Just a quick recap from our seminar and a reminder “YOU SNOOZE, YOU LOSE-Solutions and Savings For Small Technology Companies”:
INDIVIDUALS/SOLOPRENEURS
1. To qualify for a subsidy in the INDIVIDUAL EXCHANGE on Connect for Health Colorado you must APPLY for MEDICAID/PEAK and get DENIED before you can get a subsidy and it’s not always a quick turnaround.
2. If you have higher earnings over $50,000 a year, YOU DO NOT QUALIFY FOR THE INDIVDUAL Exchange. If you are healthy, on few meds, with no ongoing major illnesses now is the time to apply for a 12/1/13 effective date on Individual coverage to lock in savings of 30-50% over 2014 rates. The cut off is next week so you want to get your application in today.
SMALL GROUP Two options for savings. Must have a payroll with W-2 income and 2+ employees not married to each other.
1. Wage base over $50,000 a year and/or desiring more choices: Enroll now in a 12/1/13 or 12/15/13 (2 companies) plan effective date and benefit from 30-50% less in premiums throughout 2014. NO medical underwriting on group. Rates locked in for 2014 at 2013 rates help you as you hire more employees and expand in 2014. This is TAX DEDUCTIBLE
2. Wage base way under $50,000 a year for 2014 with under 25 employees-SHOP Small Group Exchange for 1/1/14 provides you with up to a 50% TAX CREDIT for every penny of premium you pay. Must pay at least 50% of the employee premium. You can pay 100% and part of the family premium and it’s all allowable towards the tax credit. Must enroll through the exchange.
A broker is required for all group quotes inside and outside the exchange. For individual quotes there are other choices out there online but it’s a 1-800# with an hour cue to get someone on the phone. There is a backlog in underwriting. A broker makes sure underwriting moves along and alerts you to issues that need to be addressed (phone interviews to go over scripts and other items on your app) and if there are problems can quickly address with other options.
An SPD is required for all small group plans but there are easy to implement templates to insert the content so it’s done and ready to go for your employees and you’ll be in compliance with the IRS.
HSA and FSA amounts have changed. Please be aware of the limitations going forward on 1/1/14 with HRA’s. You only want to implement or continue an HRA if you have a bonafide small group plan. If anyone tells you differently ask them if they have a team of attorney’s to back you up if you get audited. Every insurance carrier we work with has terminated HRA plans that used to work with individual policies because they are out of compliance.
If you are interested in locking in December 1 (2013 rates) please, please call today so I can get your census input, a quote to you today and have you enrolled by Mon or Tues so it’s processed before the deadline for a 12/1/13.
For individual quotes, we need to gather the following: name, phone number, email address, date of birth, smoker/non-smoker of each member in your family, if you are on any medications and ongoing illnesses (for pre-screen).
303-471-9424
Contact Us for a quote now:
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Please join us Wednesday, November 20th 11:00AM – 1:00PM at Entrepreneurial Roundtable as TiE Rockies proudly presents: It’s Open Enrollment Crunch Time with New Choices, New Networks, Available Tax Credits:
SAVE hundreds to thousands of dollars on your business expenses in 2014 for your Business Insurance, Employee Benefits, Connect For Health Colorado Exchange and Payroll/HR.
Choosing 12/1/13 vs1/1/14: How you can save hundreds to thousands of dollars and some of the taxes imposed by PPACA by enrolling now and not waiting for your mid year renewal in 2014. (Specifically for healthy individuals and small groups that don’t qualify for the exchange).
New Insurance Companies, new plan designs and new networks: How to pick an insurance company and plan design that fits you and or your employees and avoid being stuck if you:
1. Travel for business
2. Have employees who utilize Tier 4 and 5 Rx
3. Have children who are covered and live out of state.
Rates across the board will go up inside and outside the Connect For Health Colorado exchange for 1/1/14 start dates at around 20-50% on average with some folks seeing up to 100% rate increase for both individuals and groups.
YOU HAVE APPROXIMATELY 2 WEEKS TO LOCK IN 2013 RATES! This is a DISCOUNT/COUPON your growing company cannot afford to lose so you need to get to work on this today to take advantage of the savings.
* How to determine if your employees are better off on the Connect For Health Colorado Exchange individually or if you are better off starting a group plan (Note: you have to apply to PEAK/Medicaid and get denied first for an individual subsidy!)
* How some employers will qualify for up to a 50% TAX CREDIT through the SHOP exchange (different from a deduction), especially startups taking lower salaries their first year in business.
* How the new SHOP exchange small group insurance plans help small employers with a lower wage base compete with big employers for top startup talent and how small groups with highly paid employees who don’t qualify for the exchange will still qualify for tax deductions with a small group plan.
* How to cover the gap of high deductible/high co-insurance grandfathered and 2014 Bronze and Silver plans with low cost supplements.
* HCR legislation impacts on your HSA, HRA, FSA and Section 125
* Are you AUDIT READY? ERISA/Compliance issues affecting small groups in 2014
* Are you Overpaying for Payroll and HR? We’ll show you some local options that will by SAVE your business hundreds to thousands of dollars per year (based on the size of your group). This is extra cash to help with increased health insurance costs.
* Do you handle a lot of Data/numerous records, PII or IT equipment? How many laptops, servers and mobile devices are used by your employees? Is your Business Owner’s Policy up to date? Why a company that handles over 500 records with PII might want to look at Cyber Liability Coverage.
Guest Speakers Include:
Caroline Johnson, with Warner Pacific, Denver’s largest managing general agency for health coverage. She is an expert in Health Care Reform with years of experience supporting the broker community and their groups. Caroline and will provide an unbiased view of Health Care Reform, Insurance Companies and your options. Warner Pacific personnel are busy this fall educating several chambers of commerce and business associations about your options and compliance. Warner Pacific does not work with individuals and groups but supports the broker community so you will have a truly unbiased snapshot of what is going on now that open enrollment is here!
Stacey Gilbert, a TiE Rockies member is with Denver Tech Insurance and has over 15 years of experience in Business Coverage that includes management of a Fortune 200 account as a broker along with major/national accounts and brokerage management for two insurance companies. Stacey
specializes in employee benefits, workers compensation, cyber liability and technology E&O and key person coverage for small technology companies.
Chris Martie, TASC Regional Manager A national company that handles thousands of small businesses flex plan administration, HSA’s, HRAs, FSA’s. Chris will be discussing compliance issues related to these plans and making sure your business is set up correctly as you choose a new group plan.
Handouts will be provided including: a checklist for small companies preparing for healthcare reform, a healthcare reform toolkit and a list of resources for protecting your business from a breach and if a breach happens. This is a non-biased, pitch-free informative seminar
This seminar is specifically geared towards Colorado based businesses with under 50 full time employees: Who should attend? The Business Owner/President, CFO/Controller, Business Manager, HR Manager of the company.
If you are an advisor to small technology companies, please forward this information to your client.
Cost: General Members – $10.00 per person
Non-Members – $17.00 per person
Seating is limited. REGISTER NOW!
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https://rockies.tie.org/event/46/entrepreneurial-roundtable-featuring-stacey-gilbert-and-caroline-johnson |
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You are invited to visit at our Executive In Residence Session at Innovation Pavilion on November 13, 2013 10am-3pm time slots.
contact media@innovationpavilion.com |
Call 303-471-9424 or send us an email at: http://www.denvertechinsurance.com/contact/
Can’t make it to either event? Call now and we’ll take care of you! We have over 15 years of experience in employee benefits and specialize in working with all aspects of coverage for technology companies and startups including health insurance, ancillary and voluntary group plans, business insurance, technology errors and omissions and cyber liability coverage. Please give us a call so we can get you a FREE assessment and quote.