Coverage Response to the ACA

With the passing of the Affordable Care Act, the regulations for employer-sponsored healthcare benefits altered the eligibility and exclusions restrictions. These changes made it easier for individuals of all health needs to find quality health insurance. For many small businesses, the most cost-effective way to comply with federal and state provision requirements is through group medical coverage plans. This is a health plan that extends coverage a special group of members, most of the company employees or members of a single organization.

How They Work

Group insurance coverage can be restricted to certain areas, such as health, life, or dental, and they can only be purchased by a company or organization. As the professionals at Arroyo Insurance Services advise, your company must have at least 70% participation in the coverage in order to be valid. The plans aren’t generally the same when compared to other groups, because the plan types, the insurers, the costs, and applicable terms and conditions will vary between plans.

Benefits of Group Coverage

Plans may have tiered options.
Employees may accept or decline coverage.
Premiums are split between the company and members.
Coverage can be extended to spouse or dependents.
The cost is lower than individual plans.

If you need a financially-savvy solution to the ACA requirements, consider offering a group healthcare plan. A broker can explain the benefits and applications for your company.

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