The Different Types of Group Health Insurance Plans

The major requirement for a company or organization to be eligible to apply for a group health insurance scheme is that it should have at least 2 employees or else it should be a part of some big company. An advantage of taking the group insurance policy is that they give medical coverage at the best, premium rates. There are several types or schemes of  group insurance policies. We will take a look at them here. Meanwhile, if you already know about the various schemes, then search for group health insurance virginia to find the best service providers.

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  • Self-funded health care

In this type of group health insurance scheme, the employer, using funds of his own would pay for each of the employee’s health care and other benefits. Furthermore, the employer is also responsible for the administrative costs related to this insurance policy. Large organizations usually prefer this type of insurance policy schemes.

  • Small employer group

This type of group health insurance scheme is best suited for companies with less than 50 employees. This scheme often provides coverage for the services like primary healthcare, physical examinations and laboratory requirements.

  • Health Maintenance Organization (HMO) Insurance Plan

This type of health insurance policy scheme is a prepaid one which the policy holders pay in advance for their services as advance monthly premiums. This scheme is generally cheaper than the rest of the types. Also, the policy holder can only avail medical treatment services from the medical facilities and doctors that are specified in the HMO list or in their guidelines.

  • Fully insured employer group

In the fully insured employer group scheme, the employer pays a part or the entire amount of the premium and the insurance service providers pay for all the services as stated in their policies. Usually, the amount of the premium to be paid by the employer remains constant.

  • Preferred Provider Organization (PPO)

Under this scheme the policy holder has the rights to choose the medical facility or the doctors unlike the HMO scheme.

Googling group health insurance virginia will list out several health insurance providers and their services from which you can choose.