Group benefits help companies attract and retain employees. To all of the support required for individual insurance, a strong understanding of Human Resource department requirements is needed. I have the basic business background. Compass Insurance Advisors experts provide in depth experience and knowledge. We offer the most leading edge, least cost solutions.
Even if you already offer group benefits to your employees, call me for an estimate. You will be impressed with what I can do for your company.
Traditional Medicare covers roughly 80% of your medical expenses. It does not provide prescription drug coverage. From private companies, you have the option to add supplemental plans which cover most of the uncovered 20% and a prescription drug plan.
Advantage plans are provided by private companies. Advantage plans generally offer the benefits of traditional plans with supplemental plans. They can include benefits not provided by traditional such as dental, vision and hearing.
Affordable Care plans are sold by private companies through the Healthcare.Gov marketplace. All Affordable Care plans are major medical plans, which means they all cover what the government defines as essential benefits. An Affordable Care plan is more expensive than a plan that does not cover all essential benefits, but because the marketplace supplements premiums an Affordable Care plan can be very affordable.
Private companies also sell plans independent of the marketplace. These could be full major medical plans such as most group plans. They also sell plans that are not full major medical. These plans, because they do not provide full benefits, have a lower cost..
The table below shows the benefits provided by a full major medical plan compared to a typical private plan. There are times when a private plan makes sense, generally when the client’s income is too high for a supplement or when it is not open enrollment.
ACA Full Major Medical Covers: | Private Plans Generally Cover: |
Preventive, wellness and disease management services | Preventive, wellness and disease management services |
Emergency care | Emergency care |
Ambulatory services | Ambulatory services |
Hospitalization | Hospitalization |
Maternity and newborn services | Not Covered |
Pediatric services, including dental and vision | Not Covered |
Prescription drugs | Prescription drugs |
Laboratory services | Laboratory services |
Mental health and substance abuse services, including behavioral health treatment | Not Covered |
Rehabilitation and habilitation services | Not Covered |
If you are under the age of 65, the cost of a health plan is controlled by your age, how many family members are covered and your household location. In addition, for Affordable Care Act plans, your household income is important. For other plans, income is not a factor, but medical history is a factor.
There are hundreds if not thousands of Affordable Care plans available. The cost is the same for a plan, no matter from whom you buy it through. My job is to use on-line systems to find you the least cost plan that provides what you want and need.