Group Medical Expense Benefits
The primary goal of medical expense insurance is to protect against financial losses that can occur from medical bills because of an accident or some illness like cancer. Medical expense insurance, often referred to as health insurance, is the most significant group insurance in terms of the number of people covered and the dollar amount spent. Except for employers with very few employees, virtually all employers offer some medical expense plans. In almost every case coverage identical to that offered for employees is also available for eligible dependents.
Group Medical Expense Insurance Contracts
Group medical expense contracts that are not standardized as group life insurance or group disability income insurance. Coverage may be marketed through insurance companies like Blue Cross Blue shield, anthem, Cigna, united healthcare, Aetna, health maintenance organizations, preferred provider organizations, and health insurance exchanges like the marketplace. Plans that are partially also known as level-funded or self-funded, referred to as self-insured, provide a large and increasing percentage of the health insurance for employees in today’s marketplace. In contrast to other types of group insurance, benefits may be in the form of services rather than cash payments such as surgery for a kidney transplant. The ever-increasing cost of providing health insurance over along. This has led to many changes in plain design in coverage options aimed at controlling these ever-increasing costs.
Group Health Insurance Cost Containment Strategies
At Songer benefits, we provide specialized benefit plan designs for your company and its medical expense insurance needs. We can provide many health insurance plan designs for your company that fit your needs and control costs. At Songer Benefits, we provide detailed claims reviews and health plan design.
Group Health Insurance Alternative Funding Options
The use of HMOs and PPOs and point-of-service health plans have been prevalent over the years as a method of containing costs. However, there are many alternate funding methods for your group health insurance available in today’s market. Employers have been seeking other ways of providing health insurance to their employee’s worth methods that are different from the traditional insurance company plans. Such as hey health insurance plan with Highmark Blue Cross Blue Shield of West Virginia.
Health Insurance Claims Review
There is no question that reviewing claims can generate a substantial amount of cost savings. At Songer benefits, we have the ability with alternative funding methods two have substantial claim review and Data information. However, this is still not available with fully insured health plans since the enactment of the Affordable Care Act.
Traditional Group Health Insurance Plans
Most West Virginia employees are covered by what is commonly referred to as a traditional medical expense plan or group health plan. Employees sustained medical expenses and had considerable freedom in choosing the providers of medical insurance. Carriers paid claims based on charges billed by providers with virtually no attempts to control costs. As a result, a traditional health plan is also referred to as a fee-for-service plan.
Major Medical Group Health Insurance Coverage
Many employees in West Virginia have primary medical coverage that protects against major medical expenses such as chemotherapy or open-heart surgery. However, employees must often pay part of the medical expenses for their health insurance because of deductibles and coinsurance. At Songer benefits, we offer comprehensive primary medical coverage with every carrier licensed to do business in the state of West Virginia, such as Highmark Blue Cross Blue Shield, UnitedHealthcare, Aetna, all of their affiliates, and others. With comprehensive primary medical insurance, a single major medical contract covers all medical expenses that one may incur. Once the insured person satisfies their deductible, the contract covers most medical expenses subject to a coinsurance amount. Most comprehensive medical expense contracts contain modifications of deductibles, and coinsurance provisions for certain expenses often result in payment of 100% medical expense charges.