The Affordable Care Act (ACA) has significant changes to the insurance industry health, especially as small and medium entrepreneurs buy for health insurance, her family and staff.
to these new requirements, brokers adapt and insurance agents add new solutions to their product offerings, such as premium reimbursement plans. With a premium refund plan, an employer shall a health plan up to the staff report for individual health insurance. This article provides an overview of the changes in the health insurance industry, and the opportunity for brokers advantage premium refund to take plans.
Cost of group health insurance
was the cost of health care on a steady increase over the last decade and as such group health insurance is too expensive for small businesses and employees. Moreover, the expected interest rate increases at renewal time can be financial insecurity for small businesses.
unsustainable win The costs for small businesses and their employees. Small Business Health Insurance costs are almost doubled since 09, with 91 percent of small businesses increases their health plan at its recent renewal insurance coverage.
found as early as February, a report by the Centers for Medicare & Medicaid Services (CMS) that around 11 million small business employees, more than 65 percent, the health insurance premium increases due to the ACA.
group health insurance premiums have been rising well before the ACA to see in power. As a matter of fact that, health insurance premiums are group increased by a staggering 168 percent 1999-2013.
New advantages of the individual health insurance
The cost of the group steadily health insurance increases, ACA has individual health insurance made an attractive solution for small businesses and their employees, because:
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ACA pre-existing conditions exclusion ( "guaranteed issue") providing health insurance prohibited from denying coverage because of a pre-existing condition to individuals.
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Individual health insurance costs up to 60% less than the insurance group. Moreover, the individual can for premium tax credits to qualify depending on their level of income, household size and suitability for other state-funded programs.
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Individual health insurance offers more choice and control to employees by allowing them to choose a plan that meets their own needs, including coverage and network
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Individual health insurance is portable. Employees receive their insurance keep when they leave the business to decide. How to make
for you individual health insurance work
There is a great opportunity for agents and brokers advantage of these changes to take. Premium reimbursement of individual health insurance premiums is a practical customer loyalty tool for businesses canceling group health insurance.
In addition, premium refund plan is cheaper than group health insurance because the employer health allowances rates that employees can spend on individual health insurance. For small and medium businesses cost challenges, premium refund is an ideal solution to keep their business.
premium refund, the door opens, the business of small and medium prospects to win, which currently do not offer health benefits. In fact, the ideal candidate for the premium refund in this demographic. Premium refund is a great tool for agents and brokers to win the business of these large, relatively untapped market.
Questions about the premium reimbursement plans for your customers?
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