Smart Business Owner’s ACA Survival Guide

THE SMART BUSINESS OWNER’S ACA SURVIVAL GUIDE

How to Save 25% – 60% on Health Insurance Costs by reimbursing your employees for Individual Health Insurance.

So you may be thinking “it can’t be that simple, can it?” Yes it can. This one page guide will address the most common questions business owners have and how you can implement this strategy for your employees – starting next month!

  1. “My group rates have skyrocketed in the last three years. Reimbursing for individual policies; how would that work? IRS Code Section 105 allows business owners to reimburse their employees for individual health insurance policies. But, there is only one way to do this, and it is explained here- Section 105 Plan background.
  1. “Isn’t group insurance less expensive; strength and lower costs in numbers. What’s changed?” Because of the new requirements in the Affordable Care Act (ACA), individual health insurance policies cost less than group health insurance. In addition, when you factor in the state provided subsidies, which may now be available to some of your employees, the premiums can be dramatically lower.
  1. “I spoke with someone and they said the ACA doesn’t allow this. There seems to be confusion, can you explain?” In 2014 the Department of Labor ( November 2014 Department of Labor FAQ) reconfirmed premium reimbursement plans are allowable.
  1. “Why hasn’t my broker discussed this strategy with me?” Health Insurance brokers have been doing business the same way for years. This strategy is more work for them, offers less commission and is just not the way they’ve always done it.  “If it ain’t broke” is their mantra; the same mantra Blockbuster Video had when Netflix burst on the scene, and we know how that turned out.

 

  1. “Okay I’m intrigued.  But our group policy doesn’t renew until ____.  You said I could start saving as early as next month, please tell me more.”  Group policies can be started and cancelled at any time! Once a group policy is cancelled it opens up a special health insurance enrollment period that starts immediately.
  1. “I admit, I am getting excited about this idea, but there has to be some catch. Do you have any examples of companies like mine that have done this and what are their results?” Yes many companies in Connecticut have made the switch from group plans to individual. Here are three examples of companies that have saved 25% – 60% in the last two months.

If you want to see how much your business can save, contact Maven Benefit Solutions today at 203-689-5260 or email jerry@mavenbenefitsolutions.com

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