A lot of small businesses are dropping their health insurance plans.
If you are among them, or if you are considering joining them, you need to think through the transition very carefully.
Here are a few questions you should ask:
1. What is our exit strategy?
2. How are you communicating the change, and the reasons for the change, to your employees?
3. How are you going to help employees transition to other coverage options?
4. Are you giving them enough time to find adequate coverage elsewhere? (How much time do they need?)
AC Forrest Insurance Group can help you answer all 4 questions and make the transition smoother for you and your employees. You probably brought in a pro to help set up your group health insurance plan – so we suggest brining in a pro to help you transition out of it with minimal disruption to everyone involved.
Here are 3 ways we can help you:
1. Provide options. Provide prices for popular individual plans for each employee, so they’ll have an idea of what their options will be and what they cost.
2. Determine subsidy eligibility. Help employees determine if they are eligible for subsidies from the government to help pay for premiums in the Obamacare marketplace.
3. Help with enrollment. We can help each employee select and enroll in the plan they choose.
Many employers who drop health insurance find that they can provide other benefits that their employees will use and appreciate at a much lower price. Doing so also helps lessen the negative feedback you might initially receive from employees. We can help you get prices and consider supplemental benefits.
Here are 4 supplemental benefits worth considering:
1. Dental insurance. Here’s an inexpensive benefit your employees will actually use at least twice a year.
2. Short- and long-term disability insurance. An important benefit that is much cheaper for a group than for an individual.
3. Accident and/or critical illness insurance. A great and practical way to supplement a high deductible health insurance plan.
4. Telemedicine plans. Give your employees 24/7 access to doctors in your state for consultations and basic prescriptions will save time and money (and aid productivity).
Show them you care
The decision to drop an employee health insurance plan can be disruptive and stressful for you and your employees. Providing your employees with access to a trusted professional to help them make the transition will show your employees that you care and want to help them make a smooth transition.
You can trust us with your employees. We will never be pushy or put pressure on anyone – our job is to help them understand their options and make the choices that are most sensible for each employee’s needs and situation.
If you want help with your transition out of group health insurance, or if you have questions about any of this, we invite you to contact us for a free consultation today.
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