Three Reasons Employers Love the CaliforniaChoice Private Exchange
A small business private health insurance exchange offers advantages to employers and employees alike. But more and more employers are turning to CaliforniaChoice for three primary reasons: 1- budget control, 2- multiple health insurance carriers, and 3- the availability of Affordable Care Act (ACA) compliant plans.
1. Budget Control
Controlling health care costs is easy with Defined Contribution. You choose the amount you want to contribute toward your employee’s health care benefits. You can select a Fixed Percentage (50% to 100%) of a specific health plan and/or benefit, or you can contribute a Fixed Dollar Amount for each employee.
Your employees then apply your generous contribution to whichever health plan and benefits they prefer. If an employee selects a plan that costs more than your contribution, he or she pays the difference. It’s that simple.
When you renew with CaliforniaChoice, you have the option to adjust your contribution – up or down – giving you complete control over what you spend on employee benefits, year after year.
2. Multiple Health Insurance Carriers
Unlike purchasing health insurance from a health insurance carrier directly, you and your employees have a selection of eight different, top-rated carriers with CaliforniaChoice. For example, one of your employees might choose a PPO from Anthem Blue Cross because of a particular doctor or hospital in the Anthem network, while another employee who rarely visits the doctor might choose an HMO from Kaiser Permanente. A third employee might choose an HSA-compatible HMO from UnitedHealthcare because of cost and tax considerations. CaliforniaChoice includes choices from eight of the state’s leading health care plans.
Offering this level of choice — without increasing your costs, as compared to a single health plan solution — gives you a recruiting advantage and a powerful tool to retain your current employees.
3. ACA Compliant Plans
CaliforniaChoice ensures your health insurance benefits are compliant with the requirements of the Affordable Care Act (ACA). You can choose from a variety of full and limited health care networks – giving you and your employees access to the doctors, specialists, and hospitals you want at the best-possible price point. Plus, you can choose one ACA metal tier or two. You can select a Platinum, Gold, Silver, or Bronze plan or Tiered Choice, which gives employees access to two metal tiers (Platinum/Gold, Gold/Silver, or Silver/Bronze) rather than just one. This can significantly increase the number of plans and doctors your employees can use.
To learn more about CaliforniaChoice, contact your employee benefits broker. If your current broker doesn’t represent CaliforniaChoice or you don’t have a broker, we’ll help you find a broker.