Cigna + Oscar recently made an announcement that they will not be renewing their Small Group plans nationally after December 15, 2024. This decision has understandably caused concern for many business clients who are impacted by this change.
At Skyline Benefit, we understand that any change in the healthcare insurance industry can be unsettling, especially when it affects your business and employees. Our main priority is to help you navigate through this transition with clarity and confidence. We want to make sure you have all the information you need to make the best decisions for your team.
What Does This Change Mean for Your Business?
Since Cigna + Oscar have decided not to renew Small Group plans, businesses currently enrolled in these plans have until December 15, 2025, to find alternative healthcare insurance providers. However, it is important to take certain steps to ensure a smooth transition for your employees.
Why Is Cigna + Oscar Ending Small Group Plans?
Although the specific reasons for Cigna + Oscar’s discontinuation of Small Group plans are not detailed, the insurance industry often changes due to business strategies, market trends, or regulatory requirements. Understanding these shifts is critical for businesses to stay compliant and provide the best possible coverage for their employees.
When Do Small Businesses Need to Transition to New Plans?
- No New Small Groups After January 1, 2025: Cigna + Oscar will stop enrolling new Small Groups from this date.
- Final Policy Start Date on December 15, 2024: This is the last day for new employer policies to begin with Cigna + Oscar.
- No Renewals After January 1, 2025: Cigna + Oscar will not renew any Small Group plans from this date.
- Coverage Ends by December 14, 2025: All Cigna + Oscar Small Group coverage will cease by this date, marking the end of the transition period.
How Will This Affect Employees’ Healthcare Coverage?
Your employees may have questions about how this change impacts their healthcare benefits. As their employer, it’s essential to communicate clearly about upcoming transitions and ensure they understand their options. Skyline Benefit can help you identify suitable replacement plans that offer comparable or improved benefits.
What Should Businesses Do Next?
To minimize disruption, consider the following steps:
- Review Current Coverage: Understand the details of your current plan, including what services are covered and your employees’ specific needs.
- Explore Alternative Carriers: Skyline Benefit can help you assess other healthcare insurance carriers that align with your business requirements.
- Communicate with Employees: Keep your employees informed about the changes and the timeline for transitioning to a new plan.
- Consult with Skyline Benefit: We’re here to guide you through this transition, ensuring you find the best possible coverage for your business and employees.
How Can Skyline Benefit Help with This Transition?
Skyline Benefit specializes in simplifying healthcare insurance decisions for Small businesses. With our extensive network of insurance carriers, we can find the perfect replacement for your Cigna + Oscar Small Group plan. Our team will work closely with you to understand your business’s unique needs and make the transition as smooth as possible. Contact us today to discuss your options and start planning for the future.
Need Help with a Health Insurance Broker in California?
Skyline Benefit is an independent health insurance broker in Fullerton, CA that offers affordable and flexible health insurance options. Selecting the best health insurance plans can be overwhelming; our mission is to simplify the process and help our clients every step of the way.
Schedule a consultation today. Call us now at (714) 888-5112