Partner with Premier One and distinguish your business
As a health insurance agent, you are always on the lookout for health benefits that will help your clients save money and retain employees. For a long time, the only option available was group health insurance. With the introduction of individual coverage health reimbursement arrangements or ICHRAs, in January 2020, all of that changed.
Say goodbye to the unpredictable costs of group health insurance
While group insurance does have its benefits, it can be difficult for small business owners to manage the fluctuating costs, administrative responsibilities, and lack of flexibility. ICHRAs introduced a new option where employers could reimburse their employees for qualified medical expenses. This allowed employees to enroll in Marketplace health coverage and choose their own health care plan.
Premier One takes this one step further and serves as a third-party administrator to help employees understand their coverage and pay their individual premiums through payroll deduction.
Premier One health insurance agent advantage
With a typical group insurance plan, the health insurance agent will collect applications and send them to a carrier for enrollment. Although there may be group employee meetings to review benefits and plans, there is very little opportunity one-on-one to help answer questions and offer guidance.
Program Eligibility by Federal Poverty Level for 2022
Defined Contribution Without Premier One
Employee enrolls in marketplace coverage
Set up own personal pay options
Employee pays carrier full amount of monthly premium via own personal bank account or CC.
Employee submits paid invoice to employer for reimbursement.
Employer reimburses defined contribution amount on the next pay cycle or the following month. Employee had to wait for money!
Employer doesn’t request proof of coverage and takes employees word they still have insurance each month.
Defined Contribution With Premier One
Employee enrolls in marketplace coverage
Premier One receives enrollment information of monthly premium after tax credit subsidy
Premier One deducts employer defined contribution amount from monthly premium
Premier One provides employer amount of employee portion and payroll deduction amount
Employer deducts out of employee check each pay cycle
Premier One tracks enrollments for employer
Premier One pays premiums a month in advance to eliminate late pay notices or lapse in coverage
Premier One provides employer detailed monthly invoice for easy accounting
Can employer contributions be pre-taxed?
Only if an IHCHRA is put in place. However, this would forfeit any tax credit subsidies. If tax credits are taken any contributions would need to be counted as income.
Can employer elect different contribution levels?
Yes, by classifications only. Management Vs Non-Management or by classifications: EE , ES, ECH, or Family.
What happens when an employee terminates?
Agent sends Premier One a termination form then a certified letter is sent to insured alerting them of paid to date and since the plans are portable the steps needed to continue insurance plan.
When are invoices due?
Invoices are electronically sent to the employer the 1st of the month due by the 15th. All payments are set up ACH unless other arrangements are made at set up. All premiums are paid a month in advance.
How can you get first dollar coverage with a high deductible health plan
• Hospital Indemnity
• Critical Illness
Example: $3500 individual deductible & $1500 accident benefit
Broken Arm $1200 emergency room claim goes toward medical deductible. Personal out of pocket $1200.
$1200 Reimbursement from accident plan used to pay hospital bill.
$3500 ded – $1200 accident plan = $2300 total deductible.
Steps to sign up with Premier One
* Sign Employer Agreement, ACH document, and Contribution form
* Agent or group sends Premier One census for all eligible employees with classifications
* Agent enrolls employee in a Marketplace plan
* Agent sends Premier One enrollment information
* Premier One creates invoice and back office documents
* Premier One electronically sends invoice the 1st of the month to employer
* Premier One pulls funds (ACH) on the 15th Premier One begins paying premiums on the 16th for the following month
* Premier One confirmation sent to employer and agent once payments are completed