Association Health Plans have existed for years, but haven't been very popular as employers had to navigate complicated regulations and meet strict criteria to qualify. The new proposed regulation will make it easier for small businesses and franchises to take advantage of Association Health Plans allowing them to band together to purchase more affordable coverage.
"The proposed regulation unveiled by the Department of Labor earlier this month would open up association health plans so that small firms in the same industry could join regardless of their location. Also, small employers in different industries could establish an association as long as they are in the same state or metro area. The plans would also be exempt from certain Obamacare provisions, allowing them to sell cheaper policies with fewer benefits." (Read the full CNN Money article here.)
As always, we will keep you up-to-date on the status of this regulation. When the time comes, we will help qualifying employers take advantage of this new offering. In fact, Gravie has a proven track record in this arena. A new law passed in Minnesota this year allows agricultural co-op members to band together to purchase group health benefits. Gravie saw this as an opportunity and partnered with Land O' Lakes to develop a solution that provided quality health insurance to Minnesota farmers who have had limited, costly options in the past.
We strive to provide employers and individuals the best benefits available at the lowest possible cost. Gravie provides an adaptive approach to benefits, meaning that as the legislative landscape changes, and as employers’ and individuals' needs evolve, we will continue to offer innovative solutions providing better benefits for all.
Interested in learning more? Contact us today!