HMO Plans, Coverage, and Quotes
What is an HMO? A HMO plan (health maintenance organization) is the most comprehensive type of group health insurance available. In exchange for paying a monthly premium, HMO health plans cover the cost of most health care expenses. Your employees’ out-of-pocket costs with HMO insurance plans consist primarily of co-payments for prescription medications and doctor visits, which are paid at the time of service. The cost of HMO health insurance plans generally remains steady, regardless of the amount of health care services your employees use. HMOs can be an affordable method of business health insurance.
Medical costs are often lower with HMO plans. Deductibles are either small or nonexistent, although more small business health insurance is shifting more of the cost onto the consumer. However, going outside of the individual HMO plans’ network can be very expensive. Except for emergencies, your employees will have to pay the entire cost of out-of-network medical care by yourself. An HMO employee health insurance plan heavily subsidizes health care costs; as a result, physicians often charge HMO health insurance plans less. While seeing a primary care physician in-network may cost a $10 to $40 co-pay, the full rate for going outside of the network could be several hundred dollar.
To use an HMO insurance plan, you must first select a primary care physician (PCP). This doctor has to refer you to medical specialists in order for a specialist to be covered by your HMO health insurance plan. Moreover, your primary care and specialist physicians must be members of your HMO plan network. This can limit your options, so it is always important to examine the provider networks of a variety of HMO health insurance companies. This way, you can find out if any specialist doctors you may need are within the network.
One of the benefits of HMO employer health insurance plans is that they have a large focus on preventative care, which keeps your workforce healthy and on the job at a lower cost to you. Since the average HMO plan covers screenings and treatments, many patients can then to take advantage of care sooner than those with plans that force them to cover the entire screening cost themselves. Patients with HMO health plans are likely to have illnesses that are caught earlier, before they turn serious. Cancer, for example, can be discovered in its earliest stages, when it is easier and less expensive to treat. In the long run, this can lead to better health and lower health insurance costs. In addition, HMO plans are more convenient than other kinds of health insurance. You do not have to file a claim in order to get your HMO health insurance plan to cover hospital stays or doctor visits within the network.
Some HMO insurance plans have wider networks than others, although a more comprehensive network often comes with a more expensive HMO health plan. HMOs are the most expensive kind of small business health insurance. However, you may receive a volume discount when buying small group health insurance.
VitalOne has licensed group insurance agents available to help you decide which HMO plan is right for your company, as well as provide you with HMO quotes for group health insurance plans.
HMO Plans, Coverage, and Quotes
VitalOne has licensed group insurance agents available to help you decide which HMO plan is right for your company, as well as provide you with HMO quotes for group health insurance plans.
