alternatives to cobra help employers and employees win in post aca world
DESCRIPTION
New alternatives to COBRA are now available that are more affordable for both employers and employees. Companies that recognize this can adjust their employee communications to provide their workers with a better experience after they lose their job, while simultaneously improving their bottom line.TRANSCRIPT
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New alternatives to COBRA help employers & employees win in the post-ACA world
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As employers and brokers, we always try to do right by our employees
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From the day they join, to the day they leave
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But no matter how much we try to soften the blow….
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…losing a job can be devastating
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Especially when it also means you lose your health benefits
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Talk about getting kicked when you’re down
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That’s why COBRA1 has been a critical way for workers to get coverage while in between jobs
1 The Consolidated Omnibus Reconciliation Act of 1986
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COBRA has two key features that set it apart from other insurance options, making it a great safety net
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First, anyone can get covered, regardless of any pre-existing conditions
Guaranteedissue
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Second, the costs stay the same, regardless of your past medical history
No medicalunderwriting
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Group coverage
COBRA
$17k
$5k
Annual employee premium cost
Family coverage
Based on 2013 data from Kaiser Family Foundation
However, COBRA is expensive
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COBRA
$17k
Group coverage
$5k
Based on 2013 data from Kaiser Family Foundation
However, COBRA is expensive
Under CORBA, employees must pay for their portion of the premium, plus the employers’ portion, plus a 2% administrative fee
Annual employee premium cost
Family coverage
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But now there’s good news for Americans looking for more affordable alternatives to COBRA
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As a result of new health regulations, the individual market now has all the advantages of COBRA
Guaranteedissue
No medicalunderwriting
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COBRA
$17k
Group covera
ge
$5k$2k
Individual
market
Annual employee premium cost
Family coverage
Based on 2013 data from Kaiser Family Foundation
But at a much lower cost
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Group covera
ge
$5k
Individual
market
$2k
COBRA
$17k
Based on 2013 data from Kaiser Family Foundation
But at a much lower cost
The individual market provides access to federal subsidies, that can offset the cost of insurance by more than half
Annual employee premium cost
Family coverage
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Employers also benefit when their workers shop on the individual market, rather than enroll in COBRA
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That’s because COBRA utilizers tend to be higher-risk (costlier) populations
Increased COBRA participation often contributes to higher employer group rates
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The individual market clearly represents a win-win for employers and employees alike
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And at , we make it easy for you
to take advantage of this new market dynamic
Let ushelp you
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With Benefitter Communicator, brokers can quickly generate automated notices to alert departing employees about individual market options
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These notices can be customized with broker or employer branding, as well as employee-specific “special enrollment period” deadlines
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Employees are directed to a straightforward enrollment platform that guides them through their insurance options
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Real-time reports provide visibility into employee response, and make it easy for brokers to summarize their added value
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We’re entering a whole new world of health benefits. We invite you to learn more by clicking the link below.
Click to learn more