COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. Under this Act, group health plans are required to provide temporary benefits and group health coverage to individuals who experience adverse events, such as job termination. In the United States, COBRA is a continuation of health coverage for workers for a certain period of time.
The No Surprises Act (NSA) The NSA went into effect January 2022. This new law addresses surprise medical billing and requires new disclosures for employers, third party administrators (TPAs), brokers, and all participants in the healthcare industry.
Open enrollment, the one period a year where employees can sign up or change health insurance, is still in progress. Open enrollment opens nationally on November 1st and ends January 15th. Some states like California, however, extend their open enrollment period to January 30th.
It’s not too late for brokers to partner with employers to offer benefits plans. Take advantage of this opportunity to encourage employers to offer your insurance as employers can easily change and upgrade their current plans during this time. Click here to find when open enrollment closes per state.
All businesses with over 50 full-time employees are required to offer health insurance or be penalized $3,860 per uninsured employee. Our Affordable Care Act (ACA) compliant MEC benefits calculator breaks down the cost of remaining incompliant vs. annual costs with MEC here. Offering Minimum Essential Coverage benefits saves over $180,000,000 annually.
As an insurance broker, it’s your job to act as an intermediary between an insurance company, such as our team at SBMA Benefits, and the companies offering benefits to their employers. The goal of most insurance brokers is to improve and increase employee engagement.
Attention brokers! Do you want to get higher commissions and better rates for your clients? Look no further! SBMA provides the most competitive rates for your minimum essential coverage. Our goal is to make you look like a rockstar for your clients while making more commission.
If 2020 has taught us anything, it’s to take extra care when it comes to our health and wellness. Voluntary benefits are essential to ensuring your clients’ employees remain covered in case of the worst. As we look forward to the 12 months, how can you plan for both your success and the success of your clients?