CareFirst Provides Update to the Notice of Revised Composite Rates

CareFirst Provides Update to the Notice of Revised Composite Rates

CareFirst BlueCross & BlueShield has recently updated the Notice of Revised Composite Rates that must be sent to all groups after composite rates are recalculated. An example of the letter is seen below:

CareFirst Revised Composite Rate for 2015

Currently, small group health care is billed as Age Banded.  This is calculated as a rate per the age of the employee, their spouse, and their children.

Composite rating is a blending or average of all of these to calculate a rate for each member, using adult and child rates set at the beginning of the plan year.

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LARGE GROUP HEALTH CARE VIDEO

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SMALL GROUP HEALTH CARE VIDEO

Small Group Health Insurance Definition

Starting in 2016, states will need to define small group as 1-100 employees (and large groups as having 101 or more employees). In the interim, though, states may continue to define small groups as having a maximum of 50 employees.  (from the Kaiser Family Foundation)

Questions on Health Coverage for 2015?

For more details on Age Banding vs. Composite Rating, please contact an Employee Benefits Specialist at FosterThomas HR.

Email: info@fosterthomas.com

Phone: 800.372.3626

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About the Author

FosterThomas is a leading professional services company that provides solutions in the areas of Human Resources Consulting and Outsourcing, HR Staffing, Outsourced Recruiting, Employee Benefits Brokerage, Payroll Implementation and Services, HR for Government Contractors, Business Insurance, HR Compliance and Risk Management. We help organizations by providing solutions designed with a focus on cost containment strategies and increasing HR efficiency. FosterThomas HR Consulting was established in 1993 with offices in Annapolis, Maryland (Corporate), McLean, Virginia and Raleigh, North Carolina. Today, FosterThomas occupies a unique position as a full service provider of HR services.

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