A composite rate for health insurance refers to a method of determining premiums for a group health insurance plan. Instead of assigning individual rates to each member of a group based on their age, gender, and other factors, a composite rate provides a single premium rate for all members of the group, offering a fair and equitable opportunity for all employees.

This approach simplifies the premium-setting process for group health insurance, making it easier for employers to manage and predict costs. Best of all, SBAM can guide you and your insurance agent through this process!