When it comes to low cost and affordable medical insurance plans and rates in California, it’s important for employers to do their research before settling on a plan. There are quite a few things that both employers and employees should know about group health insurance plans for businesses in California.
Prior to the Affordable Care Act (ACA), the rates for an employee’s dependents was based strictly on the employee’s age. But now, each dependents age is taken into consideration as well. Coupled with the employer’s choice to offer either one overall plan or let employee’s choose from a wide range, employees need to decide what they need in an insurance plan before they sign up.
On the employer’s end, examining the price of health care can be important as well. Employers may not know that they can choose to exclude expensive medical facilities from the plan (or plans) they choose to offer. Excluding those, employees can get a higher level of coverage at a lower cost.
What are the levels for group health insurance benefits?
There are four tiers of benefits under the ACA: platinum, gold, silver and bronze. Platinum has the lowest out-of-pocket expense, with 90% covered by the insurance company leaving only 10% for the employee. As you go down the line, the amount the employee pays increases by 10%. Deductibles and co-pays follow the same trend so platinum provides the most benefits while bronze provides the least.
Who can help me determine the best group insurance plans for me?
California Insurance Finder provides free evaluations for those seeking guidance on which insurance plans to choose. As a trusted and knowledgeable force in the insurance world, the agents at California Insurance Finder can help you understand all aspects of group health insurance plans for businesses in California as well as other topics like life insurance, long term care and Medicare supplement insurance. To find out more or claim your free consultation, give us a call at 714-960-4700 or contact us via our website.