View the complete guide at:
Any way you slice it, health insurance coverage is expensive. Major corporations can negotiate better
rates because of the large numbers of employees, but small businesses with two to 50 employees
don't have the clout to negotiate big volume discounts.
With costs skyrocketing, many small business owners are finding it more and more difficult to offer
health insurance to employees. In turn, this makes it difficult to attract and retain quality people. There
are three popular types of health insurance plans available:
1. Health maintenance organizations (HMOs)
2. Preferred provider organizations (PPOs)
3. Point of service plans (POSs)
The best contacts and resources to help you get it done
Know your HMOs, PPOs and POSs
The least expensive and least flexible plans are HMOs, which require employees to choose a
primary care physician from an approved provider list. Premiums are higher with PPOs, which allow
employees to visit any doctor, but charge more if the doctor isn't in their network. POS plans
combine elements of HMOs and PPOs, with employees choosing a primary care physician but
retaining the ability to see any doctor for a higher fee.
I recommend: Get a clearer picture of the various types of plans in the Health Insurance Buyers
Guide at BuyerZone.com or at HealthInsurance.com.
Explore health savings accounts (HSA)
You may be able to control health insurance costs with an HSA. With HSAs, employers and
employees make pre-tax contributions to an account. Funds in the account can be used for routine
and preventative medical care. HSAs are usually combined with a high-deductible insurance plan.
Any funds in HSAs that aren't used by the end of the year typically roll over to the following year.
I recommend: Get more details on how you can reduce costs with an HSA at First Horizon Msaver
and download "Answering Your Questions About Health Savings Accounts" at the Co