Medical health Insurance Benefits for Employee
medical Health insurance premiums can be expensive, particularly if you have to purchase them by yourself. However, in the end, having health insurance is frequently less expensive than remaining uninsured. If you do not have health insurance, you will have to purchase all of your health care costs out of pocket. When you have insurance, though your premiums may seem expensive, they don’t rival the full cost of major medical procedures.
Medical bills can leave you in debt and may result in difficulty paying your other bills. Medical coverage for one accident, emergency, or surgery – especially if it involves specialist or follow-up visits – can cause the insurance coverage to pay for itself. The cash you save in medical bills is usually well worth the up-front costs from the insurance policy.
The Federal Employees Health Benefits (FEHB) Program will help you and your family meet your health care needs. Federal employees, retirees and their survivors enjoy the widest selection of health plans in the country. You can choose from among Consumer-Driven and High Deductible plans that provide catastrophic risk protection with raise your deductible, health savings/reimbursable accounts minimizing premiums, or Fee-for-Service (FFS) plans, and their Preferred Provider Organizations (PPO), or Health Maintenance Organizations (HMO) if you reside (or sometimes if you work) within the area serviced by the plan.
With the exception of wages and salaries, employee benefits would be the primary tools through which employers attract and retain qualified personnel for his or her organizations. Most employers voluntarily provide a variety of benefit packages.
Reasons for providing such benefits range from a desire to be competitive within the relevant labor market to a genuine concern for his or her employees’ welfare.
Vacation, holidays, sick leave, medical, dental and vision coverage, and retirement benefits aren’t required by law. If such benefits are offered, the employer may choose to pay all, part or no costs. Once the benefits can be found, however, law regulates the way the employer must apply them. The following highlights some of the key issues of every benefit.
Protect your family’s financial future
Health coverage does cost money – but not having it could cost a lot more. Unpredictable medical needs, coupled with high health care costs, could leave you with large medical bills if you aren’t insured. Having coverage of health lessens the likelihood that you’ll have to dip into retirement savings to cover unexpected medical costs.
It’s not easy to predict how much you’ll spend on health care each year, but having a health plan provides financial protection for unexpected, expensive medical costs. It may also help you pay for common services like annual check-ups and maintenance.
Health coverage does have a price – but not having it could cost a lot more. Unpredictable medical needs, combined with high health care costs, could leave you with large medical bills if you’re not insured. Having health coverage lessens the likelihood that you will have to dip into retirement savings to cover unexpected medical insurance costs.
It’s not easy to predict how much you’ll spend on health care each year, but using a health plan provides financial protection for unexpected, expensive medical costs. It may also help you pay for common services like annual check-ups and maintenance.
Health Maintenance Organization (HMO)
The rational order of payment gets more difficult when one of the plans is an HMO. For example, HMOs pay nothing if the insured goes outside their network, so there is nothing to coordinate. Within the network, usually the only expense may be the copay which is paid straight to the treating provider, and it is usually low enough that neither patient nor the doctor’s office would like to invest the time and paperwork essential to get reimbursed for that by the Secondary payer.
Medicare features its own set of rules about which plan becomes Primary. For a complete explanation of the rules, they create a booklet, “Medicare and Other Health Benefits: Your Guide to Who Pays First” (Publication No. CMS-02179). It covers types of insurance more than just group health policies. Additionally, it covers Workers’ Compensation, Veterans’ benefits, special government programs like Black Lung, coverage under no-fault or liability insurance, and End Stage Renal Disease. A table below shows how Medicare works with group health plans.