When thinking of an employee benefits package for your company, most times medical insurance is on the forefront of your mind. Medical insurance has a multitude of plan designs available ranging from the routine day to day doctor visits, to catastrophic loss. The plan design you choose will depend on several different considerations, such as the financial resources available and the health status and demographics of your employees. Our Employee Benefits Advisors consult with you to determine what considerations are most important, and help you choose what approach is right for you.

Major Medical

Major medical provides coverage for state mandated benefits including hospital visits, surgical benefits, lab and x-ray services, and other medically necessary procedures. While major medical may not have the bells and whistles of other more comprehensive plans, such as office visit co-pays, preventive benefits, or low deductibles, quality major medical should include a manageable out of pocket maximum. An out of pocket maximum is the dollar amount (out of your own pocket) after which you are no longer liable for additional eligible medical expenses. Major medical is typically your most cost effective plan.

Comprehensive Medical

Comprehensive medical incorporates the coverages of Major medical with additional up front benefits. Up front benefits include moderate deductibles, predictable office visit copays, strong preventive care benefits, alternative care benefits (massage therapy, chiropractic adjustments, acupuncture, etc.), and strong prescription drug coverage. Comprehensive medical typically carries a higher premium as it offers lower out of pocket expenses to your employees.

Consumer Driven Health Care

Consumer driven health care refers to a movement in the healthcare industry focused on increasing consumer education, by making healthcare costs more transparent and asking employees to be more active in their healthcare management. These plans typically carry higher deductibles, do not offer predictable office visit copays, have limited prescription drug coverage, and are more catastrophic in nature, with the goal of reducing premiums. Health Savings Accounts are a popular example of a consumer driven health plan, offering a tax–advantaged savings account providing qualified medical expenses on a tax free basis. Advocates of consumer driven health care regard this as the “financing”, rather than “purchasing” of health insurance.