Health Insurance is now Standardized and Simplified

Healthcare reform attempts to make insurance easier to understand for employers and employees. As such, the Affordable Care Act standardized and simplified health insurance by creating two regulations that insurance companies must meet.

  1. The Affordable Care Act standardized health plans by defining a set of ten essential benefits that all health plans must include. Any plan you buy must include benefits in these ten categories.
  1. The Affordable Care Act simplified health insurance by creating just four health plans named after four precious metals: Platinum, Gold, Silver and Bronze. When buying health insurance, the basic decision is to choose one of these four metal plans. A new term—Actuarial Value—helps employers and employees understand the essential differences between the metal plans.
Continue to – “Actuarial Value (AV)”