What to Know If Your Small Business Is Considering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)

Employers should consider the full financial impact a QSEHRA could have on their employees’ premium costs. While QSEHRAs can help reduce employees’ health care costs, QSEHRAs can increase health care costs for some employees who purchase individual health plan coverage through the Health Connector and receive premium tax credits or ConnectorCare state premium subsidies. Under federal tax law, employees cannot get both a QSEHRA benefit from their employer and a full premium tax credit through the Health Connector. If an employee qualifies for a premium tax credit through the Health Connector, and their employer offers a QSEHRA benefit (even if the employee does not use it), the employee’s premium tax credit amount will be reduced or eliminated by the federal government when they file taxes and the employee will have to pay the federal government back either some or all of their premium tax credit amount. For more information about how QSEHRAs work and what employees should know about QSEHRAs, please visit https://www.mahealthconnector.org/help-center-answers/hra-and-your-aptc The following example demonstrates how an employee’s costs may increase if they are eligible for premium tax credits and their employer provides a QSEHRA:[1] Consider an employee in Boston earning 200% of the federal poverty level (FPL) or $24,280 annually. Under current law, she would be eligible for an APTC of $140 and a ConnectorCare state premium subsidy of $49. Her employer cannot afford group coverage but decides to make a QSEHRA contribution of $100 per month. The QSEHRA offered to the employee is considered affordable coverage [...]

Monday, April 29th, 2019|

Assigning, Changing, and Terminating a Broker

Who is this guide for? Employers who want to assign, change or remove a broker for their Employer account on Health Connector for Business. Step 1: After logging in to your Health Connector Employer account, click the "Brokers" tab on the left- hand side of your account page under My Health Connector.   Step 2: Search for your Broker by name or by agency. Step 3: Once you've found the Broker you want, click "Select Broker." Step 4: You will need to confirm your Broker selection by clicking the red "CONFIRM" button. Another way to search for a Broker is on our Get Expert Help page: http://my.mahealthconnector.org/enrollment-assisters Changing or Terminating a Broker Step 1: If you need to change the broker you selected, login to your Health Connector Employer account and click "Change Broker". Step 2: Next, click "Terminate Broker" to return to the Broker browsing screen. Step 3: If you want to assign a new broker, please reference the "Assigning a Broker" steps above.    

Friday, July 21st, 2017|

How to Pay Your Premiums Online

Health Connector for Business customers, how to pay, step-by-step: To pay your premiums to Health Connector for Business for your employer-sponsored coverage, please follow the steps below. Payments submitted before 8pm on bank business days will be posted the same day. Step 1 – Login into your Health Connector for Business account and go to the online payment link that reads "Pay Online" Sign in to your account Step 2 – When you click the payment link, you will need to login to Online Bill Pay with your Health Connector for Business Account Number Your account number is found on the first page of your invoice. For new employers making your first month’s premium payment, your account number is on the invoice emailed to your point of contact. Step 3 – Enter Contact and Payment Information Email Address – for your payment confirmation email Amount to be Paid – must match the total amount due on your invoice Payment Note – please enter your Company Name, similar to how you would use a check memo field Step 4 – Enter Your Bank Account Information Be Careful! Please double check your routing and account numbers to ensure accurate payment processing. Step 5 – Review and Complete Your Payment Step 6 – Confirmation of Your Payment You can print a copy of your payment confirmation for your records. You will also receive an email confirming your payment at the address provided in the “Contact Information” section. [...]

Monday, May 1st, 2017|

Guidance for Business Owners

Health Insurance planning is an important part of the financial planning process for small businesses. Securing the right insurance begins with selecting the right insurance adviser. Make sure you have a broker who is responsive and shows flexibility and understands both your business and your business needs. You also need a broker who is capable of adhering to your desires and goals—it is not what is best and the fastest thing for the broker, it is what is best for you as the client and what is the best way to achieve your goals in the short and long term. The following checklist will help you find the right broker: Your Personal Advocate An experienced, trustworthy, and competent insurance broker should be your personal representative and advocate to point out the pros and cons of policy comparisons from various insurers, as well as to alert you to the company’s claims paying policies and ratings. Although the Health Connector system will provide automatic price and plan comparisons based on information provided in the marketplace that you are interested in, a broker will work on your behalf and is your personal adviser, looking out for your company’s best interest. Dependable Advisor Your relationship with your insurance broker does not end once the policy is active. When you select a broker as your agent, they will serve as your representative throughout the plan coverage period and should be easily accessible at claim time to help you resolve any issues that may arise [...]

Monday, May 1st, 2017|