Well things have changed a bit over the years. And all the companies you think are insurance companies, might not be. Today's definition is more technical than practical. Some carriers are called "Health Maintenance Organizations", while some are called "Health Care Benefits Companies". And some are called "Insurance Companies". It seems to us, that if a company is promising to pick up the bill for your medical expenses, we can refer to that company as either a "carrier" or an "insurance company" with little confusion.
If you are in the market for group health insurance, it may seem as though there are an infinite number of choices out there. This is where the benefits of an experience benefits broker can pay off. After an open and honest discussion, a accurate picture of the employer's concerns and objectives begin to come into focus. Once the objective is clear, the choices are greatly reduced. And the broker now understand his or her mission.
There are a limited number of "insurance carriers" working the small to medium business market in Connecticut. There are also a limited number of plan types, such as HMO, PPP, POS, or Indemnity. And them there are a limited number of ways to fund these plans, such as health savings accounts, health reimbursement arrangements, fully insured plans, self insured plans, and administrative services only agreements.
This may sound like many paths to venture, but again...your goals and objectives will dictate which of these choices makes sense for your company.
There are basically seven companies a Connecticut small business should consider to provide any of the services we have just mentioned.
Most of these carriers offer all the services and types of plans appropriate for your Connecticut business. Of course which carrier you use will depend on the state your company is domiciled or headquartered in.
