5 Affordable Options for Group Medical Insurance under $200

Are you wondering how to get affordable group medical insurance for your employees? You're not alone. According to the Kaiser Family Foundation, the average annual premium for employer-sponsored health insurance was $20,576 in 2020. That's a lot of money, especially for small businesses.

The good news is that there are several affordable options for group medical insurance available. Here are five of the most popular:

1. Health Maintenance Organizations (HMOs)

HMOs are a type of health insurance plan that offers a network of doctors and hospitals. You can only see doctors within the network, but the premiums are typically lower than other types of plans.

Pros:

• Lower premiums
• No deductibles or copays for in-network services
• Preventive care is often included

Cons:

• Limited network of doctors and hospitals
• May have to get a referral to see a specialist

2. Preferred Provider Organizations (PPOs)

PPOs are a type of health insurance plan that offers a network of doctors and hospitals. You can see doctors both within and outside of the network, but the premiums are typically higher than HMOs.

Pros:

• More flexibility than HMOs
• Lower deductibles and copays than traditional plans
• Preventive care is often included

Cons:

• Higher premiums than HMOs
• May have to pay more for out-of-network services

3. Point-of-Service (POS) Plans

POS plans are a type of health insurance plan that combines features of HMOs and PPOs. You can choose to see doctors within the network or outside of the network, but the premiums are typically higher than HMOs and lower than PPOs.

Pros:

• More flexibility than HMOs
• Lower premiums than PPOs
• Preventive care is often included

Cons:

• May have to pay more for out-of-network services
• May have to get a referral to see a specialist

4. Exclusive Provider Organizations (EPOs)

EPOs are a type of health insurance plan that offers a network of doctors and hospitals. You can only see doctors within the network, but the premiums are typically lower than other types of plans.

Pros:

• Lower premiums
• No deductibles or copays for in-network services
• Preventive care is often included

Cons:

• Limited network of doctors and hospitals
• May have to get a referral to see a specialist

5. High-Deductible Health Plans (HDHPs)

HDHPs are a type of health insurance plan that has a high deductible. This means that you have to pay more out-of-pocket for medical expenses before the insurance company starts to pay. However, the premiums for HDHPs are typically lower than other types of plans.

Pros:

• Lower premiums
• Higher deductibles can help you save money in the long run
• May be eligible for a Health Savings Account (HSA)

Cons:

• Higher deductibles can be a financial burden
• May not be suitable for everyone

Which Type of Group Medical Insurance is Right for You?

The best type of group medical insurance for you will depend on your specific needs and budget. If you're looking for a low-cost option, an HMO or EPO may be a good choice. If you want more flexibility, a PPO or POS plan may be a better fit. And if you're willing to pay a higher deductible, an HDHP could save you money in the long run.

How to Get Group Medical Insurance

If you're interested in getting group medical insurance for your employees, you can contact a health insurance agent or broker. They can help you compare plans and find the best option for your needs.

Conclusion

Group medical insurance is an important benefit that can help you attract and retain employees. By understanding the different types of plans available, you can find the best option for your business and your employees.

Additional Resources

• Types of Health Coverage for Small Businesses
• Workers' Rights to Health Insurance
• Small Group Health Insurance