MIS is here to help you prepare and navigate all of the changes & new opportunities in the world of employee benefits & individual insurance resulting from the Affordable Care Act (ACA). It is critically important for you, the insurance broker, to be well-informed so that you can guide your clients through these changes and help them make the best strategic decisions. MIS is your best resource for the latest HCR updates. In addition to the information provided here, you will continue to get your latest updates through broadcast emails, webinars and in-person training meetings at our office.
Last Saturday, CMS announced that it would freeze payments that are part of the ACA’s risk-corridor program. The decision came in response to two separate conflicting federal court rulings on cases filed by healthcare co-ops in 2016 over the use of the statewide premium average as a benchmark in the program. In January, a Massachusetts federal court dismissed a case filed by Minuteman Health Plan but in February a New Mexico federal court ruled in favor of New Mexico Health Connections that the program must be budget neutral. CMS has filed a motion requesting the New Mexico court to reconsider the ruling but, in the interim, CMS will suspend ongoing collections and payments, estimated at $10.4 billion for 2017 for transfers across catastrophic, small-group and individual non-catastrophic risk pools.
What does this mean? It means that any group that is currently on a transitional (grandmothered) policy will be able to continue with that plan until 1/1/2020.
MARKETPLACE/EXCHANGE OPPORTUNITIES FOR YOU
Private marketplaces/exchanges are a phenomenal marketing opportunity you cannot afford to miss out on! Direct all your individual clients to a Private Marketplacewebsite (either through MIS or your own personalized website) that offers multiple products as well as the ability to apply through the Public Marketplace for those that qualify for the federal health insurance subsidy.
Separate yourself from the competition. Provide your group clients with a customized Employee benefits website where employees can view information on all coverage (both employer-paid and employer-sponsored) and most importantly…YOUR contact information.
You can also upgrade to include a secured Employer webpage that provides a one-stop spot to access to each carrier’s rates, forms and other enrollment and service information for all employee benefits coverages.
Learn more about this low-cost, value-added benefit.