Cosmo's Group Health Insurance Renewal Checklist
The last day of Open Enrollment is only two weeks away, if you haven't enrolled yet now is the time.
Cosmo insurance agency has experience providing group health insurance in New Jersey to businesses ranging in size from 2 to 5,000 individuals – all with the same creativity and personal attention that will take the headache off your human resources. We have particular expertise helping businesses navigate the complex Affordable Care Act regulations, which affect groups of over 50 or 100 employees, depending on the state.
Here is a list of information your company should have ready:
Employee Benefits Overview
This is an updated benefits summary, provided to staff, that clearly states benefit details to the group, including: plan options, copayment amounts, network coverage details, deductibles, carrier information, agent contact details and more.
SPD Wrap Documents
SPD documents, or Summary Plan Descriptions, provide a detailed breakdown of all benefits being offered to staff as well as the ERISA provisions not covered in the employee handbook or presentation. This is one of the foremost ACA compliance documents.
Section 125 Documents
These IRS documents are mandatory for any groups enrolled in a Section 125 program, allowing employees to convert salary into non-taxable benefits. Under Section 125, premiums on qualified benefits can be paid pre-tax for additional savings.
COBRA Rights Notification Letters
New employees must be notified of their right to continue group health insurance benefits under the COBRA Act. As new employees join the group plan, they should receive a notice reviewing their right to remain on the plan. COBRA enrollment forms need to be mailed within 10 days of leaving the plan.
Current Employee Census
Having a current and up-to-date employee census will streamline many of the processes involved in offering affordable group coverage, as it will be submitted to the agent and carrier early in the quote and plan selection process.
Employee Election Forms
Each employee will need to fill out, sign and date a health insurance election form, indicating the type of coverage they wish to enroll in. They will also have the option of adding dependents, or declining coverage if so desired.
Subsidy & Marketplace Documents
If you have employees who receive health insurance subsidies or federal tax credits under Obamacare, be sure to have copies of any and all related documents to help prevent delays and other potential compliance violation issues.
Individuals enrolled in a qualifying plan under the health insurance marketplace will receive a Form-1095, allowing them to claim their premium credits. Depending on how your group plan is structured, you may be required to send these out to all applicable staff members.
These are IRS reporting forms that provide information relating to individuals covered under your group health plan. An agent can provide additional information on these or any other related group health coverage forms.
Group health insurance or employer sponsored health insurance is a health policy that you receive through your employer. The employer pays for a portion of the premium with you.
Why should you accept your employer sponsored health insurance plan?
Your employer often splits the cost of premiums with you.
Your employer does all of the work choosing the plan options.
Premium contributions from your employer are not subject to federal taxes, and your contributions can be made pre-tax, which lowers your taxable income.
Deciding on whether to purchase your own individual health insurance plan or accepting your employer health insurance can be difficult. Think about your needs and financial situation to decide on what to go with.
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