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	Establishing a Health Plan

Health insurance plan is one of the most useful benefits you can give your employees. These are some of the many elementary choices for devising a plan:

A conventional indemnity plan or fee for service: Employees choose their own medical care provider; the health insurance company either reimburses the provider directly or the employees for the covered amounts.

Managed care: The two most common kinds of managed care are the Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO). An HMO is a prepaid health-care plan where the employees have to use doctors hired or contracted by the HMO and hospitals, which are authorized by the HMO. In a PPO, the health insurance plan offers discounts with their specific physicians and hospitals. Employees have to select doctors from the available approved list, and then pay visiting fees for each visit (usually $10 to $25); the insurance company pays the balance.

Self-insurance: If you must know all or an essential part of an existing risk, you are actually self-insuring yourself. Normally paperwork is dealt with by an external agency, you simply have to pay the claims, and at times employees help in payment of the premiums. The advantages also consist of more control on the health plan design, an efficient customized reporting methods and excellent cash flow benefits.

Medical savings accounts (MSAs) : Lately, Congress finished a 4 year test of MSAs, especially on savings accounts along with high deductible insurance policies. Accounts now get money from employee’s pretax dollars; disbursements are totally tax free if used for predetermined medical expenses. Unused funds are collected indefinitely and earn interest without any tax.

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