A popular benefit provision that many employers have often implemented as a benefits cost savings measure is an opt-out provision within their health plans. Under the arrangement, employers offer a financial incentive for one to waive enrolling in the employer-sponsored health plan. This is done under the premise that offering an opt-out is more cost-effective to employers than having the employee enroll in the group health plan. Offering such an incentive, however, comes with many compliance considerations for an employer.
Contact the Cowden team to learn more how we can assist with managing your health and welfare plan offerings.