The Affordable Care Act has dealt many blows to consumers over the recent years. Get ready because things are about to get a whole lot tougher. Major carriers like United Healthcare, Aetna and Humana are all pulling out of individual health insurance plans for 2017. Plans that people have bought since the start of ACA will not be renewing, which means millions of consumers will be stuck shopping for new plans. Unfortunately, the choices will be very limited with the big guys’ leaving. Carriers like Humana have even started to extinguish older pre-ACA plans.
The reason is simple, insurance companies are losing money on this once profitable block of business. Since the major carriers are publicly traded the shareholders will not tolerate multiple years of losses. So it is an easy call for them to just exit and concentrate on the profitable part of their business. Today that profitable part is their commercial group business. Luckily for consumers with jobs, there may be a viable solution going forward. It all depends if their employers decide to offer group coverage or not.
Under the law, larger companies with more than 50 full-time equivalent employees must buy group coverage or they’ll pay a fine equal to $2000 a participant. So chances are the employee of larger companies have a solution. Smaller employers with less than 50 full-time equivalents don’t have to offer coverage. It is simply a matter of choice. Since today’s environment has become difficult for people to buy their own individual policy, the small group health plan will be a consumer’s best choice for 2017.
Here is a list of reasons why it is so attractive:
- Multiple PPO and HMO provider networks to choose from
- Customization of plan designs from a broad product offering
- Tax deductible to the business
- Employees portion is deducted prior to federal and payroll taxes being withheld
- Simply to apply for and maintain from year to year
- Creates value for business owners wanting to attract and retain quality personnel
- Easily package with other benefits like dental, vision & life
There is no doubt that small and large businesses should be offerings commercial health insurance in today’s landscape. Any employer that wants to build a valuable business that can grow knows they need quality personnel they can count on. The cost to rehire and train good workers far exceeds the cost of monthly insurance premiums.
Make the investment today. To explore group health plans in your area please submit your companies quote request.
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