August is Florida’s open enrollment period for health insurance

TALLAHASSEE, Fla. – Aug. 4, 2008 – August is the only month each year when self-employed Florida workers, such as most Realtors, have open enrollment for health insurance plans on a guaranteed-issue basis. During the month, single-group employers, sole proprietors, independent contractors and others may obtain health insurance or switch plans.

“This is a once-a-year opportunity for self-employed individuals to make sure they have the coverage they need to protect themselves and their families,” says Florida Chief Financial Officer Alex Sink.

Under state law, insurers and Health Maintenance Organizations (HMOs) that write small-group policies must offer basic and standard coverage to the self-employed without regard to health status through Aug. 31, 2008, and policies secured this month become effective on Oct. 1, 2008. Applicants must meet all of the conditions and criteria established by law, and provide documentation verifying the operation of an active business, including tax forms, license information and business receipts, per Florida Statute 627.6699(3)(u).

Department of Financial Services’ Web site posts a list of insurance companies offering group health insurance coverage: http://myfloridacfo.com/Consumers/small_group_market_carriers.htm. To learn more about plan options, visit http://www.floir.com/lh_fr/is_LHFR_Small_Emp_Benefit_Plan.aspx.

In addition to basic and standard policies, coverage options for employers include health savings accounts (HSAs) or health reimbursement arrangements (HRAs). HSAs, which operate like Individual Retirement Accounts (IRAs), allow people to save their own money in a tax-free account for use on health-related expenses. If the money is not spent, it rolls over annually and accumulates until the policyholder reaches age 65, at which time the money can be used for any purpose. For information on sample rates for small-group policies, visit the Office of Insurance Regulation’s Web site at www.floir.com, click on the “Consumers” tab at the top, then scroll down to “Compare Small Group Medical Rates.” Click “One Life Factor” to view appropriate sample rates for single-group employers.

A Health Insurance guide and Small Business Owners’ Insurance guide are available at www.MyFloridaCFO.com. For further assistance, call the Department of Financial Services’ toll-free consumer helpline at 1-800-MyFLCFO (1-877-693-5236).

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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