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First MedBen University Of 2015 Draws Big Crowd

02/27/15

  05:06:00 pm, by MedBen5   , 442 words,  
Categories: News, Health Plan Management, Health Care Reform, Taxes, Stop-loss, Cost savings

First MedBen University Of 2015 Draws Big Crowd

MedBen kicked off its 2015 MedBen University (MBU) season in fine fashion, as an attentive audience filled the C. Arthur Morrow Conference Center in Newark, Ohio on February 26 to receive timely information about health benefits management. This year's first session, "Self-funding and the Affordable Care Act," highlighted the latest developments in health care reform and their affect on group health plans, and offered background on the various self-funded options available to employers today.

MedBen President & COO Kurt Harden welcomed guests to the event, adding a reminder that the company will be offering a number of MBU sessions in 2015, both at its Newark home base as well as throughout the Midwest. He then introduced MedBen Vice President of Compliance Caroline Fraker, who spoke on the topic "2015 and Beyond: Cadillac Tax & Employer Reporting."

Fraker opened her presentation by reviewing the status of the Affordable Care Act (ACA) in 2015, including:

  • New rules, such as the "pay or play" mandate that requires employers with 100 or more full-time workers to provide minimum essential coverage or pay a fine;
  • Fees and filings, including the new Minimum Value Determination in which a group health plan must pay at least 60% of in-network eligible expenses for those with employee-only coverage; and
  • Employer responsibilities, including updated COBRA notices and revised summaries of benefits and coverage (SBCs).

(You can read more about 2015 ACA provisions by downloading this document created by the MedBen Compliance team.)

Much of Fraker's presentation examined the so-called "Cadillac Tax," which she said was "one of the most significant revenue provisions of the ACA." Under the rule, which will take effect in 2018, group health plans that exceed a specified annual threshold will be subject to a 40% non-deductible excise tax. It will apply to most group health plans regardless of whether or not they still have grandfathered status.

Following Fraker was MedBen Vice President of Sales & Marketing Brian Fargus, who spoke on "The Mechanics of Self-funding." In his presentation, Fargus contrasted the differences between fully-insured and self-funded coverages, explained the different types of stop-loss protection and offered pointers for evaluating third party administration.

Fargus also detailed the numerous options available to self-funded employers that wish to reduce their financial risk, including split-funded coverage and captive reinsurance. As the number of businesses making the switch to self-funding has increased, he noted, so have the methods by which they can protect themselves against higher-than-expected claims activity.

As noted earlier, this session was just the first of many MBUs that MedBen will offer in 2015. You can read more about upcoming events elsewhere on the MedBen Blog, and contact MedBen Sales Analyst Sally Wood at (800) 423-3151, Ext. 502 or swood@medben.com if you're interested in attending.

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