How new short-term health plan rules could affect employees

Posted by Emily Kubis on Fri, Aug 24, 2018 @ 06:08

New rules could create more options for employees

New rules from the Trump administration will expand the reach of short-term insurance plans, which could result in additional options for consumers, including employees.

The new rules extend the duration of short-term health plans from three months to 364 days, and would also allow the plans to be renewed. These regulations make short-term plans more like other types of insurance.

While these plans are generally cheaper than other types of coverage, they do not cover as many services as traditional health plans, such as preventive care or prescriptions.

Still, many anticipate that consumers looking for lower-cost alternatives may forgo comprehensive coverage and elect these plans, especially as the individual mandate penalty no longer applies next year.

Why does this matter to employers? In a few circumstances, employees could choose these new options instead of workplace options. Here are a few scenarios where this could apply.

Read More

Tags: group plan, group benefits, small group market, offer health insurance, short term plan, short-term health plan, short-term health insurance, brokers

How financial advisors can advise clients on nontraditional coverage

Posted by Emily Kubis on Wed, Jun 20, 2018 @ 16:06

Three things to know

Have your clients asked for advice on health coverage? As healthcare costs continue to skyrocket and become cause for concern for Americans at every income level, more financial advisors are recognizing an opportunity to provide another level of service and advice.

When it comes to health coverage, there are numerous strategies your clients may consider. While most are probably covered under a traditional workplace plan, there are nontraditional options that might be a good fit for clients in different situations. For example, if you have clients who are self-employed or retiring before Medicare eligibility, they may need a different solution.

Even clients who have access to a traditional, comprehensive workplace plan may see less value in this type of coverage as premium costs rise into the hundreds and thousands of dollars per month.

Here are three types of nontraditional coverage your clients may consider. While advising on healthcare isn’t typically financial advisor’s area of expertise, having a working knowledge on these options will allow you to position your firm as providing comprehensive advice. Want to offer your clients personalized healthcare advice? Bernard Health provides a Healthcare Extension to financial practices across the country that allows advisors to provide insurance recommendations, enrollment assistance, medical bill auditing and more. Learn more.

Read More

Tags: Bernard Health, financial advisors, financial planner, healthcare extension, retirement, medicare costs, healthcare costs, short term plan, direct primary care

New rules limit short-term health plans

Posted by Emily Kubis on Fri, Jul 01, 2016 @ 09:07

Federal regulations restrict length of short-term policies

The Department of Health and Human Services has released new regulations restricting the sale of short-term plans.

Short-term medical coverage is an alternative to comprehensive health insurance. It is usually significantly cheaper than full coverage, but it also lacks many of the benefits found in permanent health plans.

The new rules limit the length of short-term policies from one year to less than three months, and consumers will not be allowed to renew the plans.

Read More

Tags: health insurance, short term plan, short-term health plan

3 ways to get health insurance if you missed the deadline

Posted by Ryan McCostlin on Thu, Apr 17, 2014 @ 05:04

Open enrollment has ended, but you still have health insurance options

Open enrollment has ended. Unless the Obama administration decides to extend it again, but that isn’t likely. As Jimmy Fallon said, it was a little bit like a Cinderella story the way the deadline was handled. 

Read More

Tags: open enrollment, deadline, short term plan, qualifying event

Email Subscription

employer healthcare freedom
employer healthcare freedom