Final Regulations on 90 day waiting period
It is estimated as many as 60% of all companies renew their group health plans in Jan. of each year. However many groups especially small business renew their policies throughout the year and are phasing in the new “ACA” regulations concerning the minimum 90 day waiting periods.
There is more flexibility in the final regulations than originally released which can be found on the DOL site . One of the most interesting aspects is the waiting period that is based on an hours requirement of 1200 hours worked.
A common thread we’re finding with our clients and consultants we work with is that employers need to embrace a strategy. Our recommendation to clients is to meet with your insurance broker or consultant to create a clear and defined strategy for healthcare reform. Only 4% of all businesses in America have more than 50 employees and are required to offer insurance but as a culture play more than 50% of businesses offer insurance and will have to follow certain regulations to stay in compliance.
An IRS Section 125 POP document is one of those compliance documents you need to have in your arsenal. Taxfreepremium is happy to help either clients directly or most often through our reseller program working through your constants or brokers who assist their clients for a very small fee.