Lompoc Group Health insurance & Employee Benefit Plans

The most basic health insurance plans and accounts available are PPO, HAS, FSA and HMO. Dental, vision, medical, 401(k), short and long-term care, and life insurance are usually provided through these common plans. Nevertheless, if the basic plans don’t suffice, our brokers will gladly help you come up with benefits and a health insurance plan that works for everyone in the company collectively.

Preferred Provider Organization (PPP)

A PPO is a type of health insurance coverage plan that provides employees with greater flexibility when it comes to choosing their healthcare providers. One of the advantages of a PPO is that it offers a broad network of healthcare professionals, providing members with more options to choose from. Additionally, a PPO doesn’t require a mandatory primary care physician, which allows members to have direct access to specialists, enabling them to receive prompt and specialized care when needed.

Health Savings Account (HSA)

An HSA is a tax-advantaged financial tool that helps individuals save money for qualified expenses. This savings vehicle offers several benefits, making it a popular choice for people who want to manage their healthcare costs efficiently and in a tax-efficient manner.

One of the primary advantages of an HSA is that it is tax-free. The contributions made to an HSA are tax-deductible, which means that they provide an immediate tax benefit. Furthermore, the interest and investment earnings generated within the account are also tax-free, allowing the account to grow over time without incurring any additional tax liabilities.

A Health Maintenance Organization (HMO)

HMO is a comprehensive and structured approach to healthcare management, which provides employees with a healthcare plan that emphasizes coordination and cost-effectiveness. In an HMO, individuals are required to use medical services only from a pre-selected network of healthcare providers, which includes primary care physicians, specialists, hospitals, and other medical facilities that have established agreements with the HMO.

The main focus of an HMO is on preventive care and proactive health management. By mandating that participants use the health services of specified healthcare providers, HMOs are able to closely coordinate and monitor an individual’s healthcare journey. The primary care physician plays a critical role in overseeing and guiding the individual’s medical care, ensuring that it aligns with preventive measures and evidence-based practices.

Flexible Spending Account (FSA)

A Flexible Spending Account (FSA) is a financial tool that allows individuals to allocate a portion of their earnings on a pre-tax basis for qualified medical expenses. This tax-advantaged benefit is designed to offer employees a convenient and flexible way to manage their medical costs. While FSAs and Health Savings Accounts (HSAs) have similarities, there are key differences that make FSAs a unique and valuable tool for optimizing healthcare spending.

The main advantage of an FSA is its tax-efficient structure. Contributions to an FSA are deducted from an employee’s salary before taxes are calculated, allowing for immediate tax savings. This reduction in taxable income provides individuals with more disposable income to allocate towards health expenses. Moreover, the funds deposited into the FSA can be utilized for a wide range of eligible medical expenses, including copayments, deductibles, prescription medications, and certain over-the-counter items, making it a versatile way to cover healthcare costs that an insurance provider will pay.