All insurance depends on spreading risk across a large population of people who may not use it so we can pay the claims for those who do use it. For decades medical insurance companies have used “risk pooling” to group similar risks together so they can provide affordable coverage to their clients. In many cases a process called “Multiple Employer Trust” was used to offer medical coverage to employer groups. These were all risk spreading methods. In addition multiple plans were offered in the same employer to provide employee choice. And then the term “Exchange” came into the lexicon.
HR managers need to be aware that new rules have been issued regarding COBRA notification. For example, your COBRA notification now needs to carry clarification of the enrollment process and the rules surrounding it. You do not want to be issuing COBRA notifications that do not indicate that people not wishing to carry COBRA are only allowed to choose federal marketplace plans during the official open enrollment period. Continue reading
The Health Insurance Marketplace opened up on October 1, 2013. Consumers who tried to sign up for health insurance on www.healthcare.gov have encountered delays, technical problems and frustration. Employers have also experienced frustration with the health care reform law due to constantly changing provisions and delays. To help employers get a better understanding of how they can better educate their employees about the law, we have come… Continue reading