More a third (37 percent) of employers offering health benefits still have grandfathered health insurance plan , according to 2014 employer health benefits of the Kaiser survey Family Foundation.
Each year, however, the number of grandfathered plans decreases, which means it can be the year your company must seek a new health plan.
Will you be able to keep your health insurance plan grandfathered? This article covers the changes in health plan that trigger the loss of acquired rights.
"Is Our health plan still Meet grandfathered status?"
health insurance plans purchased before March 23, 2010, that exist without major dietary changes are considered to have acquired rights and status do not have to follow certain Affordable Care Act rules.
to maintain the status of acquired rights, the health insurance system should not:
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eliminate or eliminate benefits for a particular condition significantly.
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Increase cost-sharing percentages (eg franchising), regardless of the amount
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Increasing co-pays more than $ 5 or a percentage equal to medical inflation (currently 9.5 percent), more than 15 percent, the highest.
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Lift fixed amount of cost sharing other than co-pays for most medical inflation (currently 9.5 percent), more than 15 hundred.
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Lower the rate of employer contribution of more than 5 percent for any group of people covered.
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Add or reduce an annual limit
In addition, to maintain the status of grandfathered plan must also :.
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keep records of its design and system levels contributions as of March 23, 2010 and changes since that date.
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Include a review of the status of the rights plan acquired in communications major participants such as registration and descriptions of materials synthesis schemes . See: www.dol.gov/ebsa/grandfatherregmodelnotice.doc.
Conclusion
Employers providing health grandfathered plan can still keep the plan, so that there are no significant changes of regimes, such as the elimination of benefits, increasing the share of co, or decreasing the contribution rate of employer -. among others
as an employer, it is difficult to rock the boat when renewing, changing plans or coverage. However, the renewal cost may be too much to absorb. If this is the case, it may be a wise business decision to explore new coverage options and alternative health insurance.
Questions? Leave a comment below.
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