Alternatives to cobra help employers and employees win in post aca world
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Alternatives to cobra help employers and employees win in post aca world
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New alternatives to COBRA are now available that are more affordable for both employers and employees. Companies that recognize this can adjust their employee communications to provide their workers with a better experience after they lose their job, while simultaneously improving their bottom line.
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Alternatives to cobra help employers and employees win in post aca world
- 1. New alternatives to COBRA help employers & employees win in the post-ACA world
- 2. © Benefitter Insurance Solutions, Inc. 2014 As employers and brokers, we always try to do right by our employees
- 3. © Benefitter Insurance Solutions, Inc. 2014 From the day they join, to the day they leave
- 4. But no matter how much we try to the blow…. © Benefitter Insurance Solutions, Inc. 2014
- 5. © Benefitter Insurance Solutions, Inc. 2014 …losing a job can be devastating
- 6. © Benefitter Insurance Solutions, Inc. 2014 Especially when it also means you lose your health benefits
- 7. © Benefitter Insurance Solutions, Inc. 2014 Talk about getting kicked when you’re down
- 8. © Benefitter Insurance Solutions, Inc. 2014 That’s why COBRA1 has been a critical way for workers to get coverage while in between jobs 1 The Consolidated Omnibus Reconciliation Act of 1986
- 9. © Benefitter Insurance Solutions, Inc. 2014 COBRA has two key features that set it apart from other insurance options, making it a great safety net
- 10. © Benefitter Insurance Solutions, Inc. 2014 First, anyone can get covered, regardless of any pre-existing conditions Guaranteed issue
- 11. © Benefitter Insurance Solutions, Inc. 2014 Second, the costs stay the same, regardless of your past medical history No medical underwriting
- 12. © Benefitter Insurance Solutions, Inc. 2014 Group coverage COBRA $17k $5k Annual employee premium cost Family coverage Based on 2013 data from Kaiser Family Foundation However, COBRA is expensive
- 13. © Benefitter Insurance Solutions, Inc. 2014 COBRA $17k Group coverage $5k Based on 2013 data from Kaiser Family Foundation However, COBRA is expensive Under CORBA, employees must pay for their portion of the premium, plus the employers’ portion, plus a 2% administrative fee Annual employee premium cost Family coverage
- 14. © Benefitter Insurance Solutions, Inc. 2014 But now there’s good news for Americans looking for more affordable alternatives to COBRA
- 15. © Benefitter Insurance Solutions, Inc. 2014 As a result of new health regulations, the individual market now has all the advantages of COBRA Guaranteed issue No medical underwriting
- 16. © Benefitter Insurance Solutions, Inc. 2014 COBRA $17k Group coverage $5k $2k Individual market Annual employee premium cost Family coverage Based on 2013 data from Kaiser Family Foundation But at a much lower cost
- 17. © Benefitter Insurance Solutions, Inc. 2014 Group coverage $5k Individual market $2k COBRA $17k Based on 2013 data from Kaiser Family Foundation But at a much lower cost The individual market provides access to federal subsidies, that can offset the cost of insurance by more than half Annual employee premium cost Family coverage
- 18. © Benefitter Insurance Solutions, Inc. 2014 Employers also benefit when their workers shop on the individual market, rather than enroll in COBRA
- 19. © Benefitter Insurance Solutions, Inc. 2014 That’s because COBRA utilizers tend to be higher-risk (costlier) populations Increased COBRA participation often contributes to higher employer group rates
- 20. © Benefitter Insurance Solutions, Inc. 2014 The individual market clearly represents a win-win for employers and employees alike
- 21. © Benefitter Insurance Solutions, Inc. 2014 And at , we make it easy for you to take advantage of this new market dynamic Let us help you
- 22. © Benefitter Insurance Solutions, Inc. 2014 With Benefitter Communicator, brokers can quickly generate automated notices to alert departing employees about individual market options
- 23. © Benefitter Insurance Solutions, Inc. 2014 These notices can be customized with broker or employer branding, as well as employee-specific “special enrollment period” deadlines
- 24. © Benefitter Insurance Solutions, Inc. 2014 Employees are directed to a straightforward enrollment platform that guides them through their insurance options
- 25. © Benefitter Insurance Solutions, Inc. 2014 Real-time reports provide visibility into employee response, and make it easy for brokers to summarize their added value
- 26. © Benefitter Insurance Solutions, Inc. 2014 We’re entering a whole new world of health benefits. We invite you to learn more by clicking the link below. Click to learn more
- 27. info@benefitter.com www.benefitter.com © Benefitter Insurance Solutions, Inc. 2014
Editor's Notes
- Hi, I’m Brian Poger, CEO of Benefitter, kicking off 3 minutes to launch. It’s clear to me based on the the last talks that I’m here to help create a little lively coffee debate… So, let’s get started…