Small business health insurance providers offer numerous types of plans, from the standard fee-for-service plans to more restrictive PPO and HMO plans. Whether you’re buying coverage as an individual or a group, how do you select the best type of plan at the best rate and with the best company?
Choose the Type of Plan that is Right for You
One of your first steps in choosing an insurance plan is to decide on the type of plan. Fee-for-service policies are more expensive but they are the most flexible and offer the fullest medical coverage. Insureds can choose any doctor or hospital and usually receive a fixed reimbursement for their medical costs.
PPOs and HMOs are less expensive. In exchange for lower premiums, insureds must choose a doctor or hospital from within a network. They may also need approval before visiting a specialist or before certain procedures.
Get Quotes from Multiple Companies
Once you know what type of insurance you want, you can start getting quotes and comparing companies. You need to get quotes from several companies because their prices will vary widely.
The best way to get quotes is to go to an insurance comparison website. On such a website, you fill out a simple online form and you then receive quotes from multiple small business health insurance companies.
At the best insurance comparison websites, you can even talk online or by phone with insurance experts if you have any insurance questions, or you want to get advice on how to lower your premium (see link below).
Check Out the Companies
Getting quotes from several companies will help you find the cheapest quote, but you also want to make sure the company you select is financially stable and offers good service.
To check out the financial stability of a company, you can go to such services as A.M. Best (ambest.com) and Standard & Poor’s (standardandpoors.com).
For customer service information, you can talk to other small business owners to see what companies they recommend, or check out a company’s complaints record on your state’s department of insurance website.