How to Choose an HMO or PPO Group Insurance for a Small Company

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Choosing an HMO or PPO group insurance plan for a small company always requires you to keep a few very important things in mind. Choose a HMO or PPO group insurance plan for a small company with help from the president of The Stratford Financial Group, Inc. in this free video clip.

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Video Transcript

Hello, I'm Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. And right now, we're going to talk about how to choose an HMO or PPO group insurance plan for a small company. A series of comparisons and equations to determine the best fit should be performed. Oftentimes the best fit may mean offering both plans side by side in a dual option format. The first equation to be performed is a network equation. You need to determine the listing of providers available under the HMO and the listing of participating providers available under the PPO and decide which would have better accommodate your employees. The second equation would be a value equation. You need to determine the necessity of the out of network benefits that the PPO would provide and how often they maybe utilized. You also need to determine the difference if any and the actual coverage or medical services being covered under the PPO versus the HMO. An understanding both plans as it relates to your potential out of pocket and the out of pocket tolerance of your employees will be crucial in examining the co-pays, deductibles and maximum out of pockets associated with each plan designed. You will also need to determine your tolerance as the employer; how much of the premium will you pay and how much will the employees pay in the form of an employee contribution. By asking yourself these questions and performing these equations, you should be able to clearly identify which plan or plans, HMO or PPO are the right fit for your small business. My name is Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com and you just watched how to choose an HMO or PPO group insurance for a small company. Thank you.

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