What is the CARES Act - COVID19 - Health Insurance - Claimlinx

Impact Of Covid-19 On The Health Insurance Industry

As the viral pandemic continues, health insurance and Covid-19 has become a hot topic of conversation and concern for individuals and businesses who want to provide benefits for their employees. Although individual policy providers have unique rules and coverage options, the US government put into place the CARES Act to help people get treatment as needed. This is especially important as so many American workers are forced out of work and away from the usual medical insurance policies that help them during ordinary times.


What Is the CARES Act?


This healthcare act was created to help the uninsured or underinsured receive treatment if they were diagnosed with Covid-19. Much like Medicare functions, this system reimburses doctors and other healthcare providers for testing and treatment. Instead of giving money directly to the individual with the diagnosis, it encourages the medical community to treat them even if they do not have insurance. People or families who currently get the state equivalent of Medicaid are automatically covered beyond their usual cancellation date.


Can I Get Health Coverage Now?


If you do not have medical benefits from your employer or another source, may be difficult to sign up for coverage during the pandemic in some cases. However, the CARES Act does require you to seek out insurance first before utilizing the system. Either do searches at your policyholder website for opportunities or go directly to the government’s healthcare platform to look for extra help during your time off work.


If you represent a company who wants to offer more insurance options to workers at this time, it makes sense to discuss your options with a qualified healthcare consultant. It may be possible to assist employees in getting the treatment they need even with a Covid-19 diagnosis. The benefits of providing health coverage go far beyond treatment for this growing problem.


How to Get Health Coverage Now


One of the major roadblocks to solving the healthcare insurance and Covid-19 problems is the rampant unemployment caused by the shutdown of most industries across the country. While many people can work from home or on a rotating schedule that does not affect their medical benefits, others have simply lost their jobs and are left without coverage during a time when they desperately need it.


The industry and government have responded in ways beyond the CARES Act. Enrollment periods for a variety of policies including Medicare and Medicaid have been extended. Options to buy short-term insurance have increased. Employers are looking for new and more affordable ways to provide their workers with the best options possible.


Businesses who want to help need to look outside the regular options when it comes to healthcare offers and the potential for improved coverage with reduced costs. After all, if the company or organization is not working out 100% capacity during the Covid-19 pandemic, it needs to save as much money as possible so it survives these difficult economic times.


Investigate all options for group health or supplemental insurance, third-party administrator management, healthcare savings or reimbursement plans, and more by contacting ClaimLinx.

Benefits of Offering Health Insurance

No matter what size business you run, offering health insurance benefits your employees provides numerous advantages not only for the workers but also for the company itself. In order to get these benefits of offering health insurance, however, you need to understand how to choose the right plan. The help of an employer consultant like those at ClaimLinx can lead you to the right final decision.


Five Health Insurance Benefits for Your Business


When making decisions about the possibility of offering medical insurance to your employees, consider these important points.


1 – Employee Loyalty Increases


When it comes to a list of benefits that workers want, health insurance comes out on top. A paycheck is nice, but coverage for both preventative medicine and emergencies improve the overall impression that workers have for their employer. They also increase overall morale and productivity. A large part of having a successful business depends on keeping all the men and women who work for you happy and satisfied. Do not lose quality workers to other firms that offer more incentives than you do.


2 – Jobseekers Value Your Company


When you want to attract new talent, offering low-caused group health insurance makes your job opening more attractive to people who have choices. If it comes down to you or a different business, offering health insurance can push you over the top. Basic benefits may not be enough. With so many companies offering insurance these days, you need to make sure you provide the very best coverage at affordable prices.


3 – Decrease Federal Taxes


If you own or operate a small business with fewer than 25 employees working full-time, you can get considerable tax credits if you offer health benefits to them. Other rules apply to enroll in the Small Business Health Options Program, but you do not qualify all if you do not take advantage of group health rates that make it possible for your employees to get healthcare when they need it.


4 – Fulfill Government Requirements


The Affordable Care Act has a whole list of rules and regulations that affect how businesses provide healthcare benefits or insurance to their employees. In many cases, a company is required to offer a certain level of coverage depending on the type of workers they have, whether they are full-time or not, and other factors. If you have any questions about these requirements, it helps to speak with a qualified healthcare consultant.


5 – Smart Insurance Plans Decrease Cost


The final major benefit of offering health insurance at your company focuses on both the business itself and every single worker who has coverage through your chosen plan. As long as you make wise decisions about the policies and covered costs, everything from premiums to monthly bills to tax payments will decrease. When you choose to use an experienced and knowledgeable third-party administrator to handle all these matters, you end up saving even more in the long run.


medical insurance reimbursement plan expenses

How to know if your business can deduct medical insurance reimbursement plan expenses?

The decision to use medical insurance reimbursement plans (MERPs) or not in your business requires a lot of consideration. It is important to understand if this will save you money in the long run and if you will be able to deduct the expenses on your taxes in the next year.


What Is a MERP?


A medical expense reimbursement plan helps reduce your employees’ costs when it comes to paying for doctor’s visits, prescription medications, hospital stays, and various types of treatment. MERP deductions happen because you as an employer contributes to these costs directly. In turn, you are able to take the money off of your tax expense when it comes time to pay income taxes for your business itself.


While this sounds very attractive because you get to pay less taxes overall, you still need to meet all the qualifications necessary to use one of these programs. Consider getting help from a ClaimLinx consultant to help navigate the process of signing up and using one yourself.


MERP Tax Information


There are multiple ways to get tax deductions when it comes to medical care and health insurance plans as an employer. Small businesses with less than 50 employees get specific rules that apply to them. In general, any company that pays for at least half of employee premium costs can use that total amount to get deductions to help them minimize their tax responsibilities.


When MERPs are involved, rules about specific plans in writing and contractual agreements apply, but these would exist anyway to make sure all workers understood their health coverage. When the terms of this reimbursement plan are met, employers can use the amount they pay as tax deductions. 


To answer the initial question, you know you can enjoy a MERP deduction when you avail yourself of this amazing opportunity to save money in your business. As long as you qualify for the specific plans and pay according to the contractual agreement, you can save on taxes every year.


The decision about what type of plan to offer and the specific coverage options for the people who work for your company includes some degree of complexity. You want to get as many tax deductions as possible to minimize costs and payment requirements.


One way to simplify your options and the administration of the MERP is to use a third-party administrator like one from ClaimLinx. Besides getting full employer health benefits consulting services to make the right choice in the beginning, you can also enjoy the convenience and affordability of having an outside consultant manage the plan itself.


You have enough responsibilities of operating your business smoothly and ensuring future profits. Let the health coverage and medical insurance reimbursement plan experts handle both the employee and business side going forward. We provide education for the workers so they fully understand their responsibilities and savings, access to local customer service, full employer reports and claims assistance, and so much more.



How many employees do you need to qualify for group health insurance?

For many companies and organizations, group health insurance provides operational savings and great coverage options for employees. In order to use these plans, however, you need a certain number of people working for the business. If your business is very small, you may not think that you have enough people to take advantage of these plans with potentially lower rates. After you know the facts, you might be pleasantly surprised.


Small Business Definitions


Two main determinations matter when you consider if your small business is eligible for group health services or not. First, how many employees do you have? Second, are they related to you? The answers to these questions determine whether you can get group health insurance and if you qualify for small or large group versions.


If you have less than 50 workers employed full-time at your company, you qualify as a small business when it comes to purchasing and providing health insurance benefits. However, if you have only a few and they are all family members, will have to use a family insurance plan instead. This also applies if the other employees own part of the business along with you.


Any company with 50 or more employees can definitely choose group health insurance. However, they will not get the small business version as long as all other criteria are met.


Employee Qualifications for Group Coverage


Besides not being direct family members of the owner of the business, there are other rules about who constitutes an employee for group health insurance allowances. In general, any full-time employee counts. Part-time employees do not count on their own. However, the IRS has developed a guideline that allows you to add together multiple part-time employees to create what is called a full-time equipment one. If you have two workers who both work 20 hours per week, they will add up to one full-time employee.


The cut off for full-time work is considered 30 hours per week. If you want to offer group health insurance at your company, it makes sense to pay attention to how much work is being done by the majority of the people employed there.


There are a wide variety of different types of group health insurance you can get on the market today. Besides for traditional HMOs and similar, there are also alternatives like MEWA, VEBA, and more. It may be difficult to navigate the complex issues surrounding the healthcare industry today. Since you have to pay attention to the rules still in place under the Affordable Care Act, it may help to get some group health consulting services to better navigate your options.


ClaimLinx can help you do just that. We offer qualified and services about a wide variety of different health plan options. We will help you determine if your employees qualify and whether you can get small business group health plans or larger group coverage. Let us help you make the best choice for your company.


Save Big on Your Next Prescription

Prescription prices go up all the time, and it can be difficult for people to afford all the medications they need on a regular basis. If you want to help your employees save big on their next prescription, you need to find the best possible solution. ClaimLinx consulting services stands ready to help you make the best decisions about the health insurance benefits you offer to every employee.


The high costs of prescribed medications in the United States today have left many employed individuals without the treatments they need for chronic and acute illnesses and conditions like high blood pressure, general anxiety disorder, and diabetes. Not only does this failure affect physical health and well-being, it can also negatively affect your company’s workforce in the long run. To protect every worker and your bottom line, find the best way to help them save big on their next prescription.


How Can Employees Save on Every Prescription?


Ultimately, the more coverage a health insurance plan offers, the lower the costs for prescription medication will be. However, providing this type of benefit as a small or medium-sized business can present a financial challenge. ClaimLinx consultation services help you make sense of your options and provide the best balance of affordability and coverage to serve both your company and every person who works at it.


Usual recommendations for how to save big on your next prescription include:


  • Opt for generic versions of the same drugs
  • Choose stronger pills and higher quantities that can be split into appropriate doses
  • Use regular market or big-box store pharmacies
  • Update your medical coverage plan or look for prescription supplements


These four methods help average people spend less on the drugs they need. They are all excellent ideas that you can recommend to your employees three human resources pamphlet or health coverage package insert.


The ClaimLinx Simple Option takes things further by minimizing out-of-pocket costs for workers who need prescription medications to get over an illness or manage a chronic health issue. It also provides lower monthly costs for the company who offers the benefits directly. When this is combined with an effective medical expense reimbursement plan (MERP), the end result is additional savings for everyone.


This multifaceted savings plan benefits everyone who needs to save money on their next prescription or wants to support those who need them to survive and thrive. Health insurance coverage has so many options these days that it can become quite complicated to understand. With ClaimLinx consulting, you can take advantage of the experience and industry information to make informed decisions about appropriate prescription coverage. Our services have saved companies 20% or more without compromising the health of any employee.


Contact us online or give a call to talk about how we can help your workers afford the healthcare medications they need without compromising your profit potential with extra benefit costs.