the site due to space restrictions here.
Small Business Definition
Definition - "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. This is not legal definition.
Types of plans available
The most common coverage plans are -
a. Individual & Family Health Insurance
c. Group Health Insurance coverage Plan
Let's discuss Individual & family health insurance first - - Individual & family health insurance plans are purchased to cover the business owner & family members. The business owner can get this plan as an individual.
As an individual, this could be good plan. But as a business owner this may not be the best strategy, cause your employees are not covered under this. Therefore, think of the next option.
Group Health Insurance coverage Coverage Plan - These are employer sponsored coverage plans. In these, the employer & employee typically participate in the same insurance coverage. The family members could also be included in the coverage. Business owners can get some good tax benefits with these coverage plans.
The critical factors
Whenever choosing any type of plans, we must consider the factors that are important for you. The factors -
- The coverage amount
- Convenience & comfort
- Your need for specific Doctors/Hospitals
- The cost of the premium
Give proper thoughts to these factors.
The most popular plan Types
Various options are available, when one looks carefully among the available coverage plans. We shall discuss some of the most popular ones here.
1. HMO 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. PPO Plans
Insurance provider companies has their own preferred service providers. These are their preferred providers. Under this plan, one must go to the provider listed for services. Non-preferred service provider charges may not be covered at the full reimbursement rate.
