Humana is offering 15 month rate guarantees on Level Funded Premium (LFP) plans to small groups effective or renewing Dec 2018 and Jan 2019.
- New business
- Renewing groups with existing LFP plans – some groups may not be eligible
- Renewing fully insured groups that are eligible for a LFP quote
Humana will apply a small rate adjustment (~2-3%) to 12 month rates in their 15 month quotes. Contact our office to request 15 month quotes. They are only available by request.
The 15 month rate guarantee uses a 15 month contract year with 18 months of run-out protection—the same as a 12 month contract—after the contract year. Humana will allow an open enrollment for the 13th month of the contract and again at renewal. Remember, employers who pre-tax employee contributions must offer an annual open enrollment opportunity.
| Effective Date | Mid Year Open Enrollment | Renewal Date |
|---|---|---|
| 12/1/2018 | 12/1/2019 | 3/1/2020 |
| 1/1/2019 | 1/1/2020 | 4/1/2020 |
For ancillary product lines, Humana will extend the rate guarantee to match the medical contract period without adjusting the rates.
Resources:
- Humana Message to brokers (Oct 4, 2018)