The ConnectedHealth Marketplace is an online site where employees can shop for, compare and purchase individual health insurance from a variety of insurance carriers. Employees can choose an individual health insurance plan from a wide range of national and regional carriers, and can shop for coverage among “on-exchange“ and “off- exchange” options.
Most importantly, the ConnectedHealth Marketplace provides employees guidance in choosing the right health plan to suit their preferences and budget. Employees can create personalized recommendations to help them compare their estimated annual costs associated with each plan – not just the monthly premium, but also their anticipated out-of-pocket costs based on the employee’s own demographic profile and expected use of health care services.
With group insurance, the employer works with a health insurance company to choose one or a few specific health plans to offer employees, and employees who choose to sign up are automatically enrolled. The employer pays a portion of the premium, and the remainder is deducted from the employee’s wages.
The ConnectedHealth Marketplace offers individual health insurance, which means that the employer no longer has to just choose from one or two plans for all of their employees. With individual insurance, employees can choose from all the health plans available in the market, and they enroll directly with the insurance carrier themselves. The employee is responsible for paying their own premium each month to the health insurance company. Employers have the option to give their employees additional money to use to help in purchasing their coverage.
Yes! The ConnectedHealth Marketplace includes both “on-exchange” and “off-exchange” plans. “On-exchange” refers to plans that are eligible for a tax credit (also called a subsidy) available through the state and federal Health Insurance Marketplaces. “Off-exchange” refers to private market policies that are not available through the federal or state Health Insurance Marketplace and that a consumer cannot use a subsidy to purchase. Most private market plans have benefits very similar to those available in the public market.
Yes. If an employee is eligible for a tax-credit subsidy, they can still use that subsidy, even if you are also giving them a contribution to use toward purchasing their health insurance.
The ConnectedHealth Marketplace offers individual health insurance, dental insurance, and vision insurance, as well as short-term (“gap” insurance) for people who missed the Open Enrollment period.
Yes. You can offer the ConnectedHealth Marketplace to full-time employees, as well as to your part-time employees. You can even offer it to contractors (1099 employees).
Yes. The ConnectedHealth Marketplace is a great way for employers to provide access to their employees who are not eligible for employer-sponsored group health insurance to make it easy for them to shop for and purchase the health coverage they are required to have as part of the Affordable Care Act.
Yes! Many employers offer a contribution to help their employees purchase their health coverage. If you’ve offered group benefits in the past, or have wanted to but couldn’t afford the cost, the ConnectedHealth Marketplace gives you an affordable way to help your employees get benefits while also managing your bottom line. Because of a recent change in the regulations, employers cannot give employees money on a pretax basis to purchase individual insurance. However, you can make a contribution in the form of a payroll increase. Note that both you and your employee would incur payroll taxes on this additional amount.
To make it easy for you, ConnectedHealth can send your employees an email to invite them to shop for their health coverage. The email will include the employer’s name, as well as a link to the shopping site. You can also download print-ready employee communication materials, such as a poster, a flyer, a postcard, etc. Visit the Resources page once you completed your sign up.
In general, enrollment in individual health insurance happens during Open Enrollment each year. However, if you are terminating a group health plan, your employees are eligible to shop for individual coverage within 60 days of the end of their group coverage. Employees are also eligible to shop outside of open enrollment if they have had a change to family status (such as a marriage, birth or adoption), or have moved to a new area or state.
Yes your employees need to enroll during the Open Enrollment Period each year. Employees may also be eligible to enroll in individual insurance if they have had a Qualifying Event (such as a marriage, divorce, birth or adoption of a child, have lost other coverage, or have moved.)