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Health Care Terms You Should Know

With the Affordable Care Act (ACA) in effect, here are some terms owners of small businesses need to know:

Exchange — the health insurance marketplace created by the ACA. Individuals, businesses and brokers can use the exchanges to review insurance options and purchase plans. Covered California is the local exchange.

Essential benefits — the ACA requires that all health plans offered on exchanges meet certain standards and offer a comprehensive set of benefits.

Levels of coverage — You may have heard of bronze, silver, gold and platinum plans. These levels represent the share of costs a health plan would cover for a typical member. Bronze plans start with 60 percent coverage, and the amount increases by 10 percent for each level. Platinum plans offer 90 percent coverage.

ACA taxes — the new law applies taxes to insurance premiums to cover the cost of insuring high-risk individuals and subsidies to individuals and employers.

Pay or play — the regulation that employers with more than 50 full-time equivalent employees must provide insurance or pay a fine for each FTE.

Save-On Health Insurance Services offers expert guidance to help Los Angeles-area employers navigate the new health care environment. Learn more by contacting us.