by Admin. | Feb 14, 2018 | Small Business Group Health
Small, Midsize Businesses Hold Key to Growth
By Thomas J. Donahue, President and CEO, U.S. Chamber of Commerce Sept 25 ,2017
Small, Midsize Businesses Hold Key to Growth The U.S. economy grew at a rate of 3% last quarter, the fastest pace in more than two years and a welcome sign of momentum following a sluggish recovery. What do we need to do to ensure this progress continues? For one thing, we need to listen to America’s small and midsize business leaders. These economic playmakers often get drowned out in our modern political discourse, but the U.S. Chamber of Commerce is working to make sure their voices are heard—because our country depends on them.
We’ll never kick our economy into high gear if we don’t understand the concerns and goals of the business leaders who are on the ground working to expand their companies every day. In debates over tax reform, health care, regulations, and more, input from these Americans holds the key to boosting the entire country. After all, two-thirds of new private sector jobs come from our 30 million small and midsize businesses. When we respond appropriately to their frustrations, we end up helping our workers and communities too.
The Chamber conducts surveys of small and midsize businesses every quarter, and we use the results to keep our government in tune with our economy. We also host events such as our recent National Small Business Summit in Washington, D.C., and our Small Business Series of events across the country. Our priority with these is t
o listen and then amplify what we hear.
In the case of our most recent surveys, about 60% of small business leaders in the second-quarter had a positive outlook for their companies and the environment in which they operate. Our third-quarter survey of midmarket business owners, released last week, was slightly less encouraging. These leaders are still optimistic, yet their outlook had dimmed from the previous quarter, partly due to a lack of progress on policy reform in Washington.
These business leaders are eager to hold government accountable. At our recent Small Business Summit, for example, we gave attendees the opportunity to engage directly with members of Congress—and the response was overwhelming. About 200 business owners stormed Capitol Hill to talk tax reform and other issues.
With the third-quarter ending this Saturday, we’ll soon get another official reading on America’s economic performance. The Chamber hopes to see continued momentum with another strong quarter. But regardless of the result, it is clear that small and midsize businesses are ready for real action on vital issues like tax reform and infrastructure. Government leaders would do well to listen up—and get moving.
Contact Us Now Learn how our Agency is helping buinsesses thrive in today’s economy. Please contact us at info@medicalsolutionscorp.com or (855)667-4621.
Learn how SMB are accelerating growth using our PEO Partnerships exclusives:
PEO: Co-Employment
by Admin. | Jan 29, 2018 | Hospitals, NY News, Obamacare
$700 Million for Struggling Brooklyn Hospitals
Gov. Andrew Cuomo announced Wednesday that One Brooklyn Health — a conglomeration of Interfaith Medical Center, Kingsbrook Jewish Medical Center and Brookdale Medical Center — will receive a substantial share of the $700 million that the administration has held for more than two years with the promise that it would one day be used to transform health care in central Brooklyn.
Why it matters:
Brookdale alone has cost $100-$150M annually. The state spends $250 million a year keeping the lights on in these hospitals. That’s tax money that could be spent on anything else if the state can somehow figure out how to make these three hospitals more financially sound.
With state and federal reforms they are exposed. Adapting to a reimbursement landscape in which payment is increasingly linked to performance has become a fail. Ironically, the very reason for this fail is that the State links performance with Medicaid funding.
In other words if you are a hospital already in need of a lifeline Medicaid was paying you ‘X,’ now the managed Medicaid people come and say we are going to pay you $2000 less per discharge. The new reimbursement shift to pay per performance vs a fee for service reimbursements consistent with Obamacare. Its designed to reward value over volume with financial incentives to keep patients healthy through preventive care and early disease detection rather than running up expenditures.
The downward spiral continues as Medicaid Patients are likely to select a more prestigious hospital whenever possible. See how your Hospital ranks here. 40 percent of Brookdale Hospital patients indicating that they would definitely recommend the hospital. Wyckoff Heights and Interfaith also scored poorly – less than 50 percent of their patients reported that ‘they would definitely recommend the hospital. Sadly, with such low scores a State spending strategy alone has not solved the problem in the past nor likely in the future.
by Admin. | Jan 22, 2018 | Health Care Reform, Obamacare, Tax
Cadillac Tax Delayed Two Years
We received the following communique from the Council of Insurance Agents & Brokers (CIAB) a delay in the Cadillac Tax for two years as a result of the passage earlier today in the US Senate of the continuing resolution (CR) to fund government until February 8th.
Implementation of the Cadillac Tax on health insurance plans will be delayed by two years, from 2020 to 2022, as part of a deal reached in Congress today to fund the government through February 8.
Repealing the Cadillac Tax is a top legislative priority for The Council and we’re pleased to see the two year delay included in this agreement. The agreement will also delay the medical device tax for two years and the health insurance tax for one year.
The Cadillac Tax imposes an annual 40 percent excise tax on plans with annual premiums exceeding $10,800 for individuals or $29,500 for a family. The Council strongly advocates for legislation that exclusively repeals the Cadillac Tax as championed by Senators Dean Heller (R-NV) and Martin Heinrich (D-NM), and Representatives Mike Kelly (R-PA) and Joe Courtney (D-CT).
The major hurdle to the effort continues to be the $87 billion cost associated with the bill, a figure with which The Council and our allies take issue. We will continue to work with our Congressional allies to see a full repeal of the tax.
Contact Us Now Learn how our Agency is helping buinsesses thrive in today’s economy. Please contact us at info@medicalsolutionscorp.com or (855)667-4621.
by Admin. | Jan 21, 2018 | Uncategorized
2018 Compliance Calendar
2018 Important Dates
2018 Compliance Calendar. The following are important compliance due dates and reminders for 2018. The laws and due dates apply based on the number of employees, whether or not someone does business with the federal government, and on benefits offered. Other state-by-state laws may also apply.
| Date |
Compliance Issue |
Employer Action |
| 1/1/2018 |
Social Security Taxable Limit Increases |
The maximum amount of earnings subject to the Social Security tax (taxable maximum) has been increased for 2018 from $127,200 to $128,400.
|
| 1/31/2018 |
Forms W-2 and 1099 due |
Employers must provide all employees copies of Form W-2 reporting earnings and taxes for 2017 by January 31, 2018. When applicable, employers must provide Forms 1099 to contractors who earned more than $600 in business-related payments in 2017.
|
| 2/1/2018 |
Post OSHA Form 300A |
Employers with more than 10 employees who are not in exempted low-risk industries must post Form 300A, the annual summary of job-related injuries and illnesses, in a workplace common area from February 1 through April 30, 2018. If there were no recordable injuries or illnesses, applicable companies must still post the form with zeroes on the appropriate lines. |
| 2/28/2018 or 4/2/2018 |
ACA Forms 1094 and 1095 |
Applicable Large Employers must submit Forms 1094 and 1095 to the IRS by February 28, 2018 if submitting paper forms or April 2, 2018 if submitting electronically. |
| 3/2/2018 |
1095-C/B Form |
The IRS recently announced they were extending the ACA reporting requirement deadlines for Forms 1095 C/B to employees for all Applicable Large Employers (ALEs) and anyone offering a self-funded plan from Jan. 31 to March 2, 2018. No further extensions will be permitted beyond this revised deadline. |
3/31/2018
(extended from 9/30/2017 |
EEO-1 Report |
Organizations with 100+ employees and organizations with federal government contracts of $50,000 or more and 50+ employees are to submit the 2018 EEO-1 report by March 31, 2018. |
| 04/30/18 |
Form 941 |
Deadline to file Form 941, employer’s quarterly tax return. Subsequent quarter deadlines are 7/31/2018, and 10/31/2018. |
4/30/2018
(if on a calendar plan year) |
Summary Plan Description (SPD) |
Employers who offer a health insurance plan must provide SPD’s to all participants within 120 days after a new plan is adopted. SPDs must also be provided to new participants no later than 90 days after the person first becomes covered under the plan. |
| 7/1/2018 |
OSHA Form 300 A Accident Summary Posting |
Employers with at least 250 employees (including part-time, seasonal, or temporary workers) in industries covered by the recordkeeping regulation must submit information from their 2017 Form 300A by July 1, 2018. Employers with at least 20 employees but fewer than 250 in certain identified high-hazard industries must submit information from their 2017 Form, 300, and 301 by July 1, 2018. |
| 7/31/2018 |
PCORI Fee Due |
July 31, 2018 is the annual deadline for payment of the Patient Centered Outcomes Research Institute fee (PCORI fee). The amount of the PCORI fee is equal to the average number of lives covered during the policy year or plan year multiplied by the applicable dollar amount for the year. |
| 7/31/2018 (if on a calendar plan year) |
Form 5500 |
Group plans with 100 or more participants must file Form 5500 annually, by the last day of the 7th month following the end of the plan year. Outside of a few exceptions, all group health and retirement plans subject to ERISA are required to file a form 5500 when they have 100+ participants. If an extension is obtained forms are due by October, 15, 2018. |
| 9/30/2018 |
VETS-4212 Report |
Government contractors must submit a VETS-4212 Report no later than September 30. |
| 10/15/2018 |
Medicare Part D Notice |
Employers are to provide notice to all Part D eligible individuals, or those about to become eligible, prior to October 15 of each year who is covered by an employer health plan with outpatient prescription drug coverage, regardless of whether the employer coverage is primary or secondary to Medicare. The notice must be provided to all Part D eligible individuals, whether covered as active employees, retirees, COBRA recipients, disabled individuals, or as dependents. Plan participants are Part D eligible if they are 65 or more years old, three months before turning age 65, and/or if they are disabled.
Note: If you provided participants with the all-in-one Employee Notification service provided by HR Service, Inc. this notice was included. |
| 12/31/2018(if on a calendar plan year) |
125 Premium Only Plans (POP) & Flexible Spending Account (FSA) non-discrimination testing |
Employers who offer either a 125 POP or Flexible Spending Account must conduct Nondiscrimination testing as of the last day of their plan year to ensure that benefits are available to all eligible employees under the same terms. A good practice is to test the plan after open enrollment is complete and again at the end of the plan year. Early testing allows for modifications in plan design should discrimination testing result in a fail.
|
| 12/31/2018 |
HIPAA Certification Part 2 |
Health plans must certify that its data and information systems are in compliance with applicable standards and operating rules for:
- health claims or equivalent encounter information
- enrollment and disenrollment in a health plan
- health plan premium payments
- referral certification and authorization
- health claims attachments
|
Note: The information and materials herein are provided for general information purposes only and have been taken from sources believed to be reliable, but there is no guarantee as to its accuracy.
Contact Us Now Learn how our Agency is helping buinsesses thrive in today’s economy. Please contact us at info@medicalsolutionscorp.com or (855)667-4621.
by Admin. | Jan 9, 2018 | Millennium Medical Solutions Corp, Small Business Group Health
Top 10 Questions to Ask Your Benefits Broker
Benefits Broker Checklist
Are you asking the right questions? Yes, your Broker was referreered by family or friend. You may have met him at golf outing or an event. With rapidly changing laws and markets it maybe a good idea to refer back to this checklist.
To ensure that your broker is the right fit for your company, ask prospective brokers these 10 questions:
- What is their method for controlling healthcare costs? The ideal broker will give his or her professional advice to your management and HR teams in order to create a strategy that will work for years. Using data analytics and benchmarking they will be able to show you where your premium falls in comparison to companies similar to yours. Additionally, they will negotiate with carriers to get you the best rate and suggest alternative options for funding your benefits.
- What services should I expect? It is important to understand the scope of services that your benefits broker can provide. First, you need to determine what is most important to your company’s needs, then you can discuss what services you will need from your broker in order to have a well-run benefits plan.
- Do they have solid references and industry experience? A reliable benefits broker will be able to provide you with references in similar industries and demographics to yours. This guarantees your benefits broker is focused on the specific types of products your employees need.
- How will they support your company and your employees? Providing ongoing employee support for benefits-related issues and questions beyond enrollment is important. The best brokers are the ones who are invested in your employees and want them to completely understand their benefit options. You will want to hire a benefits broker who will host informational sessions and schedule employee meetings in order to meet this goal.
- What kind of online enrollment and other tools do they offer? Model brokers offer a fully-integrated solution shaped to fit your needs. These brokers will ensure that the technology is equipped to solve your problems. Many brokers offer enterprise class HRMS and Open Enrollment solutions.
- How do they plan on handling the renewal process? Typically, the renewal process starts a minimum of 45 to 60 days prior to the renewal date. However, you want a broker who will be proactively working on your plan year-round. This gives both parties involved plenty of time to review the data, gather competitive quotes, and make the right decision. Your broker should negotiate your renewal rate each year and be able to suggest products that would be appealing to your employees.
- How do they ensure that their clients are kept in compliance, and what resources do they offer? A good broker takes compliance to the next level. They will supply you with all of the tools and information you need in order to make informed decisions. In addition to communicating compliance information and providing technology to manage compliance issues, their services should include a dedicated contact, representative, or call center that you can use for questions or concerns.
- How much support will they offer your HR department? The ideal broker will act as a trusted partner who works strategically with HR, supplying the vital tools for success. Tools such as online enrollment, HRIS software, and human resource outsourcing services. You want your broker to be a total solution provider for your organization.
- Will you have a dedicated account manager? As an employer, you want your broker to be accessible in case you ever need them. A dedicated account manager is someone who will always be available to help you if you have a question about your plan or are having trouble making a claim. This contact can help you resolve any issues and answer questions.
- How will they determine the best coverage for you? Your employees’ insurance and benefit needs will change over time due to both internal and external causes and changes, so your benefits broker should not only demonstrate the experience to create initial packages, but continue to monitor employee and business needs based on the financial information you provide.
Insurance and benefits offerings are the second largest employee expense outside of payroll. And who is responsible for it all? Your benefits broker. Insurance programs can directly impact employee turnover, retention numbers, workplace productivity, job offer acceptance rates, and candidate quality. With the ability to affect your organization at a very large scale, it is important to have a broker who outperforms the rest. Analyzing these ten critical questions in relation to your organization’s needs will help you make a more informed decision about your benefits broker. If your broker is incapable of answering these questions then odds are you should reconsider.
Contact Us Now Learn how our Agency is helping buinsesses thrive in today’s economy.Please contact our payroll and reimbursement team on your HR/Payroll/Compliance needs at Millennium Medical Solutions Corp at info@medicalsolutionscorp.com or (855)667-4621 for immediate answers.
by Admin. | Dec 26, 2017 | Wellness
4 New Years Resolution Tips
(Courtesy Cleveland Clinic)
Starting the New Year can be a perfect opportunity to change something about your life or behavior or do something you have always wanted to do. 4 New Years Resolution Tips. Here are a few examples of popular health related resolutions:
- Lose weight
- Get fit
- Eat more healthily
- Start a new sport
- Run a marathon
Many people start strong in January, but by the time summer comes around resolutions are often long forgotten. Here are four tips to help you set and stay on track with your goals in the year ahead.
1. Choose your goals wisely
Your chances of success are much greater if you channel all of your energy into changing just one thing. Your resolution should be something reasonably achievable but also not a quick or easy fix. For example, rather than aiming to cut out all refined sugar in your diet, try cutting back gradually, or find healthier alternatives to your favorite snacks. Avoid setting any overly ambitious goals as this will just discourage you and may encourage unhealthy practices. If you are taking up a new sport, sudden over-exertion can cause discomfort and lead to excessive muscle ache in the following days, which could cause you to give up all together. Try to build up slowly and work on making your new regime a sustainable lifestyle change.
2. Tell people or find a buddy
Telling your family and friends about your goal means you are more likely to get support and want to avoid failure. You may find that someone else has the same resolution as you – this can keep you motivated and you can resolve to take the first steps of your lifestyle changes together, such as joining a group exercise class. You are more likely to push on through the more difficult days when you have a supporting partner.
3. Have a plan and track your progress
Break your end goal into a series of steps; focus on creating sub-goals that are measurable and time based. If you are taking up a new sport, start small and build up at regular intervals. If you are jogging, challenge yourself to run five minutes longer each week until you reach your distance goal. Once you have accomplished this, you can work on improving your timing, or even set a new, bigger distance goal. This can also help you monitor your progress and give you a periodic sense of accomplishment, which can give you the motivation to work towards your next milestone.
4. Don’t get disheartened, remind yourself of the benefits
Remember, setbacks are inevitable. Don’t be too hard on yourself and give yourself enough time to recover from momentary setbacks before working towards your next milestone. If you are trying to shed some weight for example, try to weigh yourself no more than once a week. If you have lapsed from your healthy diet or skipped a gym class, you may think the increase on the scales the next day is a direct result of that. However, it’s normal for weight to fluctuate on a daily basis for reasons beyond lifestyle. By limiting how often you check your progress, you can get a more accurate view of how effective your new, healthier lifestyle is progressing.
If your progress is slow, and you are feeling demotivated, it may help to remind yourself of the benefits associated with achieving your goals. Try creating a checklist of how life will be better once you obtain your aim.
HAPPY 2018! Wishing everyne good health and prosperity for the year to come.
by Admin. | Dec 21, 2017 | NY News, Small Business Group Health
Empire Strikes Back – 2018 Plans
Empire Blue Cross Blue Shield recently announced their re-entry back into the New York small group market for 2017. A legendary broad networked PPO is welcome news especially in the NY small group market of 1-100 employees. Recently, the broad national networks have diminished to only 2 national health insurers, Aetna and Oxford. As a result of Empire Blue Cross participation in the BlueCard PPO program members enjoy unparalleled national access network to 96% of hospitals and 93% of doctors across the country. This national program will be on 18 of 28 plans below.
3 distinct networks:
PPO Network Savings
- PPO/EPO Network – traditional non-gatekeeper large network of approximately 85,384 physicians, 160 facilities and the BlueCard PPO
- Blue Priority Network – hybrid of broad PPO/EPO 160 facilities and similar Pathway’s 65,796 physicians network.
- Pathway Network – HMO value based narrower gatekeeper referral network of 109 facilities and 60,535 physicians. Limited to 28 NYS Counties.
Additional Features:
- Telemedicine will be available on all products
- Vision – Limited adult vision will be available on all products at no additional cost.
- Pharmacy – All plans use their large BCBS formulary Except the HMOs, and the Silver and Bronze Blue Priority Plans. They will be utilizing what they call the Select Formulary.
- Clinical Programs – health coaching/advocacy, disease management, behavioral health, maternity and Gaps in Care
- Online Resources – wellness coaching, discounts, health assessments and The Weight Center.
- Healthy Support – Wellness program offers easy ways to earn up to $900 per member, per year. Gym Reimbursement $400 single/$600 couple, $100 Wellness + Flu Shot, Online Wellness toolkit, up to $150 and $50 Tobacco-free certification online.
DOCTOR SEARCH: Click Here
BENEFITS SUMMARY: Empire Blue Cross 2018 Top Plans 
Small Group Rates: 2018 EMPIRE BLUE CROSS Plan Grid
Drug Formulary: Click Here
Blue Priority FAQ: Click Here
Pathway FAQ: Click Here
Ask us about Empire’s flexible low participation voluntary group dental, vision, disability and life insurance plans. Stay proactive and contact us today for a customized consult on how your organization can prepare ahead for ACA, Benefits, Payroll and HR @ (855) 667-4621 or info@medicalsolutionscorp.com.
Contact Us Now Learn how our Agency is helping buinsesses thrive in today’s economy. Please contact us at
info@medicalsolutionscorp.com or (855)667-4621.
by Admin. | Dec 20, 2017 | Health Care Reform, Individual Exchanges, individual health insurance, Obamacare, Tax
Tax Reform Bill Includes Repeal of Individual Mandate Beginning in 2019
On Dec. 20, Congress passed the Tax Cuts and Jobs Act, which makes significant changes to individual and corporate provisions of the U.S. tax code, including a reduction in the corporate tax rate to 21%, down from 35%, beginning in 2018. The bill includes permanent effective repeal of the Affordable Care Act (ACA) individual mandate, requiring individuals to purchase and maintain health coverage, by zeroing out the penalty beginning in 2019. For 2018, most individuals are still required to maintain coverage or pay a penalty when they file their 2018 federal income tax return.
The bill was negotiated by a conference committee comprised of representatives from both the Senate and House after each chamber passed their own versions of tax reform. The final bill was passed 51-48 by the Senate and 224-201 by the House before being sent to the President. President Trump is expected to sign the bill into law soon.
The bill also changes how certain tax thresholds will be indexed for inflation. Affected provisions, including the ACA “Cadillac” Tax (scheduled to take effect in 2020), will now be indexed to the Chained Consumer Price Index (CPI) instead of the regular CPI (the previous metric). That change makes it likely that more employer-sponsored plans would trigger the Cadillac tax sooner.
We will keep our clients advised of timely developments of the Tax Cuts and Jobs Act as it relates to employee beneifts. For now, though, it appears that the biggest impactsthe next couple years are likely to be with respect to the individual mandate repeal and the Cadillac Tax changes.
RESOURCE
by Admin. | Nov 9, 2017 | family health insurance, Health Care Reform, Health Exchanges, individual health insurance
2018 Individual Marketplace Guidance
Health and Human Services had released earlier this year the final version of its 2018 Individual Marketplace Guidance. Under the Affordable Care Act (ACA) this is issued annually. While the guidance is mostly related to the individual marketplace it does, however, include several items relevant to employers and group health plans.
Example:
- Annual limits for cost sharing (out-of-pocket limits)
- Marketplace eligibility notifications to employers
- Marketplace annual open enrollment period
- Small Business Health Options (SHOP) Exchange
Nov 2017 – How to Select a Broker on NYS of Health marketplace. 
Nov 2017- 2018 Individual Marketplace Guidance.
Nov 2017- Indiviudal Enrollement on Oscar or UnitedHealthcare Essential Plan.
Nov 2017 – Emnployer Reporting 2017 Updated 1094 & 1095 Now Available
On Exchange Maximum Household Income for Subsidy
Your decision on which will depend on your Household Income and the number of people in your household applying for coverage. In the chart below, if your HOUSEHOLD income (include all members or your tax household regardless of if they are applying for coverage or not) is below the limit shown based on the number in your household applying for coverage, then it is better for you to apply via your state marketplace such as the NY State of Health.
| # of Household Members Applying for Coverage |
Maximum Household Income for Subsidy |
| 1 |
$48,240 |
| 2 |
$64,960 |
| 3 |
$81,680 |
| 4 |
$98,400 |
| Each Add’l. Household Member |
$16,720 |
MEDICAID EXPANSION: For those with incomes less than 200% of the Federal Poverty level you should also enroll via NYSOH as you might qualify for the United Healthcare Essential Plan.
ENROLLING ON NY STATE OF HEALTH
Alternatively, If you earn too much to qualify for a subsidy we will enroll you OFF EXCHANGE. The application forms can be found using the Oscar link above. Download the FULL ENROLLMENT KIT and complete the necessary forms to send to us for processing.
2018 NY State of Health Open Enrollment Runs from 11/1/17 – 1/31/18. Special enrollment period runs throughout the rest of the year for qualifying events.
ANNUAL LIMITS FOR COST SHARING:
The annual out of pocket limits for plan years beginning on or after January 1, 2018 are $7,350 for individual coverage and $14,700 for family coverage. These cost sharing limits apply to in-network essential health benefits offered under non-grandfathered health plans, both fully and self-insured. Annual deductibles, in-network co-insurance and other types of in-network cost sharing accumulate toward the out-of-pocket limit, including prescription drug copayments. Not included are premium payments, out-of-network cost sharing and spending on non-essential health benefits.
MARKETPLACE ELIGIBILITY NOTIFICATIONS TO EMPLOYERS:
Beginning in 2017, the Marketplace will notify an employer as soon as possible when one of its employee’s first enrolls in subsidized Marketplace coverage. Since some employers may be liable for a penalty under the ACA’s employer mandate when an employee qualifies for a subsidized Marketplace coverage, this change to a more proactive notification process will hopefully provide employers with the opportunity to work with CMS in cases where an improper subsidy has been provided.
MARKETPLACE ANNUAL OPEN ENROLLMENT PERIOD:
Open Enrollment in the Health Insurance Marketplace, Healthcare.gov, for 2018 will take place from November 1, 2017 through January 31, 2018.
SMALL BUSINESS HEALTH OPTIONS (SHOP) EXCHANGE:
Beginning in 2017, small employers electing coverage in the SHOP Exchange will have the option of “vertical choice,” offering plans across all metal levels (platinum, gold, silver and bronze) from one insurer. States who opt out of the vertical choice option will continue to offer employers the choice of selecting health plans that are available at one single metal level of coverage.
Stay proactive and contact us today for a custmozied consult on how your organization can prepare ahead for ACA, Benefits, Payroll and HR @ (855) 667-4621 or info@medicalsolutionscorp.com.
by Admin. | Oct 30, 2017 | family health insurance, Health Care Reform, Individual Exchanges, individual health insurance, Obamacare
6 Changes to 2018 Individual Health Insurance Open Enrollment Period
HealthCare.com Offers Insight on 6 Changes to 2018 Individual Health Insurance Open Enrollment Period. The health insurance Open Enrollment Period for 2018 opens Nov 1st and now lasts only 45 days. HealthCare.com provides insight on the abbreviated timeline and other notable changes to watch out for.
HHS released final 2018 Notice of Benefit. Contact us today at (855) 667-4621 or info@medicalsolutionscorp.com.
6 Changes to 2018 Individual Health Insurance Open Enrollment Period
MIAMI and NEW YORK, Oct. 27, 2017 /PRNewswire/ — Despite efforts from the federal government to reform the Affordable Care Act, the 2018 health insurance Open Enrollment Period – the time when Americans can change Obamacare health insurance plans or a join a new plan for the upcoming year – will still begin on November 1, 2017. But this has left most Americans confused about how this year’s open enrollment differs from the previous three.
Unlike previous Open Enrollment Periods, which each occurred over a 90-day window, this year’s open enrollment will last just 45 days – starting on November 1 and lasting until December 15. The shortened timeframe means Americans will have less time to make decisions about their healthcare. While some U.S. states have extended the enrollment periodfor their individual state exchanges (notably, California and New York), most states will follow the condensed 45-day enrollment window.
There are several major changes to the open enrollment process in addition to the condensed 45-day enrollment window. It’s likely that many consumers will be caught off-guard, as these changes to open enrollment have not been well publicized. HealthCare.com cofounder and CEO, Howard Yeh, explains how these open enrollment changes may affect consumers and the coverage options available to them.
1. Changes to Re-Enrollment:
“In previous enrollment periods, people were provided with several government notices to compare their current plan with other healthcare plans on the Marketplace. This year, it’s unclear whether consumers will be provided those notices. That’s why it’s important to shop around for a different health insurance plan during open enrollment. If consumers don’t compare their plan options, they run the risk of being re-enrolled in the same plan. This is the case even after the enrollment period has already passed. If their current plan’s monthly premium is set to increase, they may get stuck with a plan that doesn’t fit their needs, or is otherwise unaffordable.”
2. The End of Subsidies Towards Cost-Sharing Reductions:
“The Trump administration has decided to stop financing cost-sharing reduction (CSR) subsidies to insurance companies. Most insurers predicted this in fact. The prices for Silver plans (the only plans for which these cost-sharing reductions were made available). This means higher insurance premiums and out-of-pocket costs for some. This also means, though, that people in some areas of the country may encounter Gold and Platinum plans that cost just as much or even less than Silver plans.”
3. Fewer Insurers, Fewer Options:
“Several insurers have filled in the gaps left by the exit of major insurance companies like Aetna and Anthem from the Marketplace. While this ensures that consumers across the country have healthcare options available to them. In reality, the options are significantly slimmer than those in previous years. In many areas of the country, only one ACA health plan option will be available to consumers. Most plans are costlier that may be prohibitive for many.”
4. Higher Costs Overall:
“Costs for ACA plans overall will be higher compared to previous years – with insurers charging, on average, 20% more on premiums. These costs have outpaced income growth. Leading to a unique affordability gap – where people make too much to qualify for Obamacare tax credits, but make too little to actually afford a Bronze plan. Under the law, those unable to afford a Bronze plan are exempt from paying the penalty for not having health insurance, “Marketplace affordability exemption”). This year, we expect more than 1.5 million people to qualify for that exemption – a significant increase from the 600,000 two years ago.”
5. Less Government Assistance:
“The federal government has also slashed funding for different initiatives intended to encourage and support people enrolling in Marketplace coverage. Notably, there will be less help available from ‘navigators’ and government spending on Obamacare outreach and advertising is now virtually nonexistent. This means it’s up to consumers to actively seek out help when signing up – and it’s up to nonprofit organizations and private companies to step up and make sure consumers get the information they need.”
6. Decrease in Participation Due to Rise of Alternatives to Traditional Health Insurance:
“Motivated by increasing costs and limited options, more consumers are moving towards alternatives to ACA health insurance. Relatively unknown healthcare options, like association plans and faith-based healthcare, are becoming more popular. And people may start using short-term health insurance plans – which typically serve as temporary coverage solutions. They may reult in full-time replacements to traditional coverage, especially due to the President’s executive order. The short term plans may now last up to a year (compared to the previous limit of three months).”
Approximately 20 million people will shop for health insurance during this Open Enrollment Period. HealthCare.gov a top destination for consumers looking to shop around for the best-priced plan on Marketplace health insuranc. Additonaly, alternatives to ACA coverage (like short-term health insurance plans) are included.
RELATED LINKS: For important updates throughout open enrollment, follow us medicalsolutionscorp.com on Facebook, Twitter, or visit our call us 855-667-4621 for more customized information.
