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UTAH’S SMALL BUSINESS HEALTH INSURANCE EXCHANGE

DEFINITIONS

  • Defined Contribution Defined contribution health benefit plans are employer-sponsored health plans that allow individual employees full control over their plan choice. In a defined contribution arrangement, rather than promising or providing a certain level of health benefit, the employer offers a pre-determined level of funding that the employee then controls and uses to purchase their choice of health insurance.
  • Employer Mandate Proposals requiring employers to provide health insurance benefits to their employees. Small groups (2-50 employees) are not required to provide health insurance to their employees unless they are part of a Multi group arrangement.
  • Group Insurance Health coverage provided by employers. Coverage is offered to all eligible employees within a given classification and can be self-insured or fully-insured by an employer – in the latter instance, the employer purchases coverage from a carrier and assumes no insurance risk. States and the federal government also divide the group market into small and large groups, with the small groups classified as those with 2-50 employees.
  • Individual Insurance Health coverage purchased for an individual (or family) outside the group setting. Individual insurance is subject to State regulation (including benefit mandates), and must generally be purchased with after-tax dollars.

Top 5 reasons to use a broker

  • Cost We don’t charge you for our services
  • Ease Let us do the legwork with your help
  • Speed We will help you navigate through all the different plan options
  • Peace of Mind We will uncover all the options available to you making sure your choices are also based on your need and what you can afford
  • Flexibility If you choose not to use Avenue H, we can still help your employees find an Individual Insurance plan.