If employee eligibility changes due to hours, furlough or layoff what happens to their coverage?
Employers will have the option to keep currently enrolled employees on their plans as active employees, even when hours are reduced below the average hours worked eligibility requirement or they are furloughed. Insurance carriers are providing flexibility in eligibility definition if premium payments continue as usual. If your group is terminating/laying off employees, COBRA applies.
What are the insurance carrier’s coverage commitments for COVID-19 testing and treatment?
Minnesota’s health plans have agreed to waive costs for treatment of COVID. Minnesotan’s with commercial insurance including individuals, small businesses, and some large businesses are now eligible for the following benefits: expansion of telemedicine visits to include visits from a member’s home, utilization of additional technologies such as FaceTime or Skype, no cost-sharing (copay, coinsurance, and deductible) charges for COVID testing, prior authorization requirements and cost-sharing have been waived for hospitalization related to COVID.
Does the Coronavirus Act (CARES) apply to my business?
There are two types of loans that business owners can take advantage of from the CARES Act. The Paycheck Protection Program and the Economic Injury Disaster Loan. Paycheck protection will enable eligible companies can apply to borrow up to 2.5 times their average eligible monthly payroll costs, up to $10 million, and interest rates on the loans will not exceed 4%. Depending on how much a business borrows and how it uses the funding, all the loan or a portion of it may be forgiven. SBA’s Economic Injury Disaster Loan Program has historically offered disaster relief assistance to businesses, homeowners and renters in specific areas where federally declared disasters occurred. However, due to COVID-19, companies in all 50 states can apply for a disaster loan. They also can receive a $10,000 advance on the loan.