How to obtain Mid to Large Size Group Health Insurance Quotes in California: 2014, 2015, and 2016
Quoting mid sized and large sized groups for health insurance requires much more information and turnaround time compared to small sized groups. Mid sized groups have between 51-99 full time employees, while large sized groups consist of 100 or more full time employees.
Due to the Affordable Care Act (ACA), both mid and large sized groups in California will be required to provide minimum essential coverage to their employees. For large groups, this will need to be implemented by the beginning of 2015, while mid groups are required to offer coverage by the beginning of 2016; otherwise, companies could face steep penalties. The penalty for large groups is scheduled to be $2,000 per full time employee minus 80 employees, while the penalties for mid-sized groups is set for $2,000 per full time employee minus 30 employees.
As a result of the ACA, many employers that have never previously offered health coverage will now be required to offer minimum essential coverage.
[Also Read: Anthem Mid-Size Plus Update]
What information is needed to run mid to large sized group quotes?
All insurance companies are going to want similar information from the company to rate the risk of the company and price plans accordingly:
- Does the business currently offer coverage, and if so, what are the benefits, current premiums, and renewal premiums of this current coverage?
- Has any full time employee received medical benefits in excess of $15,000 in the last 12 months? Are there any disabled full time employees? (and a variety of other risk assessment questions)
- What is the date of birth, zip code, and family status (single employee, employee and spouse, employee and child/children, employee with spouse and child/children)?
Each insurance company will take this information to assess the risk of a business and provide quotes. These quotes take anywhere between 2 to 3 weeks to process per carrier. This makes going to each insurance company individually extremely time consuming. Once the plan selection has been decided upon by the business, it takes about an additional 3 weeks for the insurance company to enroll the business. Thus, more often than not, the best case scenario is about 6 weeks to go from quoting to enrollment. Generally, we recommend a business allot a minimum of 10 weeks for the entire process; businesses looking for an effective date of January 1, 2015 should begin looking for health coverage by mid October.
What is the best way for employers to access mid to large size group quotes?
Utilize an agent who has expertise with mid and large sized groups. Independent agents will be able to quote from all the major carriers at one time, so that you can get your pricing across the whole California marketplace in one place. You can then compare these prices side by side and choose the best available plan for you.
New City Insurance has mid and large sized group experts to help your business find the best plans and pricing available. We will help make the process as smooth and efficient as possible, and we charge no broker fees.
Minimum Value Plans (MVPs):
MVPs are plans that offer the lowest amount of coverage required for mid and large sized businesses to conform to ACA regulations. This is a way for companies to offer relatively inexpensive coverage to their employees without having to face the steep penalties for mid and large sized groups. These plans can be very beneficial for employers who have never offered group health coverage in the past and are concerned about the added expense to the business.
New City Insurance is well versed in these MVPs and can help businesses compare MVPs with other plan options. Call us today at 858.523.8257.