There are also a few other, more specific types. States require the extent to which insurers can vary premiums based on health status, claims experience, and other factors. Group health insurance and health benefit plans are insured or administered by CHLIC, Connecticut General Life Insurance Company (CGLIC) or its affiliates (see the list of legal entities that insure or manage the group HMO, dental HMO and other products or services in your state). A health savings account (HSA) is a tax-advantaged savings account used in conjunction with an HSA-compatible high-deductible health plan (HDHP) to pay for eligible medical expenses.
These plans offer a wide range of health care services through a network of providers who have exclusive contracts with the HMO or who agree to provide services to members. Health insurance helps people pay for health care by combining the risk of high healthcare costs for a large number of people, allowing them (or employers) to pay a premium based on the average cost of health care for the group. While HSAs may be associated with group health insurance coverage, employers can contribute to the account regardless of whether they offer a group policy or not, and the account will go with the employee when they leave the company. Reviewing the different health insurance plans available will help you make the most informed decision for you, your family or your organization.
Some types of plans restrict provider options or encourage you to get care from the plan's network of doctors, hospitals, pharmacies, and other health care providers. Schedule a call with a personalized benefits advisor to learn how HRAs or health stipends can work with your organization. The more familiar you are with the different types of insurance plans and their alternatives, the better prepared you are to choose one that fits your organization's budget and needs. PPOs usually offer you a wide network of participating providers, so you have many doctors, hospitals, and other health professionals and facilities to choose from.
States set rules that cover when and under what conditions a state-licensed health insurer must accept an applicant. Consider taking out a health plan that helps minimize out-of-pocket costs based on what you expect for medical care, visits to specialists, prescription drugs, etc. Individual and family medical and dental insurance plans are insured by Cigna Health and Life Insurance Company (CHLIC) and Cigna HealthCare of Arizona, Inc.