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By: Barry McNamara

August 27th, 2015

The Potential ACA Ramifications of Changing Your Plan Start Date

Healthcare | Affordable Care Act | Pay or Play

Who doesn’t want to reduce their healthcare costs? With forecasted 2016 premium hikes across the country ranging from 7%-40%, employers are scrambling for opportunities to avoid, or at best delay, the tidal wave of rising healthcare costs. Some HMOs and health insurance companies have recently been encouraging employers in the 51-100 employee range to renew their coverage early (i.e., in late 2015). That would allow these employers to forestall their ACA-required re-classification as a “small group” by up to 11 months, delaying their move to small group, community rated products -- which are generally not as customizable as, and more expensive than, plans available to 100+ life groups. Before opportunistic employers go changing their coverage’s plan year, there are a few legal concerns to consider.  

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Mistakes are expensive, especially when building benefit plans.

We've outlined the 3 most common mistakes employers make when offering benefits in a quick ebook. Get your copy free when you subscribe to our blog.