Group Health Insurance
Sheridan Benefits offers many choices from the best insurance carriers so that you may find a group health insurance plan that meets the needs of not only your company, but also those of the employees:
A Health Maintenance Organization (HMO) requires group members to obtain their health care services from doctors and hospitals affiliated with the HMO. Generally with an HMO members generally are required to designate a primary care physician who treats and directs health care decisions and who coordinates referrals to specialties within the HMO network. HMOs offer access to a comprehensive package of covered health care services in return for a prepaid monthly amount (or "premium"). Most HMOs charge a small co-payment depending upon the type of service provided.
A Preferred Provider Organization (PPO) does not require group members to designate a particular provider, however, if they use providers within their network, they will save the most money on their healthcare services. If providers outside of the network are used, it is possible that those services may not be covered at all, so it is a good idea to check first with your PPO. Keep in mind that deductibles must be met on this plan before some services will be covered. PPOs generally require a co-pay for physician visits.
A Health Reimbursement Account (HRA) combines high deductible/low premium health insurance with a tax favored savings account. Employers contribute to the savings account. Money in the savings account can help fund co-pays and other qualified expenses prior to the deductible being met. Money left in the savings account earns interest and can be carried to the next year.
A Health Savings Account (HSA) combines high deductible/lower premium health insurance with a tax favored savings account. Both employer and employee can contribute, tax-free to the savings account. Money in the savings account can help fund the deductible and other qualified medical expenses. Once the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep.
A Private Exchange is like an online benefits store where your employees can use funds you contribute to purchase their own benefits, based on their own individual needs. It is very similiar to purchasing individual insurance. Private Exchanges have many different carriers that offer various types of plans including HMOs, PPOs, High Deductible Plans and more.
Note: These plans in no way represent "all" of the health plans available through our carriers. Also, while some plans may be similar among our carriers, coverage and premiums vary. Please call an expert at Sheridan Benefits to help you review all your options and find the health plan that's right for your company and employees.