Do you have a small group plan with Humana? If so, read this.

Health Care Reform and the Affordable Care Act are dramatically changing the healthcare landscape. Humana released today that they are offering an Early Renewal Option.

Humana will honor requests from small business employers with 2-50 total employees to renew their medical coverage early. They will provide flexibility to change to an early renewal date in 2013, or an earlier renewal in 2014 to fit their business needs*.

Humana anticipates a higher demand of employers wanting to renew their medical coverage early because of the Affordable Care Act. All groups (new or existing) interested in renewing their medical coverage will need to inform Humana of their decision no later than four months prior to the new requested renewal date, allowing ample time for the renewal process.

Soon, we will be receiving a spreadsheet from Humana of the group's effective date and preliminary premium information to show the possible effects of the Affordable Care Act - Adjusted Community Rating. The estimated renewal change range information is subject to change, but it's a good way to start understanding what the new premiums will look like. 

By the end of the month, Humana will start notifying employers directly of the Early Renewal Option. They will also be including the Early Renewal Option Guide and Date Change Form.

If you have a small group policy with Humana and would like to know how renewing early might help you under the Healthcare Reform Law, please contact Rick Bailey & Company today.