Establishing a medical and prescription drug plan to cover your employees can be a daunting task. We will help you sort through plan design and funding options to find the best solution for your group.
Some of the most common group health plan options include:
Traditional/PPO Plans
A PPO plan (preferred provider organization) is a managed care plan under which a network of doctors and hospitals provide services to plan participants at a discounted rate. Participants are permitted to see a physician who is outside of the PPO network, but they will be responsible for a larger amount of the cost for the services rendered. Plans often include office visit and prescription co-pays.
HSA Plans
Health Savings Accounts (HSAs) were created in 2003, enabling individuals covered by certain types of health plans to receive tax-preferred treatment of money saved for medical expenses. Plan participants must enroll in a High Deductible Health Plan in order to be eligible to fund an HSA. Typically, employees contribute pre-tax money into the account through payroll deduction, and access the funds using a debit card to pay their medical expenses.
HRA Plans
A Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare. HRA plans are employer-funded medical reimbursement plans. The employer funds a specific amount of pre-tax dollars to pay for employees’ health care expenses.