After the passage of the Health Care Reform Act, employers will now deal with America’s health insurance brokers in a new way. A lot of the provisions for large business companies (over 100 workers) are expected to remain similar to what is currently in place; however, some changes could benefit the employee.
SEC. 311. HEALTH COVERAGE PARTICIPATION REQUIREMENTS
(3) CONTRIBUTION instead of COVERAGE- Beginning with Y2, if an employee declines such an offer but otherwise obtains coverage in an Exchange-participating health benefits plan (other than because of being covered by family coverage as a spouse or dependent of the primary insured), the employer shall make a timely contribution to the Health Insurance Exchange concerning each such employee by section 313.
This means that the employee can be enrolled in the company’s healthcare insurance program but could choose to find an affordable health insurance policy by seeking an offer from the health insurance brokers of America through the exchange. The specifics of the business have yet to be firmly established; however, the direction it’s heading is pointing towards the concept of a state-to-state variance that will see many health insurance brokers compete to provide health insurance plans at a reasonable cost.
It could be beneficial for the employee to sign up for an employee-owned medical insurance policy, as health insurance for groups will always be cheaper than individual insurance. Another option is to work with a group of people to develop a cost-effective group health insurance plan via the exchange.
An important point to employees working in a large business (over 100 people) and who are in the process of obtaining health insurance coverage is that the cost of health insurance is automatically paid through “not less than 72.5% of the applicable premium”{ TheE.C. 312(1)(A)}. For children and spouses, “Not less than 65% of the such applicable premium of such lowest cost plan”{ 312(1)(A). 312(1)(B)}. For family health insurance, as far as insurance plans are concerned, it can be challenging to locate a medical benefit plan that, via the exchange, can compete.
In 2014 in 2014, it will be required by law for each U.S. citizen to have private health insurance. People who don’t comply will be penalized. To lessen the issue of big companies, There is a section that requires automatic enrollment by employers as smaller businesses merge into larger companies and a sense of security being aware that benefits from health insurance are a must for larger firms. Pre-existing medical conditions no longer have to cause the inability to enroll or even discontinue the plan you have already signed up for.
The health brokers of America will enjoy more customers as the new law goes into in, meaning that not only consumers benefit, but the health brokers will also win. In this era of massive changes in the healthcare sector, Group health plans will benefit everyone involved. They can benefit from a private health plan or family health insurance. The health brokers of America will have many opportunities. However, the most promising opportunity will be with larger corporations.
