Product Choices: Medical Insurance Coverage
Hanratty & Associates knows how important and difficult choosing medical insurance coverage can be for employers. You want to satisfy your employees and remain cost effective. Our consultants will work with you to understand your options and to select the most appropriate medical programs for your organization.
We offer medical coverage from a variety of insurance carriers. Healthcare, whether it is provided in a hospital or a doctor’s office, is usually part of a broader healthcare system and is provided through managed indemnity plans, preferred provider organizations (PPOs), exclusive provider organizations (EPOs), health maintenance organizations (HMOs), or any other cost-managed care.
Paying for group medical coverage also comes with options. Hanratty & Associates will help guide you through what’s available and right for your company.
Fully funded plans are traditional in nature—the employer pays all of the premium and, in return, transfers all of the risk and responsibility for claims payment to the insurance company. Costs are determined before the enrollment period and remain for 12 months, with adjustments for new hires and terminations. At renewal time rates are set for another 12 months.
Self-funded plans offer more flexibility to make decisions on benefits and funding. A self-funded plan includes an arrangement where all or some of the risk associated with providing coverage is not covered by an insurance contract—generally that risk is assumed by the employer.
Contact us to learn more about medical insurance coverage.