Principal COVID-19 Important Updates
Posted on March 27, 2020
See below COVID-10 policies from Principal. Here is a summary of key points:
- Members can stay active through temporary business shutdown until 5/31 as long as premiums are paid
- 60 day premium grace period through June billing
- For groups under 500 lives they are WAIVING RENEWAL INCREASES for 5/1-8/15 renewal dates
- No signature policy on new business paperwork
- Temporary business shutdown:
- Coverage can remain active through May 31, 2020 subject to premium payment.
- Employees impacted by layoff/furlough/reduced hours:
- If an employee’s eligibility is impacted by any of the above between March 1, 2020 and April 30, 2020, the employer can continue their coverage through May 31, 2020 subject to premium payment.
- 60 day grace periods implemented for all customers – through June billing.
- State mandates more generous than 60 days are being monitored and will be implemented
- For employers with less than 500 employees and policy anniversary dates of May 1, 2020 through Aug. 15, 2020, we will be removing all renewal increases for all employer paid and voluntary coverages. Washington small group dental will continue to get their 3% renewal
New Business Paperwork
Principal has updated our procedures for implementing new business – until we can return to our offices and resume normal business practices, we will not require implementation paperwork to be signed. We will circle back for the needed signatures when implementation is complete. This “no signature” policy applies to all of the following forms:
- Employer Application
- Electronic Consent
- W2/FICA Services
- Employee Enrollment Form
- Not Actively at Work Addendum
- Field Underwriting Questionnaire
- Outside/Third Party Agreement
Statements of Health can be submitted with a typed or digital signature and will accept pictures of completed forms if a member does not have a way to print, sign and scan to us.
- Principal has the vast majority forms available on-line. The employer, employee and attending physician can all complete the needed information there without the need for signatures. https://www.principal.com/employers/help/help-employers/forms-employers