At MNJ Insurance Solutions, we believe in the importance of annual due diligence for an employer group, regardless of size. This is important, as there may be changes in your business needs, budget, or you may simply want to re-evaluate the plan design. Our marketing and renewal process includes, but is not limited to the following:
- Identify your company’s goals and budget
- Review current plan design
- Review doctor/hospital networks, as carrier contracts change from time to time
- Evaluate current and market alternative plan options
- Negotiate with our carrier partners to ensure most competitive rates (when applicable)
- Provide detailed cost analysis
- Finalize decisions with client, including plans and contribution strategy
- Develop transparent communication strategy to educate employees on benefits offered
- Compliance updates or concerns
Affordable Care Act
Back in 2014, the requirements of the Affordable Care Act will change the way employers plan and execute their annual benefits’ renewal process. Regardless of the number of full-time equivalent employees, we help employers with the following as a part of their planning/renewal process:
- Minimum Value – determine the actuarial value (AV) of their current plan design to ensure the plan design complies with the minimum requirement to cover an estimated 60% of the covered health care expenses, also referred to as “bronze level benefits.”
- Affordability –Confirm your current employee contributions satisfy the affordability test and the lowest cost plan being offered does not cost more than 9.5% of an employee’s earnings. This is very important with the planning for all employers.
- Determine Eligibility Requirements – we review your current eligibility requirements and how it may be altered by the new regulations on eligibility.
- Discuss Penalties – If your group is an Applicable Large Employer, we discuss the “Pay or Play” potential penalties, the benefits of offering group-coverage. In addition, if the employer is not meeting the affordability provision, we discuss the potential penalties if an employee receives a tax subsidy.
- Enforcement/Compliance – Our goal is to help you understand how the new rules are expected to be enforced and how it applies to your group.
The Patient Protection and Affordable Care Act (PPACA) is complex, and we assist each employer to evaluate and make its decisions based on what is best for their company.