The Associations Health Insurance Plans Act, introduced to the House of Representatives on July 20, could be good news for real estate professionals looking to lower their health care costs.
U.S. Congressman Tim Wahlberg, Maryland, introduced the House bill, and Senator John F. Kennedy, Rhode La, introduced a similar bill to the Senate in March 2021.
– The bill would allow short-term, time-bound plans to provide coverage for less than 12 months, not including renewals.
– Under current law, such plans are exempt from specific market requirements of the Patient Protection and Affordable Care Act.
– The bill would allow groups or employers’ associations to sponsor fully insured group health insurance plans as if they were employers.
– Legislation is supported by US Representative Virginia Fox (R-NC), Michael Burgess (R-TX) and Rick Allen (R-GA), as well as Senators Marco Rubio (R-FL), Ben Sass (R-NE). , Mike Brown (R-IN), Rick Scott (R-FL) and Cindy Hyde-Smith (R-MS).
What does it mean:
The Coalition to Protect and Promote Associations Health Plans recently welcomed a spokesman for Wahlberg among several federal officials supporting the Associations Health Plans Act.
“The high cost of healthcare remains a concern for small businesses, many of which are still struggling with the pandemic,” spokesman Wahlberg said in a statement. “The association’s health plans are a smart solution that empowers small employers and their employees to make health insurance decisions. By giving small businesses more bargaining power, it allows them to offer workers better options at a better price. Our law will expand opportunities for more affordable health care for families in Michigan and across the country. ”
If passed, the legislation could expand healthcare options and reduce costs for small businesses and the self-employed through associative health plans (AHPs). The health insurance option allows multiple employers – usually in the same area or industry – to join together to provide health benefits to their employees.
According to Charlie Oppler, president of the National Association of REALTORS, real estate professionals will benefit greatly from this bill.® (NAR)…
“The association’s medical plans often offer more comprehensive coverage at a lower cost than traditional one-to-one plans, and the flexibility they provide to independent contractors is invaluable,” Oppler said in a statement. “As NAR continues our work to provide better health insurance solutions for the 1.4 million REALTORS® in America and their families, we are grateful that Wahlberg and Fox are taking concrete steps to improve America’s overall health care system.”
Jordan Grice is an Assistant Online Editor for RISMedia. Send him your real estate news ideas to firstname.lastname@example.org…