Yesterday Hometown Health released its 4th Association Health Plan. This BNI Association Health Plan can lower the price of health insurance for all BNI members. Sole-proprietors can be included as well as small businesses interested in health insurance. Association Health Plans are, today, some of the least expensive health plans in Nevada!
The advantage of purchasing an Association Health Plan, in general, are lower rates. These rates are somewhere between 3 to 27% lower than the individual and group rates offered. The fees to join BNI include a $199 application fee and $499 for a 1-year membership. A 2-year membership cost $799. Despite these membership fees, it’s still likely to pay for itself with the savings in monthly premium within the first few months.
The BNI Association Health Plan still covers significantly more than any short term or indemnity plan. They slightly less coverage than the standard small group plans. For example, these plans cover 60 days of skilled nursing instead of 100. They don’t cover hearing aids or artificial infertility treatments. Otherwise, they are exact matches of the group plans. The doctor’s list is the same. They still offer an annual limit to your medical expenses. The prescription drug list is exactly the same.
The business needs to include 2 or more W-2 employees. Hometown asks for a Quarterly Wage and Contribution Report (unemployment report) to prove it. The 5 main pieces the insurance company needs are:
- Proof of BNI membership
- Quarterly Wage and Contribution Report
- 1st months premium check (no credit/debit – just paper check)
- Enrollment forms for the company and employees
- Business & Common Ownership Attestation
Businesses with 2 or more employees can enroll in the BNI Association Health Plan starting the first of any month. Usually, applications need to be completed by the 15th of the prior month in order to guarantee the start date.
For sole proprietors, Hometown is only accepting applications for the BNI Association Health Plan between today and 5/15/2019. After this, the next opportunity will is 11/1 to 12/15 for a 1/1/2020 start date.
The Final Decision
If you’re already part of BNI and you’re a 1 man business, I would highly recommend these BNI Association Health Plans over individual health insurance coverage. These rates are slightly higher than the BBB for any 2+ person groups. At this point, the cost of the BBB or BNI membership would determine which one is cheaper. If you’re already a member of one, go for it.