FAQs | SBBMI

How would we handle potential new hire offers when we may no longer have a group plan?

Without a traditional group plan, the benefits conversation with new hires changes significantly. Typically, new hires receive an offer letter along with a summary of benefits and costs, leaving HR to explain complex insurance details. With SBBMI your organization benefits from dedicated advisor support to guide new hires through their options.

Are Marketplace plans comparable to the group plan we have today?

ACA Marketplace plans are designed to meet federal standards by covering essential health benefits like preventive care, emergency services, hospitalization, and prescription drugs, offering a robust baseline of coverage. However, these plans can vary widely in terms of deductibles, co-pays, and provider networks, often resulting in more individualized coverage options compared to the uniform and standardized benefits of traditional group plans.

Overall, while ACA Marketplace plans provide robust coverage that meets federal standards, the experience and specifics can differ from your traditional group plan. Our support at SBBMI helps bridge that gap, making the transition smoother and ensuring your employees are well-informed about their benefits options.

If rates on the marketplace are based on income, what happens if my employee’s income changes?

While marketplace rates are partially influenced by household income, minor fluctuations do not lead to significant changes in rates. When we assist your employees in registering for the Marketplace, our advisors will clarify how variations in income can impact these rates. Employees have the option to update their income at any point throughout the year, resulting in an adjustment to their rates.

Will my employees have access to both HSA and Traditional Co-Pay Plans?

Yes, your employees will have access to many plan choices including HSA’s and Traditional co-pay style plans.

How do we estimate household income for employees with spouses that work?

Some employers choose to obtain preliminary estimated information by speaking directly with each employee after discussing the proposed strategy. On the other hand, other employers prefer to hold a meeting where we can showcase the marketplace and explain the information we need as well as its importance. We can serve as an impartial third party to gather this information, which is crucial for determining accurate rates and plan options.

How do my employees ensure their doctors are In-Network?

Our advisors will work with your employees to check which doctors are in-network before they make their plan selection. The Marketplace includes options that include all of the major health systems located in West Michigan.

Can they look up the cost of prescription drugs?

Yes, our advisors will also consult with each family to ensure that proper coverage exists for currently prescribed medications.

What is the process our employees would go through to select a plan?

TBD

Aren’t group plans the only option for small business health insurance in Michigan?

TBD

How many options are there, what are they and how do they work?

TBD

Why doesn’t my insurance agent offer these other options?

TBD

What’s the difference between insurance agents and advisors?

TBD