See our Additional Benefits page for information about other group benefits that employers may want to offer.
As a business owner or HR manager, there is a good chance that you’ve already spent countless hours working to interpret the Affordable Care Act’s (ACA) rules and regulations to ensure you are in compliance. The fact is, many business owners are spending valuable time and resources ensuring that the group health benefits they offer their employees fall within the guidelines outlined in the ACA. Sometimes, figuring it all out can be tricky. Does your company have grandfathered status? Are you aware of your plan’s cost-sharing limits? What is your health FSA’s contribution limit?
Luckily, you don’t have to do it alone. The SIG Insurance Agencies are committed to helping you create a comprehensive group health insurance package for your employees that keeps them healthy and happy and protects you against penalties. We offer you the resources that you need to streamline employee communications and gain a deeper understanding of your health care responsibilities, all while ensuring you are compliant with the guidelines laid out in the ACA.
HMOs, PPOs and POS Plans
You generally have three options when considering what type of health coverage to offer your employees: Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and Point of Service (PPO) plans.
There are several key differences between these plans. HMOs are typically less expensive, but patients must choose a provider that belongs to their designated network. Likewise, with an HMO, patients must be referred to specialists by their primary care physicians.
On the other hand, PPOs offer more flexibility to patients. They may visit providers in or out of their network and usually don’t need a referral to see a specialist. The flexibility comes at a cost, however, as premiums are typically higher than those of HMOs.
POS plans are a cross between HMOs and PPOs. Typically, patients must have a primary care physician that is part of their designated network, but they may be referred to specialists outside of their network.
We Can Help!
For help navigating the maze of compliance regulations that makes up the ACA, the The SIG Insurance Agencies can provide the resources you need. For both small and larger businesses, compliance penalties can be hefty; let us help you avoid them while creating a comprehensive benefits package for your employees. Contact the The SIG Insurance Agencies at (203) 359-0880. You have options; we can help you explore them.