Your employees either have a Preferred Provider Organization (PPO) plan or a high deductible Health Savings Account (HSA) compatible PPO plan. What's the difference between the two plans? Let's take a closer look.
PPO plan explained.
Members enjoy the freedom and flexibility of a PPO plan. As members, your group health plan covers nearly all of their medical expenses as long as they stay within our preferred network of doctors, urgent cares and hospitals. Treatment outside of our network is covered but only at a reduced rate. The greatest advantages of the PPO plan are:
Larger network of providers and specialists
Lower out-of-pocket costs for in-network health care services
Allows you to see a specialist without a referral
HSA PPO plan explained.
Members rest easy knowing they're covered in case of a medical emergency. The appeal of this type of PPO plan is the low premium paired with a wide range of coverage solutions in the event of a catastrophe.
The basics of an HSA PPO plan are simple. In exchange for a low premium, insurance doesn’t kick in until members meet their deductible – often $3,000 or more. This plan also includes prescription coverage in the core, making it easier for them to reach their deductible.
In addition, the money members save on insurance contributions can be placed into a tax-free health savings account and used for qualified medical expenses.