Can a small group term their medical or dental coverage before their renewal date? If so is there a time period in which they need to do so?
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UPDATED: Jun 15, 2010
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Insurance Question from Denver, CO
Asked on 06/15/2010
Can a small group term their medical or dental coverage before their renewal date? If so is there a time period in which they need to do so? NULL
Answer given on June 15, 2010
In most cases, you can term a group policy any time you want. The contract for your rates is the only thing that you are locked into for any given year. You may have to give them a notice like 30 days, or they may be a blackout period where you can’t CHANGE plans, but as far as terming the plan there shouldn’t be any issues. The nice thing is, since you are SMALL group, you can come back on anytime, or change carriers at any time, and they have to accept you… since small group is guarantee issue. With the new health bill, it will level the playing field even more, but the standard rules for small group are guarantee issue. Often times, you can change carriers, get a nearly identical plan, and get better rates because of their "new business" rates.
Let me know if you need any further help or have any questions.
Best of luck!
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