Small Employers
5. Compare & Choose.
It is important to compare plans before deciding on health coverage for your firm. Here are four ways to get started.
1. Know the registered carriers
The Virginia Bureau of Insurance (BOI) maintains a list of health insurance issuers registered with the Virginia State Corporation Commission (SCC) as Small Employer Carriers. These health insurance issuers have received approval from the BOI as Standard and Essential Health Benefit Plans. In accordance with Virginia Law, the Standard and Essential Health Benefit Plans must be offered to Small Employers in Virginia.
It should be noted that an issuer may not sell a health benefit plan to a Small Employer in Virginia unless the issuer’s name appears on this list. Small Employers wishing information concerning the Small Employer Market should contact the Virginia State Corporation Commission, Bureau of Insurance at 1-800-552-7945.
2. Ask your agent or broker
Your health insurance agent or broker can give you detailed information on which health plans best meet the needs of your firm. Your agent or broker can educate you on the type of plan, scope of services, financial coverage, premium cost, other out-of-pocket costs, financial stability of the insurance company, and other factors which could influence your decision about a plan.
3. Check your regional guide
The Healthcare Leadership Council and the Virginia Department of Health Office of Minority Health and Public Health Policy have partnered to produce An Overview of Health Insurance Options for Small Business. A set of five regional guides are available to help you compare health plan options in your local region.
4. Check online services
A growing list of online services are available to help you shop for health coverage online. You can use these services to 'window shop' or to actually buy a plan. Always keep in mind that the price you see in an online search may or may not reflect the price you will ultimately be offered. This is because prices are influenced by many factors specific to the group of people you wish to cover.
Note:
This list of links is not intended as an endorsement or recommendation of any specific site and is by no means all inclusive. The omission of sites does not imply anything about their quality. As with all websites, consumers should carefully read and evaluate site information before making purchases online.
Tips for Choosing a Plan
Think carefully about what is important to you and your employees
Don't wait until you need emergency care to ask questions. Ask plenty of questions before you choose the plan.
If you have a choice of plans, compare them side by side for services covered, how much the insurance plan will pay, and which physicians and hospitals are included in the plan.
If you are choosing between a traditional (indemnity) plan and a managed care plan, make sure you understand the difference in services and any pre-authorization requirements.
Even if you do not have a choice of plans, make sure you understand your coverage.
Remember, plans vary in what they pay. No plan will pay 100 percent of your medical expenses, but some plans will pay more than others.
