The Western Pallet Association Technology & the Changing Landscape of Employee Benefits

Transcription

1 The Western Pallet Association Technology & the Changing Landscape of Employee Benefits Leanne Seeger, Vice President HUB International Employee Benefits 1

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4 ACA IN 2016 IMPACT ON INDIVIDUALS Individual Penalties 2.5% of Income $695 per Adult $ for Child Under 18 Maximum of $2,085 Out of Pocket Maximums Increased to $6,850 and $13,700 Smaller Networks Less Carrier Offerings 4

5 ACA IN 2016 IMPACT TO EMPLOYERS Employers with 50 or more employees mandated to offer insurance Must meet the affordability test Must meet the minimum value test Or Pay the Penalty Not offering coverage $2,160 Not affordable $3,240 Additional reporting requirements for employers with over 50 employees DOL Audits increasing each year 5

6 GROUPS OF 2-99 Considered Small Group Effective January 1, 2016 PACE Act Passed October 1, 2015 (Protecting Affordable Coverage for Employees) Considered Small Group Effective January 1, 2016 (for some states) Employers with 2-50 full time employees 6

7 CADILLAC TAX 40% Excise Tax for employers effective January 1 st, 2018 Cadillac Tax DELAYED beginning in 2020 Plans with a value over $10,200 single and $27,500 family Includes employer contributions to HSA/HRA & employee contributions to FSA. Excludes stand-alone dental/vision 7

8 MAXIMUM EMPLOYEE CONTRIBUTION Maximum Employee contributions cannot exceed 9.56% Maximum Employee contributions cannot exceed 9.5% of income Three options to choose from for reporting: W2 Reporting Rate of Pay Federal Poverty Level (FPL) 8

9 ACA REPORTING IN 2016 FOR Report Original Deadline Extended Deadline Forms Sent to Individuals Form 1095-B Form 1095-C Forms Filed with the IRS Forms 1094-B and 1095B Forms 1094-C and 1095-C 2/1/2016 3/31/2016 2/29/2016 paper 3/31/2016 electronic 5/31/2016 paper 6/30/2016 electronic 9

10 TECHNOLOGY AND REPORTING 10

11 TECHNOLOGY TODAY AND IN THE FUTURE Benefit Administration/Exchanges Healthcare Devices Integration ACA Compliance 11

12 TECHNOLOGY IS HERE TO STAY

13 NEW TECHNOLOGIES Wearables Carrier Apps & Social Networks Push Messaging 13

14 Digital Medical Records Self-Driving Cars Transparency Tools Digital Sensors

15 HOUSE CALL TELEMEDICINE 24/7 ACCESS Via phone Video chat Types of treatment Common illnesses Dermatology Short term prescriptions Behavioral health 15

16 PRIVATE EXCHANGES BENEFIT ADMINISTRATION SYSTEMS What are they?

17 BENEFITS OF PRIVATE EXCHANGE/ADMINISTRATION SYSTEM Manages all benefit plans Maintains eligibility data from HRIS EDI feed for employee elections Educates through screen text, video, document libraries & single sign-on 17

18 BENEFITS OF PRIVATE EXCHANGE/ADMINISTRATION SYSTEM Open Enrollment Metallic Spectrum Defined Benefits or Contribution Decision Support Mobile Application Best-fit Plan Selection 18

19 BENEFITS OF PRIVATE EXCHANGE/ADMINISTRATION SYSTEM ACA 30-hour rule/affordability ACA 6055, 6056 Notifications Employee 1094/1095 Employee Notifications 19

20 BENEFITS OF PRIVATE EXCHANGE/ADMINISTRATION SYSTEMS Implementation of benefits strategy Reduces HR manual processing Opportunity to offer diverse plan options An average annual health cost increase of 2.6% over two years compared to industry projections of 6.5%- 8% 20

21 PRIVATE EXCHANGE/BENEFITS ADMINISTRATION SYSTEM 21

22 WHAT ARE THE BENEFITS? Personalized Communication

23 WHAT ARE THE BENEFITS? Simplified Choice More Choices Better Matching Less Frustration

24 WHAT ARE THE BENEFITS? Cost Savings

25 WHAT ARE FUTURE APPLICATIONS?

26 STILL NOT CONVINCED? 26

27 THANK YOU