Companies of all sizes struggle with the cost of providing quality medical insurance for their employees. A provision in the Affordable Care Act (ACA) called for expansion of Medicaid eligibility in order to cover more low-income employees. This expansion creates new opportunities as open enrollment approaches.
For most employers, open medical enrollment is a challenging time. In addition to the high level of activity during the renewal period, open enrollment can also expose an organization to new risk. Low-income employees that do not participate in any medical plan struggle to afford coverage. As new medical needs arise, they might choose to enroll in the company-sponsored plan, which can result in increased usage and unexpected cost exposure.
To assists employers in managing this risk, CMR & Associates has a unique solution through its alliance with BeneStream. Through its signature service – “Medicaid for the Workplace” – BeneStream offers qualified employees the option of low-cost government-sponsored healthcare as an alternative to enrolling in a company-sponsored plan. Employees with family incomes of up to 138% of the Federal Poverty Level ($35,000 for a household of 4) can obtain more affordable coverage.
By availing themselves of the “Medicaid for the Workplace” service provided by BeneStream, employers will be providing their employees with a new low-cost health benefit in an expanded network. This service can help employers by reducing the potential of large claims, lower premium cost, and improve employee retention.
To Learn More
CMR & Associates provides independent retirement and insurance advice by reviewing your current plans to improve coverage and reduce cost. Through our proprietary database – The CMR Database® (comprised of some 13000 brokers and specialists globally) – we maximize access to the retirement and insurance industry for greater options that will translate to better coverage and lower cost. Since 1999, we have saved clients over $120 million.
Please email CMR Associates or call 877-447-4301 or 212-447-4300 for more information.