But perhaps bigger news for laundromat owners are Health Reimbursement Arrangements, or HRAs. This new program, finalized in 2019, can be used by businesses to offer health coverage to their employees. It has the look and feel of a traditional plan, but it features much more flexibility for the business. Again, it comes back to choice. The business can control what it wants to contribute to its employees each month. Employees can choose the types of coverage they want. It’s a way for small businesses to offer affordable group health coverage, even if they haven’t previously been doing so. In addition, the HRA program has eliminated the need for COBRA coverage. If an employee leaves the company, that employee’s coverage goes with them. The employee now owns his or her own coverage, which is unique. It’s a nice side benefit of the program. What are the most commonmistakes you see small- businessownersmake inregardtohealthcare insurance? Just 47 percent of small businesses, with three to nine employees, offer health benefits to their employees, and I think that’s very telling. They’re not all doing it, and I think a major reason is because a lot of owners believe they can’t. Maybe they’ve talked to a broker in the past and were told,“Hey, you’ve only got two or three employees, so you don’t qualify for group coverage. We don’t talk to small companies like yours.” Also, some owners mistakenly assume that coverage is just too expensive. They can’t figure out an affordable way to do it. Fortunately, a group HRA program is a plan that can work for any sized company on any sized budget. Literally, you can have oneW2 employee take advantage of it. There is no minimum participation requirement. I guess the biggest mistake business owners make is not knowing there are other options available. And it’s not so much a“mistake,”as simply the fact that you don’t know what you don’t know. Many businesses are struggling to find quality employees, and most owners understand that having a robust employee benefit program is a must – often, health insurance is that one thing an employee is looking for. What’s one piece of advice you’d like laundry owners to take away from this interview? If you’re even thinking about adding or changing coverage, call and ask the questions. There is no cost or obligation to talk to us and kick the tires – go through all of the options. It’s like anything else in your business. After all, you probably didn’t talk with just one distributor before equipping your laundromat. So, ask questions.
we do is centered on individual health insurance – and we do it in a way where individuals and their families, as well as business owners and their employees, can receive coverage. We offer some unique solutions, and it goes beyond just major medical. It includes Medicare and all of the supplemental coverages, such as vision, dental and hospitalization coverage. We also can incorporate life insurance into the plan. It’s about coming up with a customized solution that fits an individual’s or families’unique needs financially and from a health standpoint. It all comes down to choice, and that’s what we are offering. Most people don’t want a cookie-cutter approach to their health coverage. They want something that works for them. Something affordable. Something to cover what they need for their lifestyle. It’s the fact that we’ve pulled everything together into one spot. People can go out and build their own individual health plans, but they’re not going to have anyone helping them. They’re not going to have that trusted assistance. This is what we do – day in and day out. In talking to one of our licensed advisors, laundry owners will be able to quickly get access to coverage and find just the right plans, without spending a lot of time worrying about whether or not they made the right choice. At the very least, what should today’s laundry owners be doing to assure that their families and employees are properly covered? It starts with making the call and having a conversation with one of our licensed advisors. There are a lot of options out there, but what’s the best one? Let’s figure out the ideal solution for you, your family, your business and your employees. Shop around. That’s the key. Most people shop their car insurance, and you should do it with your health coverage as well. What are the key advantages of this program for laundromat owners? Clearly, the Affordable Care Act, at least for the time being, is here to stay. Nothing is really changing with that, despite the rabble-rousing you might see on the news. It’s going to remain in place for the near future. So, from an ACA standpoint, it’s status quo. Outside of the ACA, there are new things happening with short-termplans. And, for the right person and the right scenario, they can be an affordable alternative. They don’t cover for preexisting conditions, but for someone who’s generally healthy, they’re an option. And they now can be used for an extended period of up to three years in most states. What’s the latest news with regard to healthcare coverage?