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Group Health Insurance

Increasingly difficult circumstances for employer-sponsored health benefits plans are posed by rising health insurance premiums, as well as strict regulatory and legislative enforcement obligations. By designing an appealing group health insurance plan that also attracts and keeps a satisfied and skilled workforce, Logos Insurance Services Corp. can help companies keep their costs down while providing the appropriate coverage.

Group insurance will save you a lot of money

Many companies provide group health insurance that includes medical, dental, life, disability, and other benefits. Specific health insurance plans designed for a single person or a single-family are not the same as group insurance policies. The aim of group insurance is to provide unique benefits to all eligible workers.

As opposed to what each employee will have to pay for a comparable individual benefit, the cost for workplace health benefits is focused on participating workers’ overall health and experience, resulting in significant savings.

Since these policies typically have coinsurance and premium provisions, it's best to meet with an experienced insurance broker to weigh all your choices.

Group health insurance policies come in a variety of designs:

Preferred Provider Organizations (PPO)

The insurer makes agreements with various healthcare facilities and doctors to provide discounted coverage to the workers. A co-pay is needed for this arrangement. And if the employee receives medical help from a doctor who is not in the network, the package should cover a portion of the bill.

Health Maintenance Organization (HMO)

Employees are expected to obtain medical assistance from a specific hospital and doctor network, similar to PPO. However, there is no requirement for a co-payment. Employees must pay the entire cost of care if they visit a physician who is not in the network (100 percent).

Fee-for-Service Coverage

This choice requires workers to visit any doctor or physician and pay 20% of the bill, with the plan covering the remaining 80% of the costs.

Health Savings Account (HSA)

This high-deductible insurance plan kicks in only after the tax-advantaged savings account exceeds a certain threshold. You'll have to pay for medical expenses out of pocket before then.

Best health plan for your employees

Despite the ever-changing nature of employee compensation, health insurance remains a top employee benefit. A well-designed and managed group health insurance package will help you save money on insurance, recruit top talent, reduce turnover, and enhance the bottom line.

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