Small business health insurers offer numerous types of plans, from the standard fee-for-service plans to more restrictive PPO and HMO plans. Whether you buy coverage as an individual or as a group, how do you select the best plan type at the best rate and from the best company?
Choose the type of subscription that suits you
One of your first steps in choosing an insurance plan is to decide on the plan type. Fee-for-service policies are more expensive, but they are the most flexible and provide full medical coverage. Policyholders can choose any doctor or hospital and usually receive a fixed reimbursement for their medical costs.
PPOs and HMOs are cheaper. In exchange for lower premiums, policyholders must choose a doctor or hospital from a network. They may also need approval before seeing a specialist or for certain procedures.
Get quotes from multiple companies
Once you know what kind of insurance you want, you can get quotes and compare companies. You should get quotes from several companies as their prices can vary widely.
The best way to get quotes is to go to an insurance comparison site. You fill in a simple online form on such a website and then receive quotes from several SME health insurers.
The best comparison websites even allow you to talk to insurance experts online or over the phone if you have insurance questions or want advice on how to lower your premium (see link below).
View the companies
Getting quotes from different companies can help you find the cheapest quote, but you also want to make sure that the company you select is financially stable and offers good service.
To check a company’s financial stability, you can turn to services such as AM Best (ambest.com) and Standard & Poor’s (standardandpoors.com).
For customer service information, you can talk to other small business owners to see which companies they recommend, or check out a company’s complaint registry on your state’s insurance department website.