Group Major Medical
Evaluating all the different plans and insurance companies writing Group Major Medical can be an exhausting and time consuming endeavor. Let us do the work for you. We will prepare a cost and benefits comparison between your current plan and the alternate plans being presented. If you do not currently have a Group Major Medical plan in force, we will provide proposals along with a recommendation and assistance in the enrollment process.
Traditional Preferred Provider Organization Plans (PPO) uses deductibles and co-insurance for plan benefits, with an optional office visit copay. You can also have one of the new High Deductible Health Plans (HDHP) with no copays. These plans are purchased to provide protection for large medical bills. A Health Savings Account (HSA) is then established for each covered employee to pay for qualified medical expenses. HSA funds can be used for expenses that apply toward the deductible.
You may also want to look at a Health Reimbursement Account (HRA). A Health Reimbursement Plan gets employees involved in their healthcare spending. The employer contributes a predetermined amount to each employee’s account annually. The employee may use the funds in the HRA to pay for medical care. Once the funds are exhausted in the HRA, the employee is responsible for the remaining deductible.
We can also help your practice and your employees pay for Group Major Medical through Flexible Spending Accounts. Sometimes referred to as a cafeteria plan, flex plan, or a Section 125 plan – a Flexible Benefits Plan lets you set aside a certain amount of your paycheck into an account – before paying income taxes. During the year you have access to this account for reimbursement of expenses you regularly pay for, such as healthcare and daycare. When you use tax-free dollars to pay for these expenses, you realize an increase in your spending power, and substantial tax savings.
For more information on Traditional PPO plans, the new Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs), along with a proposal for your practice, contact us.