Health Plan Overview: Important Dates & Tips

Oh what fun…it’s Benefit Review time again. Yes, it’s that time of year when Employers who sponsor or administer a health plan are taking the necessary steps to evaluate their current plan so they’re fully prepared for the legal requirements that will become effective on or before January 1, 2015. To help you through the process and avoid paying the penalty, here are few dates to keep in mind as you evaluate your plan.

For Marketplace plans like Credit Union Exchange Blueprint (CUEB), the Open Enrollment period for 2015 coverage is November 15, 2014 to February 15, 2015. If you haven’t enrolled in coverage by then,  you won’t be able to buy Marketplace health coverage for 2015 until the next Open Enrollment window for coverage opens in the following year.

For those of you who enrolled in a 2014 Marketplace plan, your benefit year ends December 31, 2014. To continue health coverage in 2015, you can renew your current health plan or choose a new health plan through the Marketplace during the 2015 Open Enrollment period. Marketplace insurance outside Open Enrollment can only be purchased if there is a “Qualified Event” such as marriage, birth or adoption of a child, or loss of other health coverage.

Keep in mind that if you don’t have health coverage during 2015 you may have to pay a fee. The fee in 2015 is higher than it was in 2014 — 2% of income or $325 per adult/$162.50 per child, whichever is more..

There is some good news.  On February 10, 2014, the Department of the Treasury issued a final rule delaying the Employer Shared Responsibility provision for businesses with 50 to 99 employees. The February 10 rule also redefines the employer requirement for businesses with 100 or more employees, requiring those companies to offer coverage to 70 percent of their employees by 2015, and to 95 percent of employees by 2016, in order to fulfill the requirement and avoid paying the penalty. The rule also clarifies that volunteers will not be considered employees.

For now, we know the ACA is here to stay.  The individual mandate (the ACA requirement that people should be insured or pay a penalty) will likely increase the number of people you cover. Talk with a CUEB broker about changes in the marketplace and how they will affect you.   Make sure your benefits strategy is aligned with your goals for attracting and keeping valuable employees.  Have fun! 

Cathy Hulsey

EPL VP-HR