CATTLE RAISERS COMMUNITY
TSCRA NEWS
Regain Control of Your Medical Insurance Choices
W
Michele Woodham, Cattle Raisers Insurance
HEN IT COMES TO MEDICAL INSURANCE, CHOICES FOR INDIVIDUAL POLICY HOLDERS ARE limited and changes to your policy are restricted to certain months of the
year, unless you experience a qualifying event. Those who are part of a group medical plan have much greater control over
their insurance coverage and much greater fl exibility in choosing the options they need. Here is what you need to know about group medical plans.
• A group can consist of a husband and wife, if both names are refl ected on legal, fi led partnership documents. Limited Partnerships are acceptable, LLC’s and PLLC’s are not.
• A group can consist of 2 or more W2 employees. • Group medical plans offer numerous insurance plan options. Unlike indi- vidual medical offerings, you can choose PPO or HMO provider networks as well as varying deductibles and RX co-pays.
• Group medical plans can be purchased throughout the year — they normally have a fi rst of the month effective date or 15th of the month effective date.
• Group medical plans must be extended to all employees working 30 hours or more per week.
• Employers are required to contribute at least 50 percent of their employees’ premiums for a group medical plan.
• 75 percent of employees must participate in the group insurance plan, unless covered elsewhere.
• Group employers must comply by group regulations. Even in these times of confusing change in medical insurance offerings,
there are still options out there for you to protect your family and colleagues. The Cattle Raisers Insurance team is ready to help you fi nd the options that suit your group insurance needs. Contact us at 800-252-2849.
12 The Cattleman July 2016
thecattlemanmagazine.com
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