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health insurance stuff
Sunday, November 2nd, 2014 09:51 pmObamacare: what it is, what it's not
.
This year, my company outsourced the benefits enrollment process to a third-party vendor. Through this other vendor, the health plan options are divided into bronze, silver, gold, and platinum levels (similar to what is shown on panel 9 at the above link - I didn't realize this was similar to the exchanges).
Each metallic level has a few options to choose from - 3 or 4 insurers, each with different premiums. From what I could tell, though, the deductibles and coverage amounts within each level are basically the same, regardless which insurer you choose. The premiums vary a lot though.
An interesting thing I found out is that my company (now as well as in past years) self-insures its medical benefits. This means that it pays all claims itself, even though administration of the claims is handled via insurance companies.
So... my company pays the actual medical claims/costs. The insurance companies are being paid only to administer the plans. This seems to indicate to me, that the different premiums charged for each insurer's plan must reflect a difference in administrative costs (and/or profit margins).
.
This year, my company outsourced the benefits enrollment process to a third-party vendor. Through this other vendor, the health plan options are divided into bronze, silver, gold, and platinum levels (similar to what is shown on panel 9 at the above link - I didn't realize this was similar to the exchanges).
Each metallic level has a few options to choose from - 3 or 4 insurers, each with different premiums. From what I could tell, though, the deductibles and coverage amounts within each level are basically the same, regardless which insurer you choose. The premiums vary a lot though.
An interesting thing I found out is that my company (now as well as in past years) self-insures its medical benefits. This means that it pays all claims itself, even though administration of the claims is handled via insurance companies.
So... my company pays the actual medical claims/costs. The insurance companies are being paid only to administer the plans. This seems to indicate to me, that the different premiums charged for each insurer's plan must reflect a difference in administrative costs (and/or profit margins).