Why do group clients need help with an Individual health insurance expert? Here are some scenarios when groups need individual solutions:
- INDIVIDUAL COVERAGE HEALTH REIMBURSEMENT ARRANGEMENTS (ICHRAS): An Individual Coverage Health Reimbursement Arrangement or ICHRA provides employers with an alternative to traditional group health insurance. It allows employers to set up an allowance to reimburse employees tax-free for health care, including individual health insurance policies.
- LAYOFFS: COBRA isn’t the only option available when an employee is being laid off—and many times, individuals will benefit more from the plans available to them through state or federal marketplaces, Medicare or private insurance companies.
- TURNING 26: It’s time for individuals to come off their parents’ plan. Be able to assist and provide these members with a smooth transition to an individual plan if they are not working or are not eligible for group coverage.
- DEPENDENTS OF MEDICARE-ELIGIBLES: If a group member is transitioning to Medicare and will no longer be covered under their group health plan, their dependents will need to seek alternative coverage. In 2025 many employer plans will no longer be creditable for Medicare Part D purposes so avoiding a late enrollment penalty is paramount to beneficiaries.
- GROUPS NOT OFFERING DENTAL OR VISION COVERAGE: Many small groups may not be able to afford or offer dental and vision coverage—but you can. Through individual plans, members can gain access to these highly sought-after benefits.