Life Insurance:
September is Life Insurance Awareness month! We understand life insurance can be an uncomfortable topic, but do you fall into one of the categories below?
#1 – Those with no life insurance think it’s three times more expensive than it actually is.
#2 – Almost 1/3 of people aren’t buying life insurance or more of it because they don’t like thinking about death.
#3 – 38 percent haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
#4 – Four in ten insured husbands and wives have only group/employer sponsored life insurance coverage.
#5 – 85 percent of consumers agree that most people need life insurance, yet only 62 percent say they have it.
If so, we want to help. Contact us for a review of your current plan or to discuss implementing a plan that meets the needs of you and your family.
Employee Benefits News:
Offering benefits to employees is a great way to attract and retain the talented employees business owners desire. Those benefits, health insurance in particular, come with participation requirements as well as employer contribution requirements that can be stumbling blocks in establishing plans. If you are a business owner who is looking to establish group health coverage for your business, this fall may present an opportunity you want to explore!
Did you know, a little-known requirement under Affordable Care Act (ACA) regulations published February 27, 2013 requires health insurance issuers to offer an annual one-month special open enrollment period (from November 15 – December 15) to employers in the small group market who do not meet the employee minimum participation or employer minimum contribution requirements. The requirement is at 45 CFR 147.104 (Guaranteed availability of coverage). We would be happy to assist employers who are unable to meet these requirements but want to offer a group health plan for their employees. It is important to begin the process early so we can get all the necessary information to carriers before November 15th. Additionally, we have access to multiple carriers. If you are a business owner and already have a plan in place, we are happy to review the plan to make sure it is meeting the needs of your business and your employees at a competitive premium.
Individual Health Plans:
The ACA open enrollment is November 1st, through December 15th 2017 to begin a plan January 1, 2018. Open enrollment is the only time you can enroll in a health plan on the individual market without qualifying for “special” enrollment. As you may have recently seen in the news, several carriers have pulled out of the Virginia market or made substantial changes to the plans they offer. We understand this is a confusing time and a complex product, especially when your family is involved. If you have questions or concerns regardless of where you obtained your coverage, give us a call. We are here to help you navigate this process and find a plan that meets the needs of you and your family.