What is the impact of the wind-down on those currently enrolled in the Plan’s benefit programs?
You should seek alternative coverage as soon as possible. Eligible small employers may seek alternative coverage through the New Jersey Small Employer Health Program carriers and may apply for small employer coverage at any time. Qualified individuals may seek alternative coverage through Get Covered New Jersey, which has a special open enrollment period through the end of 2021.
This communication provides the required 180 days’ notice that you must seek new healthcare coverage for your employees and dependents immediately but no later than December 31, 2021. While 180 days’ notice is required by regulation, please do not delay in finding other coverage.
As of August 1, 2021, any groups remaining on the Plan will receive a rate increase of 26% and groups will not be provided with renewal quotes or increases at the time of their renewal. For example, suppose your renewal is currently scheduled for October or January. In that case, you will be receiving your rate increase on August 1st, and at renewal, the group will be continued at the rate provided in August until your termination date with the Trust or December 31, 2021, whichever is the earliest.
Don’t Delay, if you are covered by Members Health Plan, call us today. We at Cosmo Insurance Agency encourage you to find other coverage as soon as possible. Protect yourself from the unexpected with Cosmo Insurance Agency.
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.