Finding New Coverage for Your Employees
While the CoverTN program will not continue past December 31, 2013, there are some options for health care coverage for your employees:
- You may want to contact a broker about continuing to offer health insurance to your employees as a small group.
- Your employees can purchase health insurance through the Health Insurance Marketplace.
What do you and your employees need to know about the Health Insurance Marketplace?
- In Tennessee, the Marketplace is run by the federal government.
- Your employees can shop for coverage in the Marketplace at www.healthcare.gov.
- Employees who do not use the Internet can call 1-800-318-2596 for Marketplace information.
- By law, insurance plans offered in 2014 will not be able to deny health insurance coverage to people because of pre-existing or chronic conditions like cancer or diabetes or apply a pre-existing condition waiting period based on an applicant’s health status.
- The Marketplace will offer financial assistance to help individuals pay for their health insurance premiums. The financial assistance that individuals receive will be determined by their income. Prior year income tax returns or W-2s will serve as a record of income.
- In 2014, people who do not have health insurance may have to pay a federal tax penalty. Employees can contact a tax consultant to find out more about this potential tax penalty.
How can your employees avoid a lapse in coverage?
Open enrollment in the Marketplace is going on now. If you enroll by December 23, 2013, coverage can begin as soon as January 1, 2014. However, if your employees wait to shop for a new plan, they may face a gap in coverage. Even a short period without coverage could mean stress that can be avoided.
Important date to remember:
- December 31, 2013 - your employees’ CoverTN coverage ends at midnight