Employers that want to control rising health insurance costs often consider making design changes to their employee benefit plans. Typically, these plan design changes are effective at the beginning of the plan year, and communicated to employees during an open enrollment period that precedes the start of the plan year. However, depending on a number of factors, employers may also be able to make midyear changes to their plans.
Yes. However, there may be restrictions to those changes. Not all carriers allow employers to make changes midyear. Even if your carrier permits midyear changes, consider the following issues?
The following plan design changes can be considered when an employer is looking to control rising costs:
Yes. However, there may be restrictions to those changes. Employers should consider the following steps before increasing employee contributions:
If your health plan does not include a waiting period before employees can participate in the plan, you may wish to consider adding this plan design feature. Keep in mind that, as a general rule, the Affordable Care Act prohibits waiting periods that exceed 90 days.
Yes. However, there may be restrictions to those changes. If you are thinking about pursuing this avenue, consider the following:
For more information on our insurance solutions for your business, contact General Insurance Services, Inc. at (219) 879-4581 today.
Candace was born and raised in Chesterton, Indiana. After graduating college with a degree in Business Administration, she spent 5 years working in the healthcare industry where she gained a multitude of experience serving populations ranging from pediatric to geriatric. She has been a member of the Chesterton-Porter Rotarian Club for many years and also serves on the Hobart Chamber of Commerce board of directors. Candace still resides in Chesterton with her wife, Gabrielle, and their four children. In her free time, she enjoys visits to the beach, kayaking, reading, and spending time with friends and family.