Abc Bank Employee Medical Benefits
Overview of Medical Benefits: For employee medical benefits ABC Bank offers two policies: 1 PPO plan and 1 HMO plan. Our PPO plan offers both in and out-of-network benefits at a higher out-of-pocket cost and allows employees the flexibility of seeing any provider they want. This plan can also be utilized to see providers out-of-state which would be ideal for those that travel often. Employees that select our HMO plan can enjoy lower out-of-pocket cost but can only use providers that are in-network; this policy does not have coverage while traveling out-of-state unless in the case of a true emergency. Our PPO Plan not only offers the flexibility of utilizing providers in network and out-of-network; but there is also flexibility in the services that employees can receive without any authorization requirements or referrals. Our HMO plan however, is a tightly managed product that requires a referral from an assigned Primary Care Physician (PCP) and pre-authorizations for most health care services. Failure to obtain the required authorizations or referrals while on this product will result in denial of claims.
Pricing for our PPO Plan: Individual: $30 per pay period Family: $60 per pay periodPricing for our HMO Plan: Individual: $45 per pay period Family: $90 per pay periodWho is eligible to sign up for benefits? Full-time employees working 40 hours a week are eligible to sign up for benefits. Enrollment in benefits occur during the following: Within 30 days of hiring new employeesDuring Open Enrollment period from October 1st-October 14th of every yearWithin 30 days of a qualified life event such as: marriage, newborn baby, adopting a childOnce an employee has selected their benefit package, no changes will be made until the next open enrollment period.