We are excited to announce our selection by the Ohio State Medical Association and the Ohio State Medical Association (OSMA) Insurance Agency as a distributing agency for the OSMA Health Benefits Plan. At AUI we work hard to find alternatives to the Affordable Care Act for our clients, and we are excited to announce this new opportunity.
The Affordable Care Act (ACA) has made dramatic changes to America’s health care system since it was passed in 2010. While many questions remain unanswered and more questions are sure to come, Ohio physicians may currently be impacted in two ways. The ACA-mandated plan designs may increase out-of-pocket expenses of plan enrollees and some physician’s practices may see their health insurance premiums rise faster than they experienced in the past.
The Ohio State Medical Association examined the potential effects of ACA on its members and the current policyholders of our insurance agency. They identified that many members prefer a traditional benefit structure. As a result, the OSMA decided to continue offering similar benefit structures by establishing an alternative to ACA required plans. This was done by the formation of a self-funded Multiple Employer Welfare Arrangement (MEWA) named the OSMA Health Benefits Plan (HBP).
Consulting with various industry experts and the Ohio Department of Insurance the OSMA have designed a self-funded plan that is only available to OSMA member physician practices in Ohio. The HBP offers traditional style plan designs that meet all of the ACA essential benefit requirements with the exception of Pediatric Dental which is available on a stand-alone basis. This gives Ohio physician practices control of their health coverage plan designs with various options to keep expenses to a minimum.
At the forefront of all OSMA initiatives is the goal to enrich the practice of medicine and advocate on behalf of physician members. The development of this HBP was no exception. The OSMA designed the HBP to include core benefits of traditional plans, easy implementation with HSAs and HRAs, and the availability of competitive premium equivalent rates. They have also maintained the widow/widower and retiree coverages to provide more options for members (these benefits will not be available in ACA plans).
Benefits to the OSMA HBP include:
- Available for groups of two or more employees
- A physician practice only plan Competitive premium equivalent rates
- Traditional plan designs that meet ACA minimum essential benefit requirements
- Easily compatible with HRAs and HSAs
- Ability to make plan changes at renewal or off-cycle (grandfathered rules do not apply)
- COBRA (regardless of group size) and retiree coverage available
- No monthly administrative billing fee
- SuperMed Plus network from Medical Mutual of Ohio
Whether you choose to join the OSMA Health Benefits Plan or decide that an ACA option is better suited for your needs, we are here to help. AUI can prepare a Market Impact Analysis that will allow you to make an informed decision about what products are right for you and your practice needs. For more information on the HBP or to get a quote please contact us by clicking here or call 888-671-7665.
The OSMA Health Benefits Plan is available only to OSMA member physician practices in Ohio. It is our hope to be able to offer more alternative benefits to other client sectors in the near future.