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.
The Affordable Care Act (ACA), enacted in March 2010, was created with the goal to make healthcare more affordable. All applicable large employers (ALEs) with 50 or more full time, or full time equivalent employees must offer ACA compliant benefits to at least 95% of their workforce, and their dependents.
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.
Open enrollment is the one period of the year where employees can sign up for health insurance or change a health insurance plan provided by the employer. Remember that this period also allows employees to disenroll in health insurance if they no longer wish to have coverage.
The only exception to enrolling, changing a health insurance service, or disenrolling is through a qualifying event. Qualifying events can vary depending on the state the employee resides in.
Physical activity doesn’t always mean an intense hour-long workout at the gym every day. While this form of exercise has great benefits, it’s not for everyone.
Navigating insurance policies can be challenging for anyone. There isn’t a way to predict the future, so how can you know what you will need? There are so many options available, how can you decide?
Voluntary benefits can help supplement insurance policies that may not cover all of your employees’ needs. There are many options when it comes to voluntary benefits with a few differences. What’s the difference between hospital indemnity policies and accident insurance? Here’s a breakdown.
The Affordable Care Act (ACA) was created in 2010. It was designed to ensure healthcare is affordable and available to more people. Under the ACA regulations, applicable large employers (ALE) are required to provide minimum essential coverage to 95% of their full-time or full-time equivalent employees (someone who works at least 30 hours per week). Companies who qualify as ALE have at least about 50 full time employees in a calendar year.
Voluntary benefits are referred to as employee-paid benefits or supplemental insurance. They are benefits offered by employers to their employees at no additional cost to the employer. The employees pay the full cost of the plan, but it’s made available to them through their employer.
SBMA’s Minimum Essential Coverage (MEC) Benefits plan provides expecting mothers the resources to screen for potential risk factors that impact the mother and baby. Some conditions or complications that arise during pregnancy are not easily recognizable, and may require screening and testing for a diagnosis.
Illness is never something you expect or plan to happen. It can come out of nowhere, and cause financial stress when you don’t have access to the right financial support. Even with a healthy lifestyle, you may need medical care sometime in your life. Be proactive about your health insurance, and make sure you’re covered before you get sick .Prepare, financial backup just in case to make sure you are covered.
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