group insurance Archives - Page 11 of 11

When Can Your Employees Make Mid-Year Changes to their Group Health Policy?

When getting a Group health insurance policy companies understand that people are going to sign up for what they need now, and employees’ needs can often change. Maybe there is a new baby on the way so they want to increase their coverage, maybe they just realize that they are covering a lot of stuff that they don’t need. This leaves many companies and employees wondering when and how they can make additional changes to their policy.

The Standards

The standard is that each year there is one open enrollment period, and this is when people in a group insurance policy can make adjustments to their plan.. However, there are special cases that qualify your staff for a Special Enrollment Period or SEP.

automotive worker fixing a car as employee — *Any industry employee can opt into a SEP. It just depends on why.*

Group Health SEPs are available if your employee has a qualifying event. Here are the most common qualifying events:

Death
Marriage
Divorce
A new addition (child) to the family

The qualifying period starts when the event happens and only extends 60 days. Otherwise, it will not be considered eligible for a SEP. This means if someone gets married June 1st, they have 60 days from that date to change their coverage, after that they will have to wait until that year’s open enrollment period.

Other Qualifying Events

Another qualifying event is loss of health insurance. This could happen when someone is covered under their parent’s plan and ages out if they are covered under their spouses’ plan and they lose that plan, or several other reasons. If this happens your employee has 60 days from the date that their current insurance plan ends to get new coverage or change their coverage through you.

Employee writing on a white board with a blue pen — *Qualifying events are special circumstances that allow entrance to a SEP. These can be as simple as moving.*

A change in residence also gives entitles an employee to a SEP. These mid-year changes are:

Moving to a shelter
Transitioning as a seasonal worker
Going to a new location for school
Entering the US
Moving to a new home

In this instance, the employee must have health insurance before then to qualify. Also, a small move like an extended vacation or sabbatical does not allow for a SEP.

Additional circumstances that might qualify for a SEP:

Starting service in an organization like Service Year or Americorps
Leaving incarceration
Becoming a member of a First Nationer tribe
Becoming a US citizen

The last thing to keep in mind is if any of these qualifying factors do arise, employees will need to have the correct information to verify an SEP. They all require documentation, but those papers are easily found. For example, a birth certificate for a child is mandatory, this is a valid proof of documentation for the verification process.

business owner speaking with her employees about special enrollment periods — *Talk to your employees about these periods. It can be a confusing time, and they will appreciate both your knowledge and guidance.*

If you find yourself looking for a new, or first group health insurance plan, EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.

Is There Open Enrollment for Group Health Insurance?

Open enrollment is defined as a period of time when an employee join your group health plan or make changes to their existing policy. If you have a Group Health policy, which you should if your business employs over 50 workers, then any changes outside of a SEP will need to be made during this open enrollment period. Your employees need to be notified so that they do not miss this opportunity.

squares and finger pointing at them — *Open enrollment is the standard period for insurance changes. Do you know the exact dates?*

The unfortunate downside is that if the deadline is missed, then they must wait until next year. However, certain qualifying life events exempt an individual from this rule. You can learn more about that here. <link to SEP article>

For Employees

Open enrollment for the 2019 period will start Friday, November 1, and it will run until Sunday, December 15, 2019.

With your employment-based policy, your staff should receive reminders in the mail, but make sure to either talk to them one-on-one or send them an email yourself.

Health coverage is important, and taking the time to reach out will send a positive message to your employees. They will appreciate your knowledge, guidance, and interest in their well-being.

For Business Owners

You do not have an “open enrollment” period to make changes to your company’s group health policy. You can make changes whenever you’d like.

business owners in their company — *Knowledge is power! Keep in mind important dates when it comes to making policy changes.*

If you want to change your business’ policy, you can (usually) cancel your coverage at any time, but the insurance company prefers to be notified at least 30 days in advance. It would be courteous to let your employees know as well.

For these changes, it’s good to review the pros and cons of joining an HRA or switching to a different policy. Both are valid options, but the choice ultimately falls on what would be best for your company’s future.

Don’t worry about big insurance decisions; EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.

What Senate Bill 86 Means For Your Group Health Policy

Are you satisfied with your current group health policy? Whether you are or not, Senate Bill 86 is going to shake things up. As a business owner, you need to stay up to date with what new legislation will do for your bottom line. Our representatives in Washington are always working on something new.

senator looking at senate bill 86 on a clipboard — *Here are some great changes to look forward to! Get ready for new AHP rules.*

In this case, we have some great news. Besides the new HRA changes, small business owners will benefit greatly from this new Senate bill. It’s a change in group health insurance policies affecting Association Health Plans (AHPs).

What is an AHP?

An association health plan is a health insurance option requiring a group of employers to purchase. For small businesses, options for purchasing coverage can seem expensive and limiting. Most simply do not have the capital for group health insurance that the larger corporations do. However, with AHPs, small businesses, sole proprietors, and similar employers can form an association to purchase coverage together. As a group, the businesses have more capital to work with, providing a more attractive offer for insurance companies.

What Will Senate Bill 86 Do?

Senate Bill 86 is “an act to establish standards for Association Health Plans and multiple employer welfare arrangements.” Springboarding off similar previous legislation, the bill provides an easy way to group closely-related employers and give them access to AHPs.

The bill enhances AHPs, and small businesses of at least 50 employees are eligible to join. Because of changes by the Trump administration last June, this bill reduces the stringent requirements put in place with North Carolina’s AHPs specifically. However, there are still requirements for gaining one:

An AHP must be offered by a non-profit organization.
The non-profit must have been in business for two years beyond selling insurance.
500 employees are the minimum for a qualifying non-profit.

If you meet these requirements, you are eligible for joining with other businesses in your area. Enrollment will be on a case-by-case basis. Checking with specific associations in your area is your next step should you choose to enroll.

What Does This Mean For You?

government building at night with an orange moon — *With this bill set, what new legislation can the Senate give us to make group health easier?*

As a small business owner, you can use this legislation to acquire group health plans that before you did not have access to before. Besides access, this bill gives more security to the benefits you receive. There were rumors before of “junk” health plans or scams that preyed upon employers seeking coverage. Through this new legislation, not only does it save you money, but you also can look forward to coverage of:

Mental health care
Emergency care
Hospitalization
Maternity
Doctor visits
Prescription drugs
Maternity

If you think these are good policies, consider looking into AHPs in your area. This is a great time with the new Senate legislation.

EZ.Insure will help your business succeed. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-615-4893. EZ.Insure makes the entire process easy, and quick.

ATTN Small Business Owners: 6 Reasons You Should Give Your Employees Insurance

Not convinced small business coverage is worth it? Find out why we think it is.

1. It’s Cake.

As a business owner, your greatest currency is time. So the last thing you want is to waste that on looking for the right group plan.

When you hire an agent, you hire a full-time tour guide committed to navigating you through the selection process. With demographics, health concerns, and company size to consider, there are plenty of factors that must be included in your final decision. An agent can explain the nitty-gritty details of selecting a plan that fits your company’s needs, instead of you spending an unbelievable amount of time trying to digest the vast sea of information. Consider them

Cartoon of a man in a suit sitting on a chair with papers in his hand, with another hand in the picture giving paperwork to man sitting down. — *An agent can explain the nitty-gritty details of selecting a plan that fits your company’s needs, instead of you spending a large amount of time trying to figure it all out*

your “sparknotes” of insurance plans.

This connection is 1-to-1, because trust us – we hate spam calls as much as you do.

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2. Less Money (From You), Less Problems.

One of the biggest misconceptions about purchasing insurance is the hefty price tag that comes along with it. And that can be true, if you go about the process in the wrong way. So we’re here to dispel that myth.

Compared to individual health insurance, high costs of one insured person have a smaller effect in a larger pool – in other words, more people are paying to support the few who use the benefits of being covered to their full extent.

With comparison shopping, you avoid that. You are guaranteed to find the right plan at an affordable price. You can contribute nothing to a plan – and it will still be beneficial for your employees. No risk is necessary.

It is important to keep in mind that you are not only the owner of your company; you are the owner of the plan selection.

Checking out your options is a great place to start.

3. “I Want YOU To Buy Health Insurance!”

Little figurines of people passing money to each other from a pile down a line towrds a yellow piggy bank. — *You end up saving money by offering employees group insurance. Employer contributions are tax-deductible, employer payroll taxes are reduced by 7.65% of employee contributions, and more!*

If you still don’t believe in the affordability of group health coverage, consider this – it’s on Uncle Sam. Two words for you: Tax. Benefits.

Here are the tax savings you get by offering group health insurance:

Employer contributions are tax-deductible
Employer payroll taxes are reduced by 7.65% of employee contributions
Employer workers compensation premiums are reduced
No payroll taxes and workers compensation premiums on money used towards health benefits.

And here are the tax savings your employees get by receiving group health insurance:

When employees buy health insurance on their own, they have to use post-tax dollars to buy it. They make money, the government taxes that money, and then they take the remaining amount to buy what they need.
When employees buy health insurance through a group plan, they pay for the insurance with pre-tax dollars. That can save them up to 30 to 45% on their health insurance premiums.

4. Healthy Employees = Happy Employees

You might not be able to buy the Beatles’ love, but you can buy your employees’.

Studies show that small business health insurance plans increase employee loyalty and decrease turnover. There’s scientific proof that purchasing insurance for your employees can increase retention and aid in recruitment. Mic drop.

In all seriousness, health insurance is a big deal for both employees and job seekers. For some, it’s even the deciding

factor between job offers.

A group of employees standing in a circle with their hands on top of one another. Camera view is looking up at their palms. — *Healthy employees means less visits, less appointments, and less sick days. What this means is more productivity in the workplace.*

Providing health insurance, despite not being a large corporate powerhouse, shows how much you value your potential and current employees. Which – if you’re a good boss – is a lot.

5. And Happy Employees = Happy Boss

You can imagine that an employee with a burst appendix or an inflamed wisdom tooth might be a little distracted when calculating the day’s revenue. But only a little.

Employees who aren’t provided health insurance have an increased likelihood of avoiding doctor appointments or hospital visits. In short, they have an increased likelihood of being unhealthy.

Additionally, healthy employees means less visits, less appointments, and less sick days. If you focus on “saving money” at the cost of your employees’ health, we’re tellin’ ya, it’s just going to come back and bite you in the bottom.

Or your bottom line.

6. The Gift That Keeps on Giving

Cobra isn’t just a snake.

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a health insurance program that allows an eligible employee and his or her dependents the continued benefits of health insurance coverage in the case that employee loses his or her job or experiences a reduction of work hours.

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Group Health Insurance: The Plans, the Importance, and the Agent

What Types of Insurance are Available and Why They Are Important

You’re ready to take the next step into improving your business through group health insurance plans. You’ve got your employee’s benefits in mind, but also your company’s bottom line. Both are important. So, here are the different types of insurance plans available to your company, and how exactly they’ll help you out.

Fully-Insured Employer/ Large Employer Group

Why You Should Choose This: You’re wanting a solid plan that provides the most coverage. This is if you’re wanting major medical or health maintenance organization (HMO) coverage.
Business planning is all about finding what works for you, insurance or otherwise.

What It Offers: A traditional policy that is common, so more support or offers from agencies. You also party directly to the agency.

Requirements: Just the basic group insurance requirements: be a business of two or more people and enroll during the specified period.

Small Employer Group

Why You Should Choose This: You’re a smaller company or a group in a larger company seeking a cheaper option. Insurance agencies can more accurately predict risks in a smaller group.

What It Offers: Cheaper options with higher coverage and the same policy for each employer.

Requirements: Basic group insurance needs met.

Health Maintenance Organization (HMO)

Why You Should Choose This: You want to pay for specific health services via monthly premiums.

What It Offers: More control when it comes to enrolling for general services.

Requirements: A good knowledge of doctors and care facilities as you will have to stay within a network.

signing life insurance form — *Life, health, and any policy will require some old-fashioned form signing.*

Self-Funded

Why You Should Choose This: You wish your company to be in complete control of the payment for coverage.

What It Offers: More control as your company is the one taking the costs.

Requirements: Basic group requirements

Association Group

Why You Should Choose This: You are not an employer, but you still wish to offer group health insurance to a set of people.
What It Offers: The ability to get group health insurance for a non-business type.

Requirements: Basic group insurance needs met.

Level Funded Plans

Why You Should Choose This: You wish to pay a monthly premium instead of an annual one.

What It Offers: A graduated payment plan instead of a lump sum at one time.

Requirements: Census information will be taken of the group you wish to be insured in order to determine your monthly rate for coverage.

Preferred Provider Organization

Why You Should Choose This: You’re wanting something similar to the HMO plan earlier but with more flexibility.

What It Offers: More choices when it comes to doctors and facilities with the risk of being more expensive due to administrative costs and negotiated services.

Requirements: Basic requirements met.

High-Deductible Health Plan with Savings Option (HDHP/SO)

Why You Should Choose This: You don’t think your employees will use medical services, so you trade higher deductibles for lower monthly costs.

What It Offers: Cheaper options at the expense of your employees. However, this may be paired with a health savings account to counteract the higher out of pocket costs.

Requirements: Basic group insurance needs met.

hands pressed together after business meeting — *Let an insurance specialist help you succeed.*

Your Agent

With all of these to take into account, it can get overwhelming quickly. An insurance agent is specially prepared to navigate these waters and make sure you’re getting the exact plan to fit your needs.

Sometimes, not all employees will want or need this coverage. After you take stock of your company’s team and needs, look to a specialist for a guiding hand.

EZ.Insure offers you another helping hand. Your agent will answer any questions you have, compare the plans for you, and even sign you up, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-998-2027. EZ.Insure makes the entire process easy, simple, and quick.

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