Following the signing of the president’s executive order on health care today, much of the news coverage focused on the fact that it will take time for full implementation of the order and it is uncertain whether some provisions will ever be implemented. This blog post focuses on the opposite angle: the topics covered in the executive order that are already available and may be used to lower health costs immediately.
Consider the following four possibilities that may apply individually or to your small business right now:
1) Short term medical insurance is available in 34 states. Policies are issued immediately online with coverage starting as soon as the next day. Extended 11 month policies are already available in about 14 states.
2) Health Reimbursement Arrangements are available to all businesses with employees. Their use was expanded under the 21st Century Cures Act in December for 2017 to allow employers to pay for individual medial insurance. Special purpose HRAs can expand their usefulness of the plan.
3) Health Savings Accounts are available to everyone with qualifying primary high deductible insurance coverage.
4) Limited benefit or mini-med insurance is already available in most states.
I am happy to discuss the applicability of any of these to your situation. My older web site FreedomBenefits.net has more information.