Large Group Solutions
Braden Benefit Strategies, Inc. is a group health insurance agency and consulting firm dedicated to employers of 20 to 300 employees, who typically do not have the luxury to afford a high end benefits consulting firm. In the following explanation and strategy, while the concepts are applicable to all large employee organizations, our focus is on companies up to 300 employees.
A large company is now defined as an organization with 50+ full-time equivalent employees until 1/1/2016, when a large employer will be redefined as 100+ full-time equivalent employees. As of 1/1/2016, guarantee issue will also apply to large groups. This is a requirement that health plans must permit you to enroll regardless of health status, age, gender, or other factors that might predict an individual’s use and subsequent cost of health services. This applies to small groups (less than 50 full-time employees) on 1/1/2014, large groups on 1/1/2016, but does not apply to self-funded groups. (healthcare.gov)
The Affordable Care Act provides large employers healthcare financing options that could, when properly initiated, off-set many of the increased costs of the new regulations.
Agents and Agencies specializing in employee healthcare benefits will need to incorporate new thinking if they are to successfully lead their clients into the new healthcare delivery system and educate their client’s employees on the new options the Affordable Care Act has created for them and their family.
While there is continued focus on potential fines and the new definitions of full-time and restricted new hire waiting periods, do not overlook the benefits and opportunities made available through the law. The authors of the Affordable Care Act may not have considered alternative funding options created by the Affordable Care Act, but plan structure previously unavailable to smaller ‘large’ companies is now a very viable option.
Using the newly implemented Affordable Care Act requirements, a long-term strategy can be created around the needs of your business, anticipated future growth and objectives, using benefit designs that will be valued by your employees and financially sustainable to your business.