Open enrollment season is less than two months away and Connecticut employers are getting their first look at the cost of insurance under the Affordable Care Act.
The Connecticut Insurance Department has approved health plans by three insurance companies that will offer coverage in the state’s Small Business Health Options Program, or SHOP exchange.
The SHOP exchange, which is being operated by Access Health CT, is a key part of the federal health care reform law and will essentially serve as an online marketplace where insurance can be purchased. The federal government will also offer subsidies through the exchange to certain qualifying small businesses to make health care coverage more affordable.
Anthem Blue Cross and Blue Shield, UnitedHealthcare, and HealthyCT had their base plan rates recently approved insurance regulators. ConnectiCare Benefits Inc. also planned to offer coverage but has since dropped out of the small employer exchange.
The insurers will offer several levels of coverage ranging from bronze to gold. Bronze plans will offer the fewest benefits, and cost employers less, while gold plans will offer richer benefits and carry a higher price tag.
The base rates for bronze plans range from $271.91 to $298.05. The base rates for gold plans range from $390.05 to $435.72.
Base rates do not actually represent final plan costs, however, because they don’t take into account a person’s age or home location, or the federal subsidies a business may qualify for to offset a portion of the premium.
