Health care reform has created much uncertainty for employers. Do you know if you are in compliance with the current requirements of the law and are you prepared for 2014? Do you know the financial impact of reform on your bottom line? Do you know the tax impacts? Join us for one of these free seminars where the…
Category: Group Health Insurance
The Colorado Consumer Health Initiative (CCHI) analyzed plans filed by insurance carriers to be sold in the Connect for Health Colorado exchange, and released sample rates for 2014. The following examples are estimated rates for silver level plans. Silver level policies are designed to cover 70% of all health care costs for the average person….
As far as health insurance is concerned, a large group employer is defined as more than 50 full-time equivalent employees (FTEs). As for how to determine if you have 50 or more FTEs, check out this post. Large businesses will have 3 basic health care options come 2014: Offer employees a fully insured or ASO…
How to calculate average number of employees per month for health care mandate
If a business is considered “small,” it is not required to offer a health care plan. For large companies of more than 50 full time equivalent employees (FTE’s), offering coverage is mandated to avoid paying steep penalties. A full time worker is defined as someone who works more than 30 hours per week. However, part-time…
Small businesses with less than 50 employees will have the choice to purchase health insurance plans for their employees either in the traditional setting (outside of the exchange), or inside their own exchange called the SHOP (Small Business Health Options Program,) which is separate from the individual exchange. Please note that Sage Benefit Advisors will…
Here’s what you need to know about Health Savings Accounts (HSA) for 2014: HDHP Minimum Deductible Amount Individual $1,250 Family $2,500 HDHP Maximum Out-of-Pocket Amount Individual …
What health insurance companies are going to be on the Colorado health insurance exchange?
The Colorado Health Insurance Exchange recently announced which carriers have submitted plans to the Division of Insurance (DOI) for approval, and would likely take part in the online insurance exchange. This list includes insurance companies that will offer both individual and/or small group health plans: All Savers Insurance Company (Individual) Anthem (HMO Colorado and Rocky…
Essential Health Benefits are basically what the Affordable Care Act says must be covered with no lifetime maximums, on every fully insured small group and individual health insurance policy starting January 1st, 2014 (or on the first day of the plan year following January 1st, 2014): • Ambulatory patient services • Emergency services • Hospitalization…
Employer Penalties under the ACA in 2014
Employers, you need to be aware of the penalties that will be imposed come 2014 if you are not compliant with health care reform law. Check out this flow chart created by The Kaiser Family Foundation to see how you may or may not be impacted. Employer Penalties Flow Chart Not sure how…
While most of us can understand the basic meanings of our health insurance terminology such as deductibles, co-pays, co-insurance, etc., there is a whole new language being spoken within Health Care Reform. Wondering what in the world an EHB or QHP is? This list should help. ACA – Affordable Care Act, fully known as…