ABS Merges with Suffolk-Based Hester Agency

"...your unbiased advocate, providing expert strategy matched to your company's goals and objectives"

 

ABS of Virginia Merges with Penny O. Hester Insurance

August, 2013

www.absofva.com 

Suffolk/Virginia Beach: Advanced Benefit Strategies of Virginia, LLC and Penny O. Hester Insurance have merged. ABS based in Virginia Beach and Hester Insurance of Suffolk recently merged to give clients access to a broader range of services and technology solutions. Both companies bring unique strategic partnerships with P&C producers and Pension Plan managers to the relationship.

ABS has specialized in providing innovative solutions to employer clients, while Hester Insurance focuses on plans for both employer and individual health plan clients. ABS anticipates the merger allowing greater access to the Suffolk and Western Tidewater markets for their technology-driven employer solutions.

Penny O. Hester has more than 40 years of experience in providing both health and ancillary benefit plans to employers and individuals in the Tidewater market. Her reputation for outstanding customer service has been the hallmark of her agency.

Gregg Kennerly and Andrea Eggleston, the Principals of Advanced Benefit Strategies, have more than 45 years of combined experience in employer-sponsored benefit plans. Their expertise in tax-advantaged solutions for employer plans has saved clients millions of dollars in premium since the company was established in 2009.

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    The major provisions of  Healthcare Reform (ACA) become effective January 1, 2014.  To help individuals make smart choices in an easy to understand, on-line shopping experience, we have now opened the ABS Healthcare Marketplace.  We believe everyone deserves individualized assistance when it comes to choosing a health plan, as the process can be complicated.   We can simplify the journey for you.

    Advanced Benefit Strategies has partnered with PeopleSurance to provide quotes and assistance with individual health insurance. PeopleSurance is an on-line marketplace where you can not only quote and compare coverage from a number of different companies; you can enroll online and stay up-to-date on the status of your application.  Best of all, you get outstanding support from us at ABS and the professionals at PeopleSurance.  Our goal is to provide individuals with the best coverage at the best price either through the ABS Healthcare Marketplace, or the Public Health Insurance Exchange.  Either way- working through the experts at ABS costs you nothing additional…  ever!  Why struggle?

    Simply click to get started!  Call us at (757) 572-0171 for personal assistance.

    Go to ABS Healthcare Marketplace.

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    Myths vs. Facts

    With so many changes and new rules under Health Care Reform, it can be difficult to understand what is required. Below are some of the most common myths for employers surrounding the law.

    MYTH #1: Employers that offer health insurance must provide the same coverage to all employees.
    FACTS: Similarly situated individuals must be treated equally. Distinctions among groups of similarly situated employees may be permitted if they are based on bona-fide employment-based classifications consistent with the employer’s usual business practice—for example, full- and part-time employees.

    The IRS has delayed the requirement in the Affordable Care Act that fully insured group plans comply with rules “similar” to the rules prohibiting discrimination in favor of highly compensated individuals (currently applicable to self-insured plans).

    Large employers may be liable for a “pay or play” penalty beginning in 2015 if they do not offer affordable health insurance that provides a minimum level of coverage to full-time employees—those averaging at least 30 hours of service per week. An employer who plans to use a SHOP-Exchange (Small Business Health Options Program) must offer coverage to all full-time employees.

    MYTH #2: Employers cannot continue to use their brokers to purchase health insurance coverage for employees.
    FACTS: Regardless of whether an employer buys coverage inside or outside of a SHOP-Exchange, the employer can use its current agent or broker.

    Health insurance brokers can help employers:
    Apply for insurance for their employees;
    Review and compare price, coverage, quality, and other important features; and
    Choose a plan that works for the employer’s budget, business, and employees.

    Employer premiums for SHOP-Exchange coverage will be the same whether or not the employer uses a broker.

    MYTH #3: Small businesses are required to buy health insurance for their employees.
    FACTS: The law does not penalize small employers that choose not to offer coverage. Starting in 2015, large employers—generally those with at least 50 full-time employees, including full-time equivalents (FTEs)—may be liable for a “pay or play” penalty if they do not offer affordable health insurance that provides a minimum level of coverage to their full-time employees.

    For purposes of the “pay or play” rules, affiliated employers are generally combined to determine their workforce size. As a result, small employers that individually do not employ 50 or more full-time or FTE employees may still be subject to the requirements if they meet the threshold when combined with other companies under common ownership or that are otherwise related.

    Click to review our Health Reform Checklist for 2013.

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    Phone:
    757-961-3319

    Address:
    One Columbus Center Suite 600
    Virginia Beach, VA 23462

    51 Court Pl.
    Charlottesville, VA 22901