Bond Financial Network works closely with an array of different carriers that offer a wide range of medical plans to employer groups. Bond Financial Network helps employers balance the need to attract and retain the best employees with a strong benefits package and the need to control costs.

Insurance carriers offer Bronze, Silver, Gold and Platinum plans. Each plan has an actuarial value associated with it. Actuarial value represents the average percentage the plan will pay for. The remainder is paid by the patient (cost-sharing).


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Metal Level Coverage
Based on The Affordable Care Act, each metal level is required to offer a certain amount of health care cost coverage. As the metal levels increase in value, so does the amount of coverage your carrier will provide. With increased coverage also comes increased costs (see Level Cost Comparison Chart). Bronze plans offer the least amount of coverage (you will pay approximately 40% of your health care costs) and platinum offers the highest amount of coverage.

Different insurance carriers will be able to classify which type of plan (copay, hybrid or HDHP) is associated with the metal level you choose.




Level Cost Comparison
Depending on your choice of metal level, you should be able to calculate monthly payments versus out-of-pocket costs (deductibles or copays) to see which level is right for you and your needs. Bronze plans offer lower monthly payments yet higher out-of-pocket costs. Platinum plans, on the other hand, require higher monthly payments but lower out-of-pocket costs.

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HSAs
An HSA is a tax-advantaged savings account that you own, which can be used to pay for routine medical expenses for those enrolled in an HSA-Compatible/High Deductible Health Plan, as defined by the IRS. An HSA is much like a 401K for healthcare, except the funds you contribute to the account can be withdrawn whenever necessary to cover qualified medical expenses. HSA dollars must be in your account before they can be spent.

Be sure to contact your Bond representative to find out if your metal level pairs with an HSA or to see how an HSA could work for you!

 

 

 

 

 

 

 

 

 

 

 

Call Bond's Small Business Team at 585-248-5870 with any of your questions.