COBRA Election Form EPK Benefits Group Insurance Programs
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How much time and money does it take for a new startup (<50 employees) to fill out the paperwork to become a group for the purpose of negotiating for health insurance for their founders and employees?I'm not sure if this is a purely exploratory question or if you're inferring that you're planning on navigating the group health insurance market without the assistance of a broker. If the latter, I'd caution against it for several reasons (which I'll omit for now for the sake of brevity).To get a group quote, generally all that's needed is an employee census. Some states apply a modifier to the rate depending on the overall health of the group members (for a very accurate quote, employees may need to fill out general health statements).Obtaining rates themselves can take a few minutes (for states like CA which don't have a signNow health modifier) to several days.I suspect your cor question is the time/effort required once you've determined the most appropriate plan design for your company. This is variable depending on how cohesive your employee base is.Best case scenario - if all employees are in one location and available at the same time, I could bring an enrollment team and get all the paperwork done in the course of 1-3 hours depending on the size of your group. In the vast majority of cases, the employer's paperwork is typically around 6 pages of information, and the employee applications about 4-8 pages. Individually none of them take more than several minutes to complete.Feel free to contact me directly if you have specific questions or concerns.
If an insured parent dies without filling out a beneficiary form and the will is silent on the insurance proceeds, to whom do the benefits go to? Does the situation need go to probate court?A policy in the United States cannot and should not be issued without a beneficiary. It is a legal requirement that 1) impedes speculation in human life and 2) reduces the likelihood/incidence of Stranger Originated Life Insurance (a.k.a Stoli).So, what is the real situation here? Are you saying a company actually issued coverage leaving that crucial part of the form blank?If so, depending on the size of the policy and the litigation costs that will ensue to straighten up the mess, you might consider legal action against the insurance company and/or the agent for dereliction of duty.One of the strengths of life insurance is its rapid provision of liquidity, which it accomplishes by paying proceeds according to contract as opposed to by Will or Trust. It's as simple as verifying the death, submitting the claim, and then a check gets cut from the insurance company to the beneficiary. Nothing needs to go through probate or the estate settlement process, which can take months.If this valuable convenience was lost due to a failure of the agent and/or the insurance company, I think legal action should be considered.