If you are a small business owner in Oregon with less than 50 employees then you probably have a lot of questions regarding which health insurance is best for your staff. There are many different types of group insurance suitable for small business owners. Below are some typical group insurance plans, which may be suitable for your Oregon small business health insurance employee group.
The Small Business Health Option Program (SHOP)
The Small Business Health Option Program (SHOP) is a specific insurance exchange program that is suitable for Oregon small business health insurance clients because it is designed to help small business owners with less than 50 employees enroll in group medical coverage. Here are the advantages of registering with SHOP for small business owners:
Business owners decide how much coverage they would like to offer their employees and how much is paid towards employee premiums.
Business owners can compare health polices and decide which policy is best for their company.
Small business owners who register with SHOP may qualify for a small business health care tax credit of up to 50% based on their premium costs.
Small business owners can still deduct their taxes from premium costs exempted from the tax credit.
Other common group health insurance plans
Aside from SHOP, there are several other health insurance options and plans that small businesses can choose from. Most of these options fall under three categories: HMO, PPO and EPO.
Health Maintenance Organization (HMO)
HMOs give your employees access to specific doctors and hospitals who joined a network within your city or state. The network is comprised of medical providers that have a contract with an HMO in order to lower their rates for small businesses who register their employees as plan members. Each employee has to meet the HMO standards before getting coverage approval.
Preferred Provider Organization (PPO)
PPOs are like HMOs in that they offer a selection of medical providers from within a specific network. The key difference is PPOs have fewer restrictions than HMOs. For example, PPOs allows your employees to see any health care provider, including medical specialists, without a referral.
Exclusive Provider Organization (EPO)
EPOs are like HMOs in that they give your employees different health care professionals and hospitals to choose from within the EPO network. The main different with an EPO is that they usually have lower monthly premiums than a PPO or an HPO. If you are considering an EPO to save some money, consult with a Portland health insurance agent for a list of in-network providers in Oregon.
Compare Health Insurance Quotes
Once you have received Oregon small business health insurance quotes for your employees, go over the details with a Portland health insurance agent. They will advise you which plan is most suitable for the number of employees your company has, as well as for your budget. The important thing is to compare each plans restrictions before deciding which coverage plan is appropriate for your employees.