How do I choose a health plan?

Health insurance plans sold through the marketplace to small businesses and individuals will be classified as one of four different levels of coverage: Bronze, Silver, Gold or Platinum.

This tiered coverage system makes it easier to compare plans and find the best option for you and your employees. These categories describe how your employees and the plan can expect to share costs for coverage. Gold or Platinum plans have higher monthly premiums in order to ensure you pay less when you actually need medical coverage. Inversely, Silver or Bronze plans have lower monthly premiums but an individual will face more costly charges when if and when you do need medical coverage. These categories describe how your employees and the plan can expect to share costs for coverage.

As an employer, you will choose a plan to offer your employees based on the plans available in your region. Then you will define a percentage that you would like to contribute towards premiums for employee-only coverage. If you choose to offer dependent coverage, you will also define a percentage to contribute to those premiums as well.

Once you’ve decided on the plan and contribution level, you will notify your employees and allow them the opportunity to make decisions on enrollment.  For coverage to begin at the first of a month, you must have applications and payment complete and submitted to SHOP by the 15th of the preceding month.