Personal Health Insurance Plans
What are Co-Payments?
With a co-payment, the insurance company agrees to pay for a service, but you must cover a pre-set cost per visit. This fee will apply every time you schedule a service. Some plans have a limit to how many co-pays you have, and some are unlimited. (most routine preventative procedures are covered without a co-pay).
What is a deductible?
Your deductible is the amount of money you must spend on covered health care services BEFORE your health insurer begins to cover any of the costs, except for services that have a set copay or preventative checkup. This is in addition to your monthly premium. Typically, the higher the monthly premium, the lower the deductible.
What are out-of-pocket maximums?
An annual out-of-pocket maximum is the limit you will have to pay for healthcare services, not including the cost of the plan premium. After the policyholder reaches that amount, the insurance plan will then cover all further eligible in network healthcare expenses for that year.
What is coinsurance?
Some policies have coinsurance which requires you to pay a certain percentage of the cost of services rendered. This is the portion between the deductible and the max out of pocket that is shared between you and the insurance carrier.
Group Health Insurance Plans
How many employees are necessary to be considered a “group”?
In Colorado, companies need a minimum of 2 employees. In most cases, the two employees cannot be spouses.
Why should I consider offering insurance to my employees?
Group health insurance is one of the most important employee benefits and consistently the most popular. It is better for any business to retain long-term employees rather than continue to hire and train new ones.
Can a group apply for insurance anytime during the year, or only during the ACA enrollment periods?
We can start a group plan anytime during the year.