The New York Health Benefit Exchange is here! Starting Oct 1st the enrollment is open for coverage’s starting Jan 1st, 2014.
The New York Health Benefit Exchange has 2 parts to it – 1 for group coverage and 1 for individual coverage. The group one is for employer’s who offer health insurance and want to use the exchange over what they use now (or for new businesses). The individual exchange is for people who work for a company that does NOT offer health insurance but people are mandated to get coverage starting in 2014.
If you hire people after Oct 1st, you must also present them with 1 of 2 notices – that either you offer health insurance or you do not offer it.
If you do not, then they purchase health insurance through the New York Exchange, whose participating companies must offer 4 plans – Platinum, Gold, Silver, Bronze. Each level has a different benefit package offer, with Platinum being the best coverage and Bronze having the least coverage.
Using an independent insurance adviser when looking at your health insurance benefit choices is always a good idea.
By Tom Larsen