Bernardini & Donovan Insurance Services

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Things to Consider When Choosing A Health Plan Offering For Your Small Business

When you own a small business, with 2-50 employees, even if you are not required by law to offer a health plan for your employees, you may still want to. If you want to choose a health plan for your employees, there are a few things to consider before making your decision. You need to keep both your business goals as well as the benefit of your employees in mind. This is a careful balance but it can be done with the right considerations along the way. Use this list as your guide through the process. How much can your business pay and how much can your employees pay? In general terms, plans come in terms of premiums. The higher the premium, the lower the costs out of pocket and vice-versa. Something to consider is how much both your business and your employees can afford in terms of premiums and

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Adding a Spouse to Your Health Insurance Plan: Important Considerations

Whether you’re getting married in the near future or are already married, there’s a good chance that you’ll need to add a spouse to your existing health insurance plan at some point. If this applies to you, then there are some important considerations you’ll want to keep in mind as you go through the process. Annual Enrollment Periods First of all, understand that all insurance companies have what’s known as an “open enrollment period,” which usually occurs once each year. This is a pre-determined window of time when new members can sign up for a health insurance plan and spouses/dependents can be added to existing plans. Make sure you know when your company’s annual enrollment period is and make sure you get all necessary paperwork submitted during this time to ensure coverage for your spouse. Qualifying Life Events Keep in mind that there are certain situations where you may be

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Affordable Care Act Filing Deadline Extended for Employers

If you run a business that has 50 or more full-time employees (or the equivalent of full-time employees), then there’s a good chance you need to fill out and submit both 1094-C and 1095-C forms as you prepare for the coming tax season. Specifically, a 1095-C is a form that you must send out to each individual employee; this form contains information on the health care coverage that was offered to the worker, the lowest premium cost that was available, and the number of months the coverage was available. You are required to submit this form to all employees, regardless of whether they accepted their coverage options or not.On the other hand, a 1094-C is a form that’s submitted to the IRS as a means of reporting the number of employees you have, the number of 1095-Cs you sent out to your workers, and some other basic information about your

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What To Do When You Miss the Insurance Enrollment Deadline

The healthcare marketplace officially closed on January 31. That can mean big trouble if you did not enroll in a healthcare plan and do not have one through an employer. However, there are ways you can enroll after the enrollment deadline. There are some catches though. There is a special enrollment period outside of the open enrollment period. To be able to sign up for health insurance through the marketplace after the open enrollment period, you must have a qualifying life event.   What is Classified as a Qualified Life Event? There are some common life events that allow you to enroll after the deadline. Some of these include, but are not limited to, the following:   Getting married (or divorced) Losing health insurance coverage from another party Having a baby Adopting a baby or placing one for adoption Leaving prison Losing coverage due to age (i.e. turning 26 and

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The Best Time of Year to Review Your Insurance Policies

Experts encourage people to review their insurance policies at least once per year. The same rings true for your healthcare insurance. The best time to really do this is during open enrollment when you can actually change to a better or more affordable plan. Importance of Reviewing Your OptionsWhen it comes time to re-enroll, it is very important to take a look at your current plan and the other options that are out there. There are several good reasons for this. First, you may find a better plan that will fit your needs more efficiently. Second, you may find a cheaper plan that you can better afford. Keep in mind that it is highly likely that the premium for your current plan has gone up and you will have to pay more throughout the year. Thirdly, you may find the best of both world’s and find a plan that is

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Is Medicare Advantage the Right Fit For You? Use This Helpful Guide to Find Out

One of the key components to making sure that you have the health insurance that you need is making sure that you understood all of the options that were available to you in the first place. Because many Medicare-related plans all have similar sounding names, it can be easy to confuse one from the next. By learning a little bit more about Medicare Advantage including what it does and who it is for, you can help find out if it is a right fit for your own personal situation.What is Medicare Advantage?At its core, Medicare Advantage plans are those that are offered by private health insurance companies that provide you all of the same benefits that you would receive under Original Medicare. Medicare Advantage health plans have HMO and PPO options. Another important thing to understand about the Annual Enrollment Period is that it isn’t just for new Medicare patients.

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