Wednesday, September 21, 2016

Group Health Insurance- I was lost but now am found

For the past few years we have started to tell our small groups to stop offering health insurance to their employees, especially when you have employees that would be better off getting their insurance through the exchange and getting better rates than what the employer can give them. This worked great here in Nevada! Now comes 2017....
Health insurance companies are finally getting data back about the individual marketplace and it isn't pretty. I like to think of health insurance risk pools as swimming pools. When someone is a heavy user of benefits they dirty that pool. The individual marketplace is the filthiest pool you can get into. Who wants to swim in the dirtiest pool? That's why so many carriers have exited the marketplace and the carriers have told brokers they won't pay them a dime or at least significantly less if they enroll someone on one of those plans. They also raised the rates on those plans to show individuals how bad it really is.
If you still qualify for a subsidy, you are still probably better off through the exchange for cost, because the government is still footing their portion of the bill. The problem you will have is access to doctors. In Nevada we have Anthem pulling their PPO and Prominence pulling their WellHealth network. So fewer doctors to choose from, but the subsidies can help as the plans un-subsidized are seeing some healthy increase.
If you don't qualify for a subsidy, have at least 1 w2 employee other than yourself, or just want want some great options, please consider looking at group health insurance again. You get more options with national networks and the rates are quite a bit lower than the individual plans. Shock! As this wasn't the case the past couple years. Employers can also set up benefits to be deducted pre-tax saving even more money and also have the baility to wow their new employees by offering a great benefits package. Win win win.

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