|
In general, an employer is better served when employees, full or part time, have health insurance regardless of the source of the coverage. SevenHills has access to public and private resources to help you assist any of your employee or employees’ dependents obtain health insurance. This email message highlights changes in one highly publicized insurance option.
One provision of the Affordable Care Act (ACA) that has already been implemented is the Federal High Risk Pool, also known as the Pre Existing Condition Insurance Plan (PCIP). This program began on July 1, 2010 in an effort to provide access to subsidized health insurance to high-risk persons who are uninsured. Participation in the federal program is far below expectations, at only .5% of projections. Currently only 38 Minnesotans are enrolled.
Premiums under the ACA legislation were required to be targeted at 100% of the average individual policy premiums in a region, with plan losses subsidized by the government. Five billion dollars had been allocated for program losses through 2014. Residents of States like Minnesota that that did not implement their own plan were offered the Federal program.
On May 31, 2011, the U.S. Department of Health and Human Services (HHS) announced changes effective July 1, 2011 to reduce premiums and make it easier to enroll in the Federal program. Highlights are:
· Applicants no longer are required to prove that they have been declined insurance, but rather may simply provide evidence that they have an existing medical condition.
· Premiums charged are being substantially reduced. In Minnesota the reduction is about 38%.
· The Federal government will begin paying agents a nominal finder’s fee to assist applicants.
Please feel free to contact us for more information.
Thank you!
| 