Health insurers for ACA Rated Small Group health plans charge rates based on the age of the covered employee and the age of any covered dependents. This is an accounting headache for ABC members, particularly those with prevailing wage contracts, because you must take credit for so many different premium amounts. Also, the use of age specific rates is unpopular with employees because older employees are charged higher premiums than younger employees.
Our Composite Rating and Services Plan (CRSP) allows contractors to pay for health insurance on a composite rate basis. This allows contractors to take credit for the health insurance coverage on a simpler, more uniform basis. It is particularly beneficial if you are converting from a health insurance program which is grandfathered or from a level-funded arrangement.
With our CRSP program, you can turn a complicated 52-tier age rate chart into a basic 4-tier chart:
“At renewal, our chapter was able to save a lot of money by going to a plan with age banded rates, which can be confusing and difficult to administer. When the ABC Insurance Trust showed us the CRSP plan that they offer, it simplified how we pay for our healthcare by converting the age banded rates into the simple format that we were used to previously.
”