ACA NEW BUSINESS RATES:
We've been working with Actuary and are pleased to announce we're able to make some pricing adjustments with 7/1/20 effective dates. These will vary based on the rating region. As a reminder, ACA groups can also take advantage of a 1.4% chamber discount if they are a member of a participating chamber saver chamber. This is GREAT news!
SOCA MEWA NEW BUSINESS RATES:
An actuary has also evaluated our SOCA MEWA rates and we pleased to announce we're able to make some pricing adjustments as well as group size adjustments with 7/1/20 effective dates. These also vary based on rating region. Quoting begins now. More GREAT news!
SOCA MEWA SOLE PROPRIETORS:
We will be offering coverage to sole proprietors beginning with 7/1/20 effective dates. Prescreens and new business submissions will follow the current FormFire processes. We can decline sole proprietors which are different than how 2-50 true small groups are handled. Employer application and risk evaluation questionnaires have been updated to include sole proprietors and are available in FormFire. An eligible sole proprietor must meet certain underwriting requirements, work more than 30 hours per week (documentation required), and needs to submit cover page from form 1040 with Schedule C OR cover page from 1040 with Schedule F AND schedule SE. Quoting begins April 20, 2020. Due to regulatory requirements, total sole proprietor membership cannot exceed 10% of the total membership in the Plan. This is a great new opportunity for us and our chamber partners to be able to satisfy a need for sole proprietors!
BENEFITS INCLUDED IN ALL SMALL GROUP SOCA MEWA/ACA PRODUCTS:
*Strong provider networks and name recognition
*Sydney and SydneyCare mobile app for instant access to benefits and care
*Live Health Online access to care 365 days a year/24 hours a day
*Dual option available for 5-9 enrolled; triple-option available to 10+ enrolled
*Smart Shopper (employees can get CASH for making smart decisions on eligible services)
*Variety of Ancillary offerings (dental, vision, life and disability) with ONE ID CARD, ONE BILL.
*Ease of employer administration with Employer Access (beginning 4/8/20 for SOCA MEWA—full administration active now for ACA).
The listing of the current chambers participating with SOCA BP is also attached.