For the first time, variable hour employers have access to an ACA compliant major medical plan that is offered on a weekly basis. The new plan, EmployerAdvantage, was created through a partnership between SISCO and BenefitElect. This innovative weekly option reduces the employer's expense by suspending coverage when the employee's paycheck does not cover their portion of the premium.
While some indemnity, ancillary, and MEC level plans have been available with weekly coverage options, EmployerAdvantage marks the first time an employer can access a true, weekly benefits package. Coverage is based on the employee's payroll. When an employee works enough hours to cover benefit premium deduction, coverage is effective. If an employee misses a week and does not have enough hours for his or her benefit deduction, the coverage is suspended and automatically resumes when the employee returns to work. The EmployerAdvantage program does not require these missed premiums to be paid and the employer is not at risk for claims incurred during weeks when coverage is not in effect.
"This model is a game-changer for employers and employees," said Dick Sigwarth, Senior Vice President and COO of SISCO. "Coverage is more affordable for the employee, and the employer saves money and improves retention results."
The EmployerAdvantage program features fully automated and outsourced administration of the employer's ACA/employee benefits plants. Intended for hourly workers only, a minimum of 500 eligible employees is required.
"BenefitsElect is proud to be part of this partnership," said Chris Lonergan, CEO of BenefitElect. "We are able to provide instant access to benefit plan details to members when they need it most."
The EmployerAdvantage program:
- Guarantees full ACA compliance by proving offers of coverage to 100% of eligible employees.
- Manages costs by operating at minimal employer expense and making any underwriting profits that would normally go to an insurer's surplus account readily available to the employer.
- Reduces administrative workloads by directly managing coverage and employee benefits plans.
- Boosts talent acquisition and employee retention by tailoring benefits plans to the needs of each employee. By offering plans that meet the individual requirements of employees, employers can improve hiring, increase employee satisfaction, and reduce attrition.