Blue Cross Blue Shield of TN is discontinuing all “grandmothered” group plans in Tennessee in 2017. This means that if you had continued your group plan for your small business in TN over the last few years with BCBS, you now must change over to an Affordable Care Act or EHB (Essential Health Benefits) qualified plan. Will your rates go up? Yes for many groups, maybe not for some others. The answer to this question will be in what type of plan (Bronze, Silver, Gold) did you switch to, and what are your current rates. I have many small groups in TN currently on EHB plans and they are happy with their coverage. But for many employer groups facing cancelation of their grandmothered plan, a significant price increase could be looming. So reviewing all of your options is critical.
All EHB Plans Offer the Same Underlying Coverage
Regardless of whether you choose the Bronze, Silver, Gold or Platinum level, all underlying medical coverage is the same. The main difference is how much you pay before the insurance company pays.
Consider an H S A
Everyone should have a Health Savings account in my opinion. The only exception would be if an employer covers most or all of the premium for a low deductible plan.
Look at Self-Funded Plans
Now employer groups as small as 10 can take advantage of self-funded plans that can refund excess premium at the end of the year. If your small group is relatively healthy, this is something you absolutely should take a look at.
Look at Multiple Companies
If you’ve had Blue Cross for many years and are happy with the service and coverage, the first effort will be to stay with BCBS. But it also makes sense to see if any other carries might be a better fit.
At www.DixonAdvisoryGroup.com, we will help you look at all of your options. We’ve been helping small health insurance employee groups in Tennessee navigate the confusing terrain of coverage options for 21 years. Give us a call at 615-376-8899 or click below, fill out the census, and we’ll get to work for you. The only thing we ask is that you are open to working with a new broker if we find you a better option.