NJ Small Group’s premiums are being calculated on a daily pro-ration for those insured through UnitedHealth Care and UnitedHealth Care Oxford. This also applies to new business. For example; previously (1.0 groups) if a member was enrolled on the 1^st through the 15^th of the month they would be billed for the entire month and if enrolled on the 16th or after the group would not be billed for the month. Furthermore, if the member is termed on the 1^st through the 15^th they are not billed and if termed on the 16th or after they would be billed.

With the enhancements (2.0 NJSG & NJLG), if a member is on the plan for less than half the month they will be charged premium for those days. If a member is enrolled with an effective date other than the first of the month, they will be charged the daily premium rate multiplied by the number of days they were on the plan.

Example: 

• A member is enrolled effective 7/27/2020 and their monthly premium is $700.00. Finance will divide the monthly premium by 31 (August has 31 days) to calculate the daily total ($22.58). This amount will be multiplied by the number of days the member is active (August 27-31) or 5 days. $22.58×4 days=$112.90 for the August coverage.

If a member is terminated with an effective date other than the last day of the month, they will be charged the daily premium rate multiplied by the number of days they were on the plan.

• For example: A member is terminated effective 6/13/2020 and their monthly premium is $700.00. Finance will divide the monthly premium by 30 (June has 30 days) to calculate the daily total ($23.34). This amount will be multiplied by the number of days the member is active (June 1-13) or 13 days. $23.34×13 days=$303.42 for the June coverage.

Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.