Group Medical Effective in 2020

As we tread further into a new year and a new decade, we can’t help but contemplate the changes that will become effective in 2020. Figuring out healthcare is always a challenge, but first, you have to understand the changes coming this year. Here’s what to look out for. 

Premium prices will change a little 

It seems like each year health insurance premiums have changed, sometimes drastically. And 2020 will be no different. On a brighter note, the market seems to be stabilizing. In most states, premiums will increase only slightly. Some states don’t expect an increase; others are expecting a decrease. Good news all around for employer and their employees. 

New affordable plans will be offered in 2020

In the past short-term healthcare options could only be offered up to three months. Now, these plans can be used up to 12 months and renewed up to three years. These options are significantly less expensive because they don’t cover all of the basic care. They are only right in certain circumstances, so be sure to discuss with your benefits advisor to find the best fit for you. 

Individual Mandate Penalty no longer applies 

With the Affordable Care Act, people who didn’t purchase healthcare were penalized if they went without healthcare for longer than three months. With new federal legislation, those who didn’t purchase healthcare in 2019 won’t be penalized or owe a fine. While it’s good news to know you won’t be charged a fine, that doesn’t mean one should go without health insurance for an extended period of time. Unexpected healthcare needs, like ER trips, broken bones or chronic illnesses, can add up fast without the proper insurance. Finding an affordable option is best for your health and your bank account.  

More insurers on the scene

2020 will be the year of plenty when it comes to healthcare! More companies are offering more plans in more states. So the options for affordable, effective health insurance have skyrocketed. Plus, no insurers are expected to withdraw this year, meaning less confusion, frustration and lower premium rates. Discuss your options with a benefits advisor. 

Do you need help choosing the best insurance plans for your company? We can help! Contact us today. We can help you customize an affordable healthcare plan that fits your needs and lifestyle.

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