Business Health Insurance

The Right Care for You & Your Employees

Business health insurance often includes prescription drug benefits, giving employees affordable access to the medications necessary to address an immediate health concern or manage a chronic condition. These days, many prescription plans also cover mail orders, allowing prescriptions to be filled and delivered directly to an employee’s home.

In addition, some commercial health insurance plans cover preventive care. Carriers may also offer wellness programs to encourage healthy behaviors and identify medical conditions when they first develop

Choosing a Business Health Insurance Plan

When it comes to selecting a business health insurance plan, there are a number of options to choose from:

Fully insured plan

The employer contracts with another organization to assume financial responsibility for the enrollees’ medical claims and for all incurred administrative costs.

Partially self-funded plan

The employer assumes some of the financial risk for providing health care benefits to employees. These plans will have an administrator and a reinsurer to reduce the risk to the company.

Managed care plans

Provide comprehensive health services to their members, and offer financial incentives for patients to use the providers who belong to the plan. Types of managed care plans include:

  • Preferred Provider Organization (PPO)
  • Exclusive Provider Organization (EPO)
  • Health Maintenance Organization (HMO)
  • Point-of-Service (POS)

Physician-Hospital Organization (PHO)

Alliances between physicians and hospitals to help providers attain market share, improve bargaining power and reduce administrative costs. Physician-Hospital Organizations sell their services to managed care organizations or directly to employers.

High Deductible Health Plans (HDHP)

Features higher deductibles than traditional insurance plans. High Deductible Health Plans can be combined with a health savings account or a health reimbursement arrangement to allow employees to pay for qualified out-of-pocket medical expenses on a pre-tax basis.

Financial tools to help control costs

Offered as part of an employee’s benefits package, health care accounts can be used to provide tax advantages and help employees make the most of their health care dollars.

Flexible Spending Accounts/Arrangements (FSA)

Offered and administered by employers for employees to set aside pretax dollars to pay for their share of insurance premiums or medical expenses not covered by the employer’s health plan

Health Reimbursement Accounts (HRA)

Established by employers to pay for certain medical expenses, a Health Reimbursement Account is owned by the employer and administered by a vendor who handles reimbursement as claims are submitted. HRAs are funded solely by the employer who decides the on the amount.

Health Savings Accounts (HSA)

A tax-advantaged medical savings account available to participants enrolled in a High Deductible Health Plan. A Health Savings Account can be funded by an employer or employee and is owned by employee. Funds contributed to the Health Savings Account are tax-free and can be used to pay for qualified health care expenses.

How commercial health insurance can benefit your business

Offering business health insurance as part of a comprehensive benefits package can be critical to the success of your business. Group health insurance coverage usually gives your staff access to a more affordable alternative to an individual policy. Plus, group health benefits can be a huge selling point for potential employees and may be a key factor in attracting and retaining top talent.

services overview

Communication Strategies

During the annual enrollment process, Freedom Financial Group creates several avenues of communication to inform your employees of the benefits being offered.

Enrollment Services

Clients who choose Freedom Financial Group as their Section 125 Plan broker are provided enrollment services free of charge. Guidance is provided by our enrollment counselors.

HealthCare Consulting

Freedom Financial Group has worked in the Healthcare industry since 1991. These years of experience have allowed us to understand what works and what does not work in public sector health care administration.

Benefits Administration

We partner with Common Census to provide our clients the best technology for benefit communication and enrollment. Our benefits portal gives you access to employee benefit summaries, pricing, providers PPO lists, and carrier forms.

Partner Providers