subject: Small Business Insurance Plan In Florida - Advantages Defined [print this page] In Florida, small business insurance plan is the best option for employees, employers and owners of a firm. This plan comprises different features with their distinct benefits and you can choose one of them comparing their advantages. Reading this article to know about the small insurance business plan.
Small Business Insurance plans are provided to the employees of the company who serve the organization for at least twenty five hour a week. This plan is an ideal way of attracting employees and motivating them. Health coverage being an important issue, many employees in Florida prefer to work for companies who can provide them health insurance coverage.
As per the insurance laws in Florida, small business insurance plan can be availed by companies where the employees range from two to fifty people. This plan is generally hassle free and is available with several options each having their own advantages.
Managed Care Plans
HMO or Health Maintenance Organization is the most popular type of managed care plans for small business owners and workers. This is because of the following advantages;
It is preferred by the employees as well as the employers, as they both have to pay less premium.
In this plan employees don't need claim forms for check ups. Instead they need to flash a card at the clinics, hospitals or physician's office.
This organization receives a fixed fee in exchange of the medical care that it provides to the insurance holders. So it is the responsibility of this organization to ensure that the employees get basic health care facilities.
In this type of plan, the total medical expense is likely to remain low compared to the other plans.
Another benefit of choosing this plan is that there are no deductibles for the patients. They just need to meet the co-payment of the services.
Preferred Provider Organizations (PPO)
These organizations usually have agreements with insurance agencies to offer policies at discounted rates to the employees. This facility is only provided in exchange of insuring large number of employees of different small scale organizations. Though the amount of premium is slightly higher than that of a HMO, there are several advantages for which employees choose this plan. Thus is because;
The main advantage here is the ability to access much wider facilities and physicians.
Employees can decide on their own about which insurance plan to choose.
Choosing a chief physician in this case doesn't bind one to the services of that particular doctor. The holders can consult any doctor without any approval from the primary physician.
Point of Service Plan (POS)
This plan is a blend of the characteristics of HMO and PPO. The advantages of this type of plan are as follows:
Employees only need to pay a nominal fee if they consult physicians within the service network.
There are no deductibles for the patients.
The chief physician can refer to specialists who are not included in the network
The annual medical expenses are less in this plan.
Health Savings Accounts (HSA)
This is a tax-free savings account where employees enrolled under High Deductible Health Plan (HDHP) contribute the pre-tax amount to meet their medical expenses. This plan too has many advantages:
The amount deposited by the employees in their accounts is exempted from tax.
The amount the employees draw for the medical check ups is also exempted from tax.
Employees can easily transfer the accumulated amount to other accounts once they leave the current job.
The amount which remains unspent in their accounts, earns interest at the end of each year.
After the employees have attained the age of 64, they are free to withdraw the balance from their account.
So if you are an employee of a firm based in Florida small business insurance plan will be the best option to avoid getting crushed under the huge hospital bills. This plan is provided by most of the insurance agencies which you can easily find by doing a small research online.
by: Mark Story
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