The Employee Benefits and Group Health industry will be making some major changes soon. President Trump is bringing back Short Term Health Plans and Association Plans, to help ease the skyrocketing cost of Group Health Insurance for employers. There is a down side to this. Short Term plans, many times, can be very light on benefits and even deny people coverage for their pre-existing conditions. That might actually be good news for a lot of us. The lower rates means that some people can now afford coverage that they could not afford under the #ACA.
ACA plans have certain mandated benefits embedded in every plan
Some people may not NEED all of the coverage and may not WANT to pay for all of that coverage. These Short Term Plans may be a viable alternative. I used to be able to get a 20 year old a health plan for about $80 a month. Yes, it was thin on coverage, more of a catastrophic plan….but it was something to cover major issues. NOW, you cannot find a plan for under $225, why? All of the “essential benefits” in EVERY plan, no matter what age you are. No wonder 20 somethings are waiving off these plans. Even if they do have to pay a “tax”, its much cheaper than the monthly premium of a base health insurance plan.
Employee Benefits are even more important now, for employers
With the economy booming, employers are fighting for every employee they can find. #EmployeeBenefits and #GroupHealth are one of the first things that potential employees ask about. They are becoming much more savvy than years ago. Employers with crappy Group Health Plans, or ones that don’t offer any Group Benefits, are missing the boat. Yes, they are crazy expensive, and yes, they are confusing. That is why every employer needs a Benefits Advisor that specializes in Group Health Insurance and Employee Benefits. Speaking to a “generalist” is a waste of time, and is not in your best interest.
Do your due diligence and stalk some of these “specialists”
What makes a broker a specialist? Why are they calling themselves that? Stalk them a bit….online of course, and find out a bit about them. Have they been in business for 10+ years, or did they just change careers? What’s their background….can they be trusted. Maybe yes, maybe no. I’ve met a lot of brokers that should not be selling insurance, for many reasons. Message here….do your homework!!
Steve Brauer-Principal, Brauer Insurance Services, www.brauerinsurance.com, (877) 421-4325