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.
In response to the ACA's changes, the Ohio State Medical Association (OSMA) now offers a new Health Benefits Plan (HBP) to give Ohio physicians an alternative to the ACA marketplace. After several years of research, planning and development, the OSMA Health Benefits Plan has been approved by the Ohio Department of Insurance (ODI) and is currently enrolling new members.
The OSMA HBP is a self-funded multiple employer welfare arrangement developed for Ohio physician practices and is an innovative alternative to the ACA.
Benefits of the OSMA HBP:
- Self-funded physician practice only plan
- Competitive funding rates
- Eight easy to understand plan designs that meet ACA minimum essential benefit requirements
- Elimination of confusing co-insurance structures
- Easily compatible with HRAs and HSAs
- Ability to make benefit plan and contribution changes at renewal
- COBRA and retiree coverage available
- Terminal liability protection
- No monthly administrative billing fee
- SuperMed Plus network from Medical Mutual of Ohio