One area of the health care market that has not been affected by the Affordable Care Act is supplemental health care. One strategy for employers to consider is building a health care program with a higher deductible primary care plan and then adding supplemental health care insurance.
As cited on Healthcare.gov, employers must offer plans from four different coverage levels:1
- Bronze plans will cover 60% of the medical bills leaving employees responsible for 40%
- Silver plans will cover 70% of the medical bills leaving employees responsible for 30%
- Gold plans will cover 80% of the medical bills leaving employees responsible for 20%
- Platinum plans will cover 90% of the medical bills leaving employees responsible for 10%.
By offering a silver or bronze plan, it will reduce the amount of the monthly premiums paid by the employer. Employees will pay higher deductibles with their primary care plan, but they will receive enhanced benefits with supplemental health insurance.
Sometimes called gap insurance, these policies help individuals manage their medical bills. The combined premium of several supplemental policies can be substantially less than traditional group premiums.
These policies are purchased separately from standardized health insurance and may include one or all of the following benefits packages:
- Critical illness
Purchasing supplemental health insurance to combine with your primary insurance is just one strategy that businesses can explore to help manage cost. Work with your agent or broker to build a comprehensive health care program at an affordable rate.