What Does the Relief Bill Mean for Health Insurance?
The latest relief bill provides ongoing financial support to Americans struggling with financial hardships as a result of the pandemic.
What is the Difference Between mHealth, eHealth, Telehealth, and Telemedicine?
/in ACA Compliance, Healthy Living, MEC, News, Telehealth, Voluntary Benefits, Worksite BenefitsThe digital health world has seen massive growth over the last year. It’s important to understand what various virtual healthcare terms mean. eHealth, mHealth, telehealth, and telemedicine are used to describe the use of mobile and desktop technology for patient management. These terms are used interchangeably at times, however they each represent a different aspect of technology and healthcare.
How Can You Add Value to Your Existing Benefits Plans?
/in ACA Compliance, MEC, News, Voluntary Benefits, Worksite BenefitsBenefit plans serve as a great way to provide value to employees beyond their salary. Because benefits are becoming increasingly important, it’s important that you give your employees the option to tailor their benefits to their needs. At SBMA, we believe in meeting your employee’s medical needs with additional benefit options. We offer our clients the option to choose various voluntary/worksite, ancillary, and virtual health benefit options.
How Do Benefits Improve Employee Morale?
/in Employee Engagement, Employee Retention, Healthy Living, MEC, News, Voluntary Benefits, Worksite BenefitsSixty percent of employees rated benefits as a very important contributor to job satisfaction. With that many employees placing value on employee benefits, it’s important that you, as an employer, ensure your benefits are set up and attract and retain the best employees. According to Career Builder, only 49% of employees are satisfied with their current benefits, which means you have the opportunity to make your benefits even better to appeal to 51% of your employees!
Understanding Minimum Essential Coverage Options
/in ACA Compliance, MEC, NewsUnderstanding the various minimum essential coverage plans that you can offer your employees is essential to providing coverage that matters. At SBMA, we offer the most competitive limited medical plans in the industry. We ensure every client remains ACA compliant by offering our medical plans.
SBMA benefits serve employers with ACA mandated compliance requirements. It supports those employers by offering employees who need affordable benefits the right solution for them. Our mission is to provide great benefits at a great price. SBMA is nationally recognized as industry experts on ACA compliance, ERISA law, and Healthcare Reform, and we’re here to help!
Penalties vs the Cost of MEC- How Much Can You Save?
/in ACA Compliance, Employee Retention, Healthy Living, MEC, News, Voluntary Benefits, Worksite BenefitsUnder the Affordable Care Act, applicable large employers (ALE) are required to provide minimum essential coverage to 95% of their full-time or full-time equivalent employees. If you fail to do so, your company will be subject to various penalties that could cost you! If you do a cost-benefit analysis, investing in MEC for your employees can save you millions, while also increasing employee engagement.
Make Preventative Care a Priority in 2021
/in Healthy Living, MEC, NewsYour Guide To A Healthy 2021!
The New Year is upon us! I think we all can agree, 2020 has been a year unlike any other. As we look to the new year and reflect on the past 365 days, how are you planning on keeping your health a top priority in 2021?
Minimum Essential Coverage Plans- What Do They Really Cover?
/in ACA Compliance, Employee Retention, Healthy Living, MEC, News, Voluntary BenefitsMinimum essential coverage, also known as Obamacare, is designed to give coverage to those who need it most. However, there is quite a bit of confusion surrounding what minimum essential coverage actually covers for patients with this healthcare. MEC was designed to provide patients with 10 essential benefits. So what exactly are these essential health benefits?
What You Need to Know During Open Enrollment
/in ACA Compliance, MEC, News, Open EnrollmentThe open enrollment period for 2020 is here! It’s time to consider whether or not to enroll in a new health insurance plan or change your health insurance plan. To begin, you need to understand what benefits you can receive with minimum essential coverage. If your employer offers Minimum Essential Coverage and you’ve been hesitant to enroll, let us help you understand how MEC can give you the essential health benefits you need most.
How much can you save with MEC?
/in ACA Compliance, MEC, NewsHow much can you save with MEC? Minimum Essential Coverage (MEC) is coverage that complies with ACA requirements. The Affordable Care Act (ACA) states that all employers with 50 or more full-time employees- Applicable Large Employers- are required to provide coverage to all eligible employees or they will be subject to fines/ penalties.