BlogsTransitioning Off Grandmothered Health Plans
May 29, 2015, by Matt Hanson
The Solution For Transitioning Off Grandmothered Health Plans
The 2016 open enrollment period is approaching fast, leaving small businesses in urgent need of new healthcare plans that are ACA compliant. Many states have responded to regulators’ goals of stabilizing the private and public health exchanges. A total of 36 states across the U.S. are telling the small group market to say goodbye to “grandmothered” plans by 2016. California is included in this group, and you may be one of the small businesses wondering what to do next.
Are You A Business Owner With A Grandmothered Plan?
Grandmothered health insurance plans were policies purchased in 2010 after the Affordable Care Act was instated, but before 2014 when many new ACA regulations were introduced. As a result, they are not fully compliant with ACA regulations.
Last year many states gave businesses the choice to continue offering grandmothered plans in order to provide more time to navigate health care reform. But the tide has changed, which means the ACA market will soon be flooded with new consumers by year-end.
In light of this news, small businesses must find alternative solutions. But who has the time or resources to fully understand health insurance jargon, regulations and requirements? This is a common complaint among small business owners. ACA compliance is an added responsibility on an already full plate.
The Transition Can Be Easy. And Positive!
If you are facing policy cancellations for your small business healthcare plan, be encouraged. Many of the ACA guidelines are positive for consumers with specific health benefit essentials mandated for each plan. But getting to a place where everyone wins often requires partnering with a knowledgeable and passionate ally. Employee benefits providers serve as a helpful consultant for small business owners and HR professionals as they make these important decisions.
True Choice Is The Best Choice.
Centennial’s True Choice is a private healthcare exchange that offers a variety of ACA-compliant plans—in fact, each plan meets all ACA requirements. With an efficient administration process in place, employers and employees experience:
• Less paperwork
• Affordable prices
• 40 ACA plans
• Freedom of choice
• Electronic monitoring
Rather than scrambling to research and analyze all possible options before the 2016 deadline, True Choice provides a variety of plans to choose from. This greater freedom and flexibility allows employees to elect plans based on their specific healthcare circumstances and takes the pressure off the employer to make multiple people happy with a limited offering.
Show Value To Your Employee
Investing in superior coverage communicates that a company values its employees’ health and wellness. Happy employees produce a better work product so it is in your benefit to take these issues seriously.
Ready to Help
If you are still deciding what to do once your grandmothered plan phases out, contact Centennial today. We’ll meet with you to discuss your situation and put in place a personalized benefits strategy that will make benefits administration seem anything but a burden.