Small Businesses in Los Angeles renew early their current group health insurance plan to avoid rise in premium rates in 2014, while implementing the ACA ( Affordable Care Act ) health plans.
With some of the recent changes brought on by the new health care reform, many small business are finding ways to circumvent some of the frustrations that come with the new ACA ( Affordable Care Act ) plans.
The Obama administration has delayed the paperwork requirements for businesses with at least 50 employees until 2015. However, beginning January 1, any company that offers health insurance, including very small businesses, will still need to adopt new policies with government-mandated types of coverage. Businesses may expect an increase in premium anywhere from 15 to 40 percent under a policy that complies with the ACA. However, there is a way to hold off on purchasing new insurance that conforms to the requirements of the new health care law. By renewing health insurance policies early, in December 2013 instead of 2014, companies can avoid the sharp rise in health insurance premium and increasing out-of pocket maxima that are expected under the Affordable Care Act. Small Business who early renew can control their health care cost until November 2014. Many experts think that there will be many changes to the current ACA plans and application process from now to November 2014. With the early renewals small companies know their exact healthcare cost for 2014 and are not exposed to the many adjustments the new systems might have to make.
Cutoff dates for the renewal of health insurance policies differ from insurance carrier to insurance carrier. Kaiser Permanente already requested an intention letter to be sent in by the End of August and a confirmation letter by October 4th. Blue Shield of California cut off date will be October 7th , Aetna’s cut-off date will be Ocotber 15th,Anthem deadline is November15th , Health Net and United Health Care will be December 1st.
Contact Solid Health Insurance Services in Los Angeles, CA to determine if renewing early your group health insurance for your small business is the right decision.