Employee Benefits- Retain or Forfeit Your Grandfathered Status?
Posted by Chris Conley on Fri, Jul 30, 2010 @ 10:03 AM
When it comes to Employee Benefits, staying on top of new and changing regulations can be a challenge. In regards to health plans specially, Cigna released an article in their series ‘Informed on Reform’ speaking to grandfathered provisions that I personally found very user friendly. I thought I’d pass it along.
Instead of merely listing the requirements and changes that must be made, Cigna created a chart that outlines requirements for grandfathered plans, non-grandfathered plans, and a timeline of when each provision take place.
This informational tool can help employers weigh the pros and cons of their decisions. http://www.cigna.com/pdf/837895_AlertSheet_v9.pdf
The ability for employers to maintain their current plans by maintaining grandfathered status allows employers the choice to avoid some new mandates, but rising premium cost will become much harder to offset with restricted benefit changes.
Did you find this alert sheet as helpful as I did?
Written by: Mike Duvall, HR and Benefits Advisor
____________
Foster Thomas is the Mid-Atlantic region’s leading HR Management Consulting organization. With over 17 years of experience providing best-in-class HR-focused professional services, Foster Thomas creates custom scalable HR solutions for emerging and mid-sized organizations, government contractors and non-profits.