By Brian Thede
Businesses and individuals will soon be making important decisions regarding health insurance for next year and beyond. Although there is no set open enrollment period for group insurance, most existing plans come up for renewal near the end of the year.
Changes that take effect on January 1, 2016 will require many businesses to consider their options during the fall. The number of employees to be considered a “small group” in regards to business health insurance is changing next year from 50 to 100. As businesses with 51-100 employees renew or purchase new coverage, they will face more restrictive rating rules than before.
With the cost of health insurance expected to increase, it is necessary for employers to continue to seek ways to manage the premium expense while providing the benefits that their employees desire. Workplace wellness programs are also becoming more popular as a method for workers to improve their own health and be more productive.
Now is the time to plan a meeting with your broker or be connected with a licensed, knowledgeable agent who is qualified to explain the new rules, review coverage, and make recommendations that will be best for your particular situation.
Insurance companies have been busy preparing for 2016 by developing new plan designs and coordinating provider networks in response to customer demands. With the constantly changing healthcare environment, it could be very beneficial to look at all the opportunities available for businesses to provide benefits to their employees.
Although businesses can apply for insurance in any month, any time of year, individuals can only apply for compliant coverage during the Open Enrollment Period. For 2016, the Open Enrollment Period begins on November 1, 2015 and runs until January 31, 2016.
Applying for health insurance outside of the Open Enrollment Period requires a special event such as marriage, birth of a child, loss of coverage, or moving.
If you need assistance regarding business or individual health insurance, help is available at no cost. Please contact The Employers’ Coalition for Healthcare, Inc (ECHI) at 309-829-1185 or visit getechi.com. ECHI is a wholly owned subsidiary of the McLean County Chamber of Commerce.