Special Enrollments & Plan Renewals
Given the current circumstances, many insurance carriers are opting to assist organizations by offering special enrollment periods and holding plan rates stable for upcoming renewals. Below is the information we have received from carriers thus far, and we will continuously update this page as new information is provided.
Aetna is providing an option for most of its insured commercial group insurance and Small Group Aetna Funding Advantage (AFA) customers to offer a Special Enrollment Period (SEP) to their eligible populations. This new option would be at the election of the plan sponsor. It would apply to most of Aetna’s medical, pharmacy, dental, vision and voluntary products. Interested plan sponsors should contact their Account Manager to determine if this option is available to them.
The SEP is limited to eligible employees and dependents who did not previously elect coverage with their Plan Sponsor. Plan Sponsors with Section 125 plans should consult with their own benefit advisors regarding this action. This enrollment opportunity will be offered from Monday, April 6, through Friday, April 17, 2020.
For cases with less than 500 lives, Guardian will retain rates (no rate change) on all renewals for May 1, 2020 through August 31, 2020 plan anniversary dates. The next renewal rate review will be set to the plan anniversary month/day in 2021. For cases with 500 lives or more, Guardian will defer planned anniversary renewals scheduled between May 1, 2020 and August 31, 2020 for three months from the original renewal anniversary date. For example, a renewal planned to be effective May 1, 2020 will now be deferred to be effective on August 1, 2020.
For employer-paid and employee-paid Group Benefits (Life, Long-Term Disability, Short-Term Disability, Dental, Vision, Cancer, Critical Illness and Accident), Sunlife will be continuing the inforce rate for 6/1, 7/1 and 8/1 renewals for twelve months. This will be applicable for all groups with fewer than 500 lives (as determined by the highest currently enrolled SLF coverage).
Customers with fewer than 500 lives that we will hold rates (no rate increase) for all renewals with June 1, 2020 through September 1, 2020 renewal dates.* (excludes cases written through a Trust, Association or PEO).
For customers with 99 or fewer employees, we will hold rates (no rate increase) for Dental and Vision renewals with effective dates commencing on or before March 31, 2021. *
In March, Principal said there wouldn’t be rate increases for employers with less than 500 employees and policy anniversary dates of May 1, 2020 – Aug. 15, 2020. They are now extending this to include renewals through Oct. 15, 2020.
Standard Insurance Company (The Standard) announced on March 26 that it will hold benefit plan rates stable for all groups up to 500 employees with renewal dates of May, June and July 2020.
For employers with fewer than 100 lives, LFG will hold current rates on all renewals with plan anniversary dates between May 1, 2020 and August 31, 2020 for 12 months from the anniversary date.
Delta Dental NJ
There will be no increase in rates for fully insured clients with fewer than 500 employee on all plan anniversary renewals from May 1, 2020 through December 31, 2020. This includes all clients currently administered through Allied Administrators and excludes DeltaCare USA clients, and cases written through a Trust, Association or Professional Employer Organizations (PEO).
For groups with less than 500 lives and renewing between 5/1/2020 and 8/1/2020, The Hartford will continue in-force rates for one year for all employer-paid and employee-paid Group Benefits.
For current clients with less than 1,000 total members, EyeMed will hold rates for renewal effective dates of August 1, 2020 through December 1, 2020. The rate hold will be guaranteed for four years, in coordination with the client agreeing to renew their vision benefits contract.
Groups under 100
For small businesses under 100 that renew May-December 2020, United Concordia Dental will hold the premium rate until the next renewal in 2021.*
United Concordia is now offering rate holds for groups from 100-500 as well. For clients that renew August-September 2020, we’ll hold the premium rate until the next renewal in 2021.*
*This rate hold policy does not apply to groups written through a Trust, Association, Consortium or PEO.
For more information on the financial impact COVID-19 will have on healthcare plans, please visit our blog.