We covered in a previous blog post that President Joe Biden signed two executive orders to provide better access to affordable healthcare. One of the orders focusing on expanding enrollment in the Affordable Care Act.
On the Consumer Side
The special enrollment period allowed uninsured Americans the opportunity to sign up for coverage under the Affordable Care Act also known as Obamacare which was signed into law in March 2010. As of mid-July, more than two million Americans signed up for coverage.
Individuals that earn more than 400% of the federal poverty level — about $51,000 for an individual and $104,800 for a family of four in 2021 are eligible for assistance for the first time.
Cigna has been one of several health insurance companies that benefitted from a special enrollment period that ended on Aug. 15. They are pushing their health insurance plans through online marketplaces created by the ACA. These plans will be offered in three new states and 93 different counties.
Additionally, some insurance carriers require a threshold number of employees that need to choose coverage for the group to qualify for insurance. In some instances, carriers may remove participation restrictions for groups that are new to that specific carrier.
Open enrollment for 2022 coverage starts November 1.
What Can Employers Do?
Employers can provide employees with a group health insurance plan to provide coverage at a lower cost since the risk to health insurers is spread across the individuals of the group health plan. Group insurance coverage is when an insurance company issues one policy to cover a group of people.
United States federal law guarantees small employers group health insurance coverage if they elect to purchase it, regardless of the status of their employees’ existing health. In most cases, the business owner is counted as an employee.
Grouping employees together helps insurance companies drive down cost and in return, they can offer group policies at a lower premium.
We will continue to put together healthcare plans to help your employees’ benefit while keeping you updated on all noteworthy healthcare and employee benefits changes at the federal and state level. Contact us today for additional healthcare resources.