Medical Insurance is Costly in Florida, we can help you get a better rate!Group Medical Insurance Florida

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Group Medical Insurance is an important part of employee benefits package, offered by an employer. Businesses that provide benefit package can retain valuable employees.

What is Self-Funded Group Medical Insurance Florida?

Employers often struggle to find healthcare benefits options that give you the control, flexibility, and value you need until now. With Self-funded benefits plan, you get better control over your health care benefits, the flexibility to tailor your self-funded plan design to your budget, and an opportunity to receive a refund if the group medical claim experience is lower than the yearly projected claim set by the Carrier.

Advantages of Self-Funded Group Health Insurance are:

  • Predictable Monthly Payment – premium is the same amount each month.
  • Attract and retain employees – Self-funded plan design gives you the quality of a traditional health insurance plan while allowing the flexibility to tailor the plan to meet the budget of your company.
  • Transparency of healthcare dollars – You will receive monthly reports showing how your healthcare dollars are spent.
  • Opportunity for future savings – if there is a surplus in the aggregate claim liability account at the end of the 12 months agreement, a portion of that money is credited to your account, or return as cash to you.
  • Stop-loss Protection – if medical claims paid by your self-funded plan are higher than the amount of money funded by the claim pre-fund account, you are protected by stop-loss insurance.

Affordable Care Act Compliance for Group of 50 + Employees

Effective 01/01/2016, all businesses with 50 or more full-time equivalent employees (FTE) must provide health insurance to at least 95% of their full-time employees, including covering employees dependents up to age 26, or pay a penalty fee of $3,000 per employees by 2018.

Understanding Medical Insurance Plan Types

The two types of medical plans available to consumers in Florida:
HMO: it provides access to certain doctors and hospitals within the insurance company medical network. A network is a group of medical providers that have agreed to lower their health service rate for assigned members and meeting at the same time quality standards medical services.
Some key points about HMO’s:
  1. HMO has lower monthly premium than PPO.
  2. You must pick one primary care physician (PCP) to seek medical care.
  3. You have to obtain a referral from your Primary Care Physician to see a Specialist.
  4. There is no medical coverage outside the network unless the medical service is provided in the Emergency Room.
PPO: it provides more flexibility when choosing a doctor or hospital. PPO also features a network of providers. However, there are fewer restrictions on seeing non-network providers. PPO covers medical expenses outside the network at a lower rate. Some key points about PPO’s:
  1. Premium typically is higher than HMO.
  2. Co-Insurance and Co-Payment are payable at a lower rate than the HMO.
  3. You can seek medical care from specialists you’d like without having to obtain a referral.
  4. You can utilize doctors and hospitals outside the network or during your trip outside the State. However, benefits will be paid at a lower rate.
Are you shopping for a group medical insurance quotes?

We are committed to providing a satisfactory plan that is right for your company along with affordable premium, and help you administer the program. If you are shopping today for a Group Medical Insurance Quotes from Florida Health Insurance Companies, please Call Us Now at (954) 454-9599 or (866) 454-9555, we will be happy to answer your questions and guide you through setting up an affordable plan that is right for your business.