Small Business


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Facts about healthcare and Small Business
  • 49 Million Americans who lacked health insurance coverage in 2010
  • $2.6 Trillion in total health care spending in the United States in 2010
  • Over 25% of those who chose not to buy health insurance saying it costs too much
  • 58% percentage of Americans who reported delaying or foregoing medical care in 2011
  • Health insurance premiums have been rising 3x the rate of inflation and wages between 1999 and 2012

Newtek Insurance Agency is here to simplify your options in regards to health insurance for small businesses. Between running a business, assisting your clients, managing your staff and monitoring the bookkeeping, you need a partner that is able to help you remain in compliance, provide affordable benefits, and help you maintain a manageable benefits package. Newtek Insurance Agency is here to help.
With partners like United Healthcare, Aetna, Humana, and BlueCross BlueShield, we have the ability to walk you through healthcare reform compliance with the most trusted names in healthcare. We will work with you directly as the business owner / plan administrator to not only look at plan options, but also look to maintain quality coverage and fundamentally lower the cost of healthcare to your business in the currently challenging environment.

What do I need for a quote?

To review pricing and options, all you will need is a simple health insurance census, and your current plan summary. Please click here to download a census and for the instructions to submit for pricing.

Take 15-20 minutes to review your business's needs with one of our business service specialists.

 

By working with Newtek, we can

  • Provide streamlined support – You will have the name, direct line and email address of your dedicated servicing representative. This will ensure that customer service is always available as YOU need it.
  • We will be able to walk policy changes, system changes, employee additions and terminations through the process for you effortlessly and seamlessly.
  • Not only are we making sure that you appropriately covered at the best price but we are also providing the seamless integration and administration of benefits.
  • As the business owner it is up to you to choose the carrier, the coverage and the type of policy that you want. By working with Newtek, you have the market options that you want with the seamless integration you need.

 

Many group benefit carriers are requiring more information than they have traditionally due to health care reform, and we can help. By housing everything under one roof, we help streamline the information process, and help you focus on your primary objective, taking care of your clients.

Why should I obtain health insurance?

With the implementation of healthcare reform small businesses with less than 50 employees will not be required to provide health insurance benefits to their employees until 2015.

The recent change in healthcare reform has granted a reprieve to small business owners in having to provide coverage, by delaying the employer mandate for one year. We encourage business owners to use this time to work on plan options, and look at the different ways they can leverage their resources, and business services to make sure they are getting the most comprehensive business package at the best price possible.

Employer’s will now no longer be required to provide coverage until January 2015, however the individual mandate is still in force. This means that although employers will not need to offer health insurance coverage to their employees, individuals will still be required to obtain coverage, even if it is not provided by their employer.

Many employees will turn to their employers to provide coverage. This will create a competitive advantage challenge for small business owners, especially in looking to retain long standing staff, top sales people, or customer service representatives.

Although employers are not required to provide coverage, there are options that are available, and that all small business owner’s not offering coverage should look at to help reduce attrition, and help recruit and attract top talent.

How will healthcare reform impact my business’s other insurance policies?

Depending on how your business handles 1099’s employees, healthcare reform may have a minimal impact on your commercial insurance program. However if your business is looking to 1099 employees in an effort to reduce healthcare costs, it is important to understand the implication of your general and professional liability coverages.

By 1099-ing employees your business may be sifting responsibilities / risks to individuals that may not be properly insured. Make sure to contact Newtek Insurance Agency to ensure that your current insurance policy is providing all of the necessary coverages that you need.

Can I / Should I implement a wellness program?

What are the top 10 features of the Affordable Care Act

  • All American’s will be required to obtain health insurance due to the individual mandate. By March 31, 2014 all Americans will be required to obtain health insurance. If you do not obtain health insurance, you will be subject to a penalty.
  • In 2013, exchanges/online marketplaces will be opening to provide options for individuals and small business owners to purchase health insurance. Through these online exchanges, individuals can compare and purchase health insurance as of October 1, 2013 for a January 1,2014 effective date.
  • Essential Health Benefits – Plans will be required to have certain minimum benefit coverage
  • Tax Credit Subsidies – If you purchase a plan through an exchange, you will be eligible for a government subsidy to help cover the monthly premiums.
  • Annual Limits – Plans will not be able to impose annual coverage limits on the dollar amount of coverage that policy holders can receive.
  • Preventive Care – All plans will be required to offer all preventive care services at no charge.
  • No Pre-existing conditions – Coverage cannot be denied due to a previous illness.
  • Criteria for a rating policy – Age, tobacco use, family makeup and geography will determine the premiums. There will be no more medical underwriting on plans.
  • Young Adults can stay on their parents plan regardless of where they live, if they are marries, if they are in school, if they have coverage available through their employer.
  • Rapid appeals guarantee – In urgent medical situations, a response to your appeal must be received within 72 hours.

Reform Timeline

2010

  • Affordable Care Act (ACA) approved by Congress 
  • Coverage for young adults begins 
  • Free preventive care required 
  • Easier appeals process set up 
  • Limits on lifetime benefits banned 
  • Denying children coverage for pre-existing conditions banned 
  • New funding for prevention, public health, and community health centers 
  • New funding for consumer assistance programs 
  • Higher pay for rural health providers 

2011

  • Government requires more premium dollars spent on health care 
  • Center for Medicare and Medicaid Innovation established 

2012

  • Supreme Court approves Individual Mandate as a “tax” 
  • Creation of better coordinated, integrated health systems (“Accountable Care Organizations”) encouraged 
  • New program requires reporting of racial, ethnic and language data 
  • New rules for secure, confidential electronic health records 

2013

  • Preparations underway for big 2014 changes 
  • New funding for Medicaid programs to cover preventive care 
  • Higher pay for primary care doctors treating Medicaid patients 
  • Payment “bundling” encourages hospitals, doctors and providers to work together 
  • Open Enrollment begins in health insurance marketplace 

2014

  • Public insurance exchanges begin 
  • Individual Mandate goes in effect 
  • More lower-income people given access to Medicaid 
  • Tax credits help middle income people buy insurance 
  • Annual limits on coverage banned 
  • Insurance plans must have minimum benefits 
  • No discrimination for pre-existing conditions or gender 

2015

  • Doctors paid by the “value” they provide, not by volume of work


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