Basic Health Insurance vs Major Medical Insurance

Choosing the Health Insurance for your Prevailing Wage and Hourly Employees

The cost of a health care plan is usually the main consideration when picking one. However, you should also take note of the extent of medical coverage that you get. Major medical insurance covers everything from the usual check-ups to major medical procedures. On the other hand, basic health insurance will only help pay for certain types of medical services.

Medical Coverage under Basic Health Insurance

Basic health insurance is ideally used as a supplement to medical insurance. Some people could only afford this type of insurance because of their small prevailing wage. Those who subscribe to this plan pay a low amount of premium to get cash reimbursements for their visits to the doctor, surgical procedures, and laboratory tests. The total amount of reimbursements is usually lower than the overall cost of the services given.

It is easier to apply for basic health insurance. The employee can consult a doctor of their choice without needing to get an approval or referral. They will not be checked for any pre-existing illness. However, reimbursements for treating pre-existing medical conditions will be received only after six months.

Coverage under the Major Medical Insurance

If the employees’ prevailing wage can afford it, employers may opt for major medical insurance. You will shell out more money, but it will provide wider medical coverage. It covers doctor visits, surgery, prescription drugs, rehabilitation, therapy, nursing home, and mental health care.

Examples of this type of insurance include PPOS, HMOs, and fee-for-service programs. It will covers check-ups, hospital visits, and outpatient care. It does not provide fixed cash reimbursements. Instead, the employee will be given a yearly out-of-pocket spending limit that covers your medical expenses even if the procedure they need is expensive. Some routine maintenance may be given for free for a small additional amount in the premium.

Ask ARCHER JORDAN to Customize a Health Insurance Plan for your Employees

Employees have different needs. With the help of a fringe benefits specialist, you will be able to provide for this need through a customized and specialized health insurance plan for your employees.

ARCHER JORDAN is a third party administrator that thoroughly understands which type of medical coverage is best for you. Contact us at your earliest convenience.

5-Easy Steps to Fringe Benefit Compliance

In this FREE guide we’ll show you how to create a fringe benefit plan that secures your business

   
           
   

Categories

ACA
AD & D
Affordable Care Act
AHCA
AK Prevailing Wage
AL Prevailing Wage
AR Prevailing Wage
AZ Prevailing Wage
CA Prevailing Wag
CA Prevailing Wage
CA Prevailing Wage 401k
Call Centers
CO Prevailing Wage
COBRA
Compliance Tips
Critical Illness
CT Prevailing Wage
Davis Bacon Act
DE Prevailing Wage
Department of Labor
Disability Insurance
Education
Employee Benefits
Employee Training
Employer Tips
ERISA
Farm Labor Plan
Fixed Indemnity
FL Prevailing Wage
Fringe Benefits
GA Prevailing Wage
Government Contracting
Government Contractors
Health and Welfare Wrap
Healthcare Benefits
HI Prevailing Wage
Hospitality
Hospitality Benefits
Hourly Seasonal Workers
Hourly Workforce
Human Resources
ID Prevailing Wage
IL Prevailing Wage
IN Prevailing Wage
IO Prevailing Wage
IRS
KS Prevailing Wage
KY Prevailing Wage
LA Prevailing Wage
Limited Medical
MA Prevailing Wage
Major Medical Insurance
McNamara-O’Hara Act
MD Prevailing Wage
ME Prevailing Wage
MEC
MEC and MVP
MEC MVP
MI Prevailing Wage
MN Prevailing Wage
MO Prevailing Wage
MS Prevailing Wage
MT Prevailing Wage
MVP
NC Prevailing Wage
ND Prevailing Wage
NE Prevailing Wage
NH Prevailing Wage
NJ Prevailing Wage
NM Prevailing Wage
NSRMCA Members
NV Prevailing Wage
NY prevailing wage
OH Prevailing Wage
OK Prevailing Wage
OR Prevailing Wage
OSHA
PA Prevailing Wage
Part Time Employees
Podcast Guest Appearances
Prevailing Wage
Prevailing Wage Workers
Restaurant Group Benefits
Retirement Plans
RI Prevailing Wage
SC Prevailing Wage
SCA Audits
SCA Compliance
SD Prevailing Wage
SDVOB
SDVOSB
Seasonal Workers
Service Contract Act
Small Business
Staffing
State Prevailing Wage
SUB Plan
Supplemental Benefits
Supplemental Unemployment
Third Party Administrator
TN Prevailing Wage
Trust Services
TX prevailing wage
Uncategorized
UT Prevailing Wage
VA Prevailing Wage
Violations – SCA
Voluntary Benefits
WA Prevailing Wage
Wellness
WI Prevailing Wage
Workplace Health
Workplace Safety
WV Prevailing Wage
WY Prevailing Wage