Principal Health Insurance Company
Principal Health Insurance Company is a leader in the insurance and finance industry. Along with insurance, Principal offers a wide variety of financial products to businesses, institutions, and individuals. Though products are offered to all of these groups, Principal specializes in the insurance needs of small and medium sized businesses.
Through the Principal Health Insurance Company, employers can offer their employees health benefits, disability, life, vision, and dental insurance. Also, individuals seeking coverage have access to a wide variety of insurance products from the Principal Insurance Company.
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History of Principal Insurance Company
The Principal Health Insurance Company was started in 1879 with the goal of providing inexpensive life insurance solely to bankers. Since then, the company has expanded its products, scope of influence, and assets. Principal now employs over 15,000 people, has over 15 million customers, and over $144 billion in assets. Each year over the past 125 years, Principal has increased steadily in assets.
Principal Group Plans
Principal offers group plans to employers that are consumer driven. This means that the employees have flexibility and choice within their plan. The first plan offered is the Principal High Deductible Health Plan. This plan has no co-pays and low monthly premiums. This is due to a high deductible with a cap for out of pocket expenses. This plan is ideal for generally healthy people who don’t require a lot of medical care.
The next plan offered through Principal’s Group Insurance is a Health Savings Account. This is partnered with a High Deductible Health Plan. This type of account allows employees and employers to deposit pretax dollars into an account. The money can then be withdrawn by the individual to pay for qualifying medical expenses including the health insurance deductible.
Another plan offered that works with a High Deductible Health Plan is the Principal Health Reimbursement Arrangements Plan. This plan requires the employer to designate an annual amount that is available to pay towards their deductible. Employees can use this money along with their own to pay the deductible. If money is left in the account at the end of the year, it rolls over to the next year. This can be a helpful planning tool for budgeting medical spending each year.
The last type of plan offered for group insurance is The Employee Choice Solutions Plan. This plan allows employees to choose the PPO network that is right for them. Employers choose two or three different options and then allow employees to decide. This gives employees more freedom to find a plan and network that works with their needs. It also five employers more control over expenses when employees must use a network with preset costs.
Principal Dental Plans
In addition to these medical plans, Principal Health Insurance Company also offers dental insurance. Employers can offer their employees the Preferred Provider Organization (PPO) Plan. This allows employees to choice the dentist they want to use. However, dentists within the network will have cheaper rates. This PPO Plan typically pays 25% of dental expenses within the network and less outside of the network.
Another dental option is the Exclusive Provider Organization. This is available to businesses in California only. The Exclusive Provider Organization covers up to 80% of eligible dental costs when the employ chooses one provider with in the network and uses that provider for all dental needs. Either of these plans can be combined with other dental plans or dental discount programs for additional savings.
Other Principal Offerings
Vision insurance is also offered to groups through Principal Health Insurance Company. This plan has no co-pays, no deductibles, and no networks as long as providers are seen within specified time frames. Coverage includes eye exams, prescription glasses, prescription lenses, contact lens fittings, and laser surgery. An added benefit is that 90% of all dentists accept this plan.
Disability Insurance is available to individuals through an employer. A survey shows that over half of all bankruptcy filings are because of a disability. Offering this coverage to your employees protects your assets as well as theirs. Principal offers long term or short term plans as well as voluntary employee-paid coverage. Voluntary coverage is paid completely by the employee but it provides the company for the employee to work with.
In additional to all of these plans and policies, Principal offers its employer members seminars and materials through the Principal Wellness Company. This plan offers quarterly and yearly information, seminars, classes, and take home materials to employees. The goal is to improve the overall health of the organization thus leading to less medical intervention. This will in turn decrease what employers need to spend on insurance.
Compare Principal Health Insurance Quotes
Deciding what health insurance company to go with is a big decision. Try using a quote tool, there is one above, to get basic rate quotes from several insurers. This comparison will show you the options available to you or your company making it easier to make your health insurance decision.Get started comparing the best health insurance providers today!