HealthFlex Exchange Considerations for 2017. 2 Strategic Considerations Affordable Care Act — Avoid Cadillac tax while continuing to offer minimum value.

Slides:

Advertisements

Similar presentations

Presented by Jaeger & Flynn Assoc., Inc.

Advertisements

Health Reimbursement Arrangements (HRAs) Presented by: Cafro Agency, LLC David L. Cafro, CIC (860) 779-DAVE.

Midland Memorial Hospital 2014 Employee Health Benefits.

Medical Reimbursement Flexible Spending Accounts Give Yourself a Raise!

HSA This is how you do it. You can Save 10-50% per month, per employee and still have the same or better coverage… Health Insurance Costs Too High? Health.

Employee Benefits & Healthcare Reform: An Opportunity in Disguise.

How to Choose a Health Insurance Plan With open enrollment drawing to a close, anybody who wants health insurance must enroll by February 15, After.

Consumer Directed Healthcare Plans What they are and how they work

Presentation to:. Agenda Background Review the Contribution Strategy Consider a Consumer-Driven Health Plan (CDHP) Introduce an Employee Education Program.

First State Bank is pleased to present our newest product to meet your financial needs...

Welcome To Consumer Driven Health Care aka Individual Health Savings Accounts P.L. No , section 223.

Copyright © 2013 Finity, Inc. All Rights Reserved ConnectiCare HSA Solution Presentation The health of your business is at the heart of everything.

HSA This is how you do it. You can Save $100 – $700 per month, per employee and still have the same or better coverage… Health Insurance Costs Too High?

UMC Clergy, Conferences, and Health Reform General Board of Church and Society Health Organizers Call May 10, 2013 Jackson H. Day, D. Min, MPH, Chair Board.

Your Health, Your Choice: Guide to the Marketplace Nykita Howell Health Insurance Navigator.

Considering a Health Savings Account? (HSA). Who is Eligible for an HSA? Individuals who are covered by an HSA- compatible health plan are qualified if.

Health Savings Accounts How our plan works and its benefits for employees Presentation Subtitle/Description Presenter’s Name Date.

1 Group Name Plan Year : 1/1/12-12/31/12. Find and Replace (Delete Slide before Presenting) Getting Started: Enrollment presentations can be shown to.

Understanding Health Savings Accounts

Health Reimbursement Arrangements (HRAs) Pacific Benefits iFlex 105 Presents.

High Deductible Health Plan (HDHP) & Health Savings Account (HSA) Peru Community Schools Fall, 2009.

Consumer-Directed Medical Expense Plans Chapter 13.

USING YOUR HIGH DEDUCTIBLE HEALTH PLAN & HSA St. Croix Central School District November 2014.

The BlueSaverSM HSA from Bank of America

HRA’s, HSA’s, FSA’s… What’s The Difference? Mary Nash, CFCI, HIA, FLMI American Fidelity Assurance Company.

Stratfor Medical Plan Review Plan Year

September 2013 HEALTH SAVINGS ACCOUNTS OUR PLAN AND ITS BENEFITS FOR EMPLOYEES.

Celebrating 75 Years Consumer Directed Health Plans How can they Impact Retiree Health Benefits.

Copyright © 2010–2015 Finity, Inc. All Rights Reserved. 1 Introducing our new HDHP/HSA Program.

Member FDIC Welcome and thank you for viewing the presentation Why First National Bank in Paxton should be your bank for HSA accounts. HEALTH SAVINGS ACCOUNT.

THE PATIENT PROTECTION AND AFFORDABLE CARE ACT. Affordable Care Act Basics Signed into law by President Obama on March 23, The Supreme Court rendered.

Objective of this presentation To encourage you to consider practical future planning questions and begin (or continue) developing a plan for your future.

High Deductible Health Plan (HDHP) Is it a good option for you?

Controlling Healthcare Costs While Improving Quality: Employee Benefits Donald L. Eddleman, Partner efg&m, L.P HealthCare.

 2005 Amegy Bank N.A. Member FDIC. Tax-Advantaged Account Solutions HSA, FSA, DCAP, HRA and How they Impact the Bottom-line  2010 Amegy Bank N.A. Member.

OPEN ENROLLMENT FOR HEALTH INSURANCE AND VOLUNTARY EMPLOYEE BENEFITS Highlights for School Year.

0 Disclaimer - This presentation is brought to you by Aetna Life Insurance Company and/or its affiliates to educate you on the Aetna plan options available.

Healthcare Reform Update HAMA Fall Meeting October 6, 2010.

High Deductible Health Plan (HDHP) & Health Savings Account (HSA) Monroe County Community School Corporation 2009 Click here for Audio on each slide.

HEALTH CARE REFORM UPDATE FOR AVOYELLES PARISH SCHOOL BOARD EMPLOYEES Prepared by: APSB Finance Department.

ILLINOIS BusinessFlex for Small Groups  Offering Employer Options & Value This summary of benefits provides a very brief description of the important.

Making Health Savings Accounts Work: Interoperable with Health Plans, Providers and Patients Steven S. Lazarus, PhD, CPEHR, CPHIT, FHIMSS September 27,

 Annual Insurance Premium $2,602,285 Employer Paid $1,947,323 Employee Paid $ 654,962  State Funds Received $ 898,716  Current # Employees on insurance.

Understanding H.S.A. Plans A short explanation of Health Savings Accounts and Qualified High Deductible Health Plans.

Putting the Pieces Together- HRA, HSA & FSA-Where Do They Fit? Presented by Rob Thurston, President, HR Consulting Group, Inc. March 13, 2006.

ESB-727 AppEnabler ESB ESB-727 What is an HSA? Health Savings Account Retirement Accounts Checking Account Savings Account ESB

Caring For Those Who Serve HealthFlex Plan Sponsor Conference Calls December 7-8, 2010.

Health Savings Account (HSA)

BIG pension plan change coming Effective January 1, 2014.

Stratfor Medical Plan Review Plan Year

2011 South Carolina Annual Conference Report of Board of Pension and Health Benefits Pension And Health Insurance.

Health Savings Accounts Overview. What is a Health Savings Account? The health savings account, or HSA, is an account that you can contribute to on a.

Open Enrollment. Agenda Health Benefits Overview –Glossary of Terms –2013 Plan Options Health Savings Account Dental Renewal Vision Renewal Open Enrollment.

Presented By: Marijane Norris Geary, President How To Strategically Use Medical Tax Favored Vehicles.

It’s Time to Rethink your Medical Plans Strategy Plan Planning Ahead for 2010.

Affordable Health Care: Impact and Implementation April 21, 2015 Lotta Crabtree, Deputy Executive Administrator.

Board of Pensions and Health Benefits 2016 Pre-Conference April 30, 2016.

2017 Benefits Presentation

2017 Benefits Presentation

Health Care Cost Acceleration

BWXT 2018 BENEFITS Fall 2017.

2017 Benefits Presentation

Health Reimbursement Arrangements

What Stays? What Goes? Other Tax Credits

Moving mainstream: CDHP plans gain ground.

Retiree Health Benefits

Exhibit 8.15 Distribution of Covered Workers with the Following Annual Employer Contributions to Their HRA or HSA, for Family Coverage, 2016 NOTE: For.

2019 – HDHP/HSA vs POS/FSA April 29, 2019.

Exhibit 8.14 Distribution of Covered Workers with the Following Annual Employer Contributions to Their HRA or HSA, for Single Coverage, 2016 NOTE: For.

Health Savings Plan Overview

Presentation transcript:

HealthFlex Exchange Considerations for 2017

2 Strategic Considerations Affordable Care Act — Avoid Cadillac tax while continuing to offer minimum value of coverage Migration toward “consumer” plans — Individual accountability and behavior change — Cost sustainability for plan sponsors/ less rich plan value over time (avoid Cadillac tax) Greater participant empowerment and choice Availability of qualified high-deductible health plans (HDHPs) with health savings account (HSA)

3 Why Offer HealthFlex Exchange Fix annual conference/church health care contribution via defined contribution (DC) Maintain control over annual cost increases absorbed by conference Offer choice to participants to select their own “best fit” Align with industry trends (both public and private exchanges) Set a course for maintaining group health coverage for the “near to mid-term” while shifting some costs to participants and preparing for Cadillac Tax

4 HealthFlex Exchange Offering Introduction of defined contribution (DC) — Appearing as a “credit” toward plan purchase DC is the minimum amount plan sponsor is billed for an individual Plan premium exceeding “credit” must be deducted from individual’s pay — At salary-paying unit Leftover “credit” (prorated monthly) deposited into HRA* or HSA* account * HRA: Health reimbursement account HSA: Health savings account

5 HealthFlex Exchange Timeline January – February Receive Feedback from Local Churches and Pastors February – March Board meeting to Determine: Defined Contribution (DC). Split between Apportionment & Direct Billing to Church Default Plan April – May Pre-conference introductory meetings, if desired JuneFinal Design presented at Annual Conference SeptemberParticipant workshops NovemberAnnual Election period

6 Premium Funding 100% of premium for plans selected will be billed to plan sponsor (conference) Conference bills local church for DC + any participant contribution DC can be blended or passed through directly to local church Conference bills local church for DC + any participant contribution DC can be blended or passed through directly to local church

7 Defined contribution (prorated monthly) appears as a credit toward plan purchase Represents church/employer commitment Defined contribution (prorated monthly) appears as a credit toward plan purchase Represents church/employer commitment Plan costs transparent to participant Participant Experience More costly plan selected: Participant commits to paycheck deductionsParticipant commits to paycheck deductions More costly plan selected: Participant commits to paycheck deductionsParticipant commits to paycheck deductions Less costly plan selected: Participant receives HRA or HSA funding with unused DC from plan sponsor (prorated monthly amount )Participant receives HRA or HSA funding with unused DC from plan sponsor (prorated monthly amount ) Less costly plan selected: Participant receives HRA or HSA funding with unused DC from plan sponsor (prorated monthly amount )Participant receives HRA or HSA funding with unused DC from plan sponsor (prorated monthly amount )

8 Frequently Asked Questions Q.Will HealthFlex Exchange save the conference/employer money? Maybe—will depend on the DC amount selected. Q.Will HealthFlex Exchange save participants money? Maybe for some, but depends upon the level of the Direct Contribution and on participant’s plan election

9 Frequently Asked Questions Q.How are health reimbursement account (HRA) and health savings account (HSA) different? Many differences—future communications will explain. Key HSA features: HSA is portable and allows participant contributions. HSA is paired with HDHP plan—has a high pharmacy deductible.

10 Frequently Asked Questions Q.Are HealthFlex Exchange participants eligible for subsidies/premium tax credits (PTCs)? No—not as long as the lowest-cost option is “affordable.” Q.How does continuation/COBRA coverage work? Same as today (perhaps no DC, but that is conference choice).

11 Major Design Considerations  What will be the Direct Contribution (DC)?  How will the cost of the Direct Contribution be funded?  Direct Bill?  Apportionment?  Blended?  Will there be a policy decision on whether the local church can fund “out of salary” contributions over and above the Direct Contribution?  What will be the “Default Plan”?

12