As you operate your independent medical practice, do your expenses ever decrease? You may scoff at such a question. No doubt each year, as you look at the cost of providing employee benefits, it appears that health insurance premiums only climb … higher and higher.
However, TMA Insurance Trust has done the research and uncovered an option for practice owners to control their group health insurance costs. What is more, this option can even make it possible for practice owners to obtain group PPO coverage for themselves and even offer a group health insurance plan to employees without impacting your bottom line. How is this possible?
Preferred Coverage for Your Practice
Let’s explain how this could work for your independent practice. As a general rule practices that must buy their own benefits are required to fill certain criteria in order to offer a group policy to their staff (or to obtain it for themselves):
- Your practice must have 75% of uninsured employees participate in the group plan.
- Your practice must pay 50% of your employees’ premiums.
For many independent practices, the participation and contribution requirements create a financial barrier. But during Health Insurance Open Enrollment, we can assist you with special waivers that remove this criteria.
This is how your practice would be affected:
- You would not need 75% of your employees to participate in the group plan. The limited-time waiver does away with minimum participation completely.
- Your practice would not need to pay 50% of employees’ premiums. During this timeframe, your practice can contribute as much - or as little - as you choose.
In short, the waivers:
- may allow your practice to manage health insurance benefits cost increases,
- may allow you to obtain PPO coverage for yourself and family without cost to your practice, and
- may allow your practice to extend health insurance benefits to your employees.
Eligibility Requirements for Waiver Use
To be eligible for these special ACA waivers, there are two simple requirements that must be met: your practice must have (1) a tax I.D. number, and (2) one full-time employee in addition to yourself. We are ready to assist you if you want to take advantage of this special opportunity. A TMA Insurance Trust advisor will be happy to give you more details and fully explain the waivers.
Administration Support from a Trusted Partner
We know that dealing with the administration of an employee health insurance plan can be a burden on your staff. TMA Insurance Trust wants to support you by taking on as much of the administrative responsibility as possible. Among other tasks, we will help by enrolling your staff and dependents, cancelling employees if they leave your office, distributing temporary ID cards and policy information, assisting with billing, as well as advocating for you throughout the year if claims or customer service issues arise.
These added services are provided at no extra cost to you or your practice. While we help you, you can spend more time caring for patients and running your thriving practice.
Act Now for Manageable Costs
We understand that you want the best health insurance coverage possible at a price that’s manageable, and we want you to be able to take advantage of these cost-saving measures. But know that these waivers are only available through TMA Insurance Trust until December 13th, so you must act now to take advantage of them. Contact us today.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.