Frequently Asked Questions

 
 

The most frequently asked from employers and employees

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What is a Benefits Marketplace?

A benefits marketplace provides Online “Stores” That Change the Way People Buy Benefits. It allows employees to choose their own benefits, which is mutually  beneficial for the Employee & the Employer. From Health, Dental, Vision, Life, Disability, and Other Benefits, from top national and regional providers  

What is Consumerism in the Healthcare Industry and why is it important?

 Consumerism is empowering employees to shop for the benefits they want and need without absorbing the costs for benefits products and services they don't need. It encourages employees to be educated consumers, shopping for their medical products and procedures as they would for a new car or TV. In the long term, driving the cost of healthcare down by being better consumers. 

What are the Advantages of a Benefit Marketplace?

 Employer Advantages: Employers set budget for benefits, allowing employees to shop online and buy what is personal to them. Employee satisfaction increases by choosing a custom plan and not carrying the cost of unnecessary coverage. Benefits administration procedures are streamlined.

 Employee Advantages: Employees choose the coverage that meets their individual and family needs with a variety to pick from. From Medical to Ancillary/Voluntary Programs. Employee satisfaction increases by choosing a custom plan and not carrying the cost of unnecessary coverage. 

How do my employees know which plan is right for them?

The benefits marketplace provides tools to guide  employees to in selecting the best plan for them and their families. 

What is a Flexible Spending Account (FSA)?

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.

You decide how much to put in an FSA, up to a limit set by your employer. You aren't taxed on this money.

If money is left at the end of the year, the employer can offer one of two options (not both):

  • You get 2.5 more months to spend the left over money.
  • You can carry over up to $500 to spend the next plan year.

 

WHat is a High Deductible Health Plan (HDHP)? 

A plan with a higher deductible than a traditional insurance plan. The monthly premium is usually lower, but you pay more health care costs yourself before the insurance company starts to pay its share (your deductible). A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing you to pay for certain medical expenses with money free from federal taxes.

What is a Health Savings Account (HSA)?

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs. Unlike a Flexible Spending Account (FSA), funds in an HSA account can be carried over each year, indefinitely. 

    Is there a number I can call if I have a question?

    All questions can be directed to our customer service line (866) 312-7966.

    How do i know what services are covered on my Health plan?

    Checking your benefits can help you avoid surprise costs, so it’s good to review what’s covered and what’s not in your summary of benefits before you make an appointment. If you are still unsure please call the member services line of your insurance company. 

      How Can I get the lowest price for prescriptions and Medical services?

      We always recommend staying in network and comparing prices for medical procedures and prescriptions. You can do so by searching online and by checking in with your medical carrier. In addition, we also encourage you to search for coupons online.

       

      Is my data safe in the MArketplace? 

      The benefits marketplace is HIPAA compliant. All of your data will be secure and protected.