June 25th, 2014: Responding To Your CFO: Self-Funding Employee Benefits and ACA Readiness
During the June 2014 meeting of the HR BioTech Connect group, Ted Haughey of CBG Benefits spoke about two important topics: self-funding and complying with the Affordable Care Act.
The PPACA (i.e. Healthcare Reform) has created significant differences and financial inequalities between fully insured and self-insured health plans. As a result, there has been a significant rise in employers moving to alternatively funded health insurance plans with as few as 25 employees.
How can you properly manage these rising costs? How can you take better control of your health plan with access to utilization data as a small group? How can you design plans that are tailored to the BioTech industry and meet the needs of your employees?
To help HR BioTech Connect members mitigate these challenges, Ted Haughey provided valuable insight into the advantages of alternatively or partially funded health insurance. All attendees left with insight into topics such as:
- Key Features of Healthcare Reform (including the reclassification of small group coverage up to 99 lives and its negative impact on the BioTech Industry)
- Basics of partially funded or other participating health contracts
- Potential savings achieved through partial self-insurance with reduced fees and taxes
- The positive impact of customizable benefits vs. off-the-shelf plan designs
- Maintaining control and integrity of your plan when insuring employees in multiple states
- The Massachusetts marketplace and why your advisor may not be offering partially self-insured alternatives
- Real examples of how companies are benefiting from these arrangements
If you would like to receive a copy of the presentations slides, please contact Jeanne Nicholson.