Group Health Insurance can be very expensive for a small business if they try and purchase it on their own or with an agent that is not a specialist. There are many brokers and agents that OFFER Group Health Insurance to companies, but not many of them are specialists. It makes a huge difference, especially with ObamaCare and all of the compliant issues surrounding the Affordable Care Act. There are mandates right now that each and every business has to be complying to, and most don’t even know they exist for Group Health Insurance and small companies. ObamaCare and Group Health Insurance must be coordinated in a way that keeps the owner of the small business out of trouble with the Dept of Labor and the IRS. One of the mandates is that all employees, even the ones without benefits, by law, must be given the Dept of Labor form that explains the California Health Exchange.
Mandates and compliance issues that owners have to face and don’t even know it
One of these mandates has to do with companies that offer Group Health Insurance to even some of their employees. The mandate is Federal Law that requires the owner to notify, in writing of Covered CA and what each employee can obtain from the CA Health Exchange. This was not something that was optional. Employers were mandated to provide this IRS form to each employee. Another mandate that most of the owners of companies are unaware of, are the SBCs. SBC stands for Summary of Benefits and Coverage. This is another law that requires owners to provide SBCs to ALL of their employees. The SBC explains the coverage and gives scenarios of how the insurance would pay for certain procedures, based on the coverage that is provided by the company.
Group Health and the nuances associated with it
Bottom line folks….if you don’t have a broker that specializes in Group Health for Small and Medium sized companies, you are missing out. Our services are completely free, so if you have a novice or an agent that is doing many lines of insurance, there is no way they can be an expert at all of them. If you had a heart condition, would you go to a General Practitioner? I’m guessing no. Brauer Insurance does Group Health Insurance for companies. That’s all we do is Health Insurance. Call us for expert advice