Healthcare Plan Comparisons for Businesses
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Healthcare is a major topic of interest. The cost of healthcare is increasing and employers have to determine what is best for the employees, while maintaining the company budget. Discuss the difference between the Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Point-of-Service Plan (POS), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs).
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Solution Summary
This is an explanation of the differences of the noted healthcare plan options for businesses.
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Health Maintenance Organization (HMO): The advantages of this type of plan often outweigh the problems. There are predictable out-of-pocket costs, usually spelled out in the plan handbook. There is limited paperwork, especially for patients, and has the most preventive options. The aspect healthcare providers is the drawback. Patients can only choose from providers within the network, and specialists have to both be referred by the primary physician and who are covered under the healthcare plan as well. Any doctors seen that are not within the plan, the patient must pay in full. Only real emergencies as approved by the insurance company may be reimbursed. There are usually no deductibles and only the premium each month, but there can be copays for care. The patient usually does not get bills for the coverage and there are no claim forms as stated earlier.
Preferred Provider Organization (PPO): This type of plan has some limited freedoms in comparison to the HMO system. The out-of-pocket ...
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