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ACA's Impact on Small Business Health Insurance After Five Years
- 1. Crowds with Cash Alternative Financing is a Mixed Moneybag of Opportunity for Small Business Hello! Welcome to Manta’s Small Business Expert Series Thanks for joining us today. We’ll get started right at 2 p.m. EDT #mantaexperts
- 2. Five Years Later An Updated Look at Health Care Reform and Small Business #mantaexperts
- 4. Enlarge the slide area Q&A Resource listTechnical ?
- 5. The Story
- 6. We’ll Talk About Five Years Later An Updated Look at Health Care Reform and Small Business 1. Meet the experts: Jeffrey Ingalls and Laura Roane 2. Health Care Reform Health insurance literacy and why it matters The ACA: a law in transition and a disruption of business-as-usual 3. What you want to talk about: Q&A with Jeffrey & Laura
- 7. Meet Our Experts Click on the speaker widget to learn more about Jeffrey & Laura Jeffrey Ingalls Laura Roane
- 8. • 6.7 million now buying insurance through the marketplaces • Millions have gone online and selected a plan with varying premiums, deductibles, copays, provider networks, and drug formularies • Surveys show many people have a hard time understanding what they’re buying Health Insurance Literacy Open the resources widget to link to health care and health insurance terms, as well as the ADP study
- 9. Small Biz in the Middle yesno Individual mandateEmployer mandate The Mandates
- 10. Individual Mandate For the Self-Employed • Use the individual Health Insurance Marketplace to enroll • You may qualify for tax credits and other savings, based on your projected net income and household size • Varied plans; know what you’re getting • Use a broker, navigator or DIY • Penalties if not compliant Link to the Kaiser Foundation’s individual mandate coverage requirement chart from the resource widget
- 11. For Employers With 50 or More Employees• Defining full-time employees–the count vs. the penalty • Part-time and seasonal employees— included or not included? • Coverage available to employees and dependents (children to age 26)—2016 • The $2,000 “no coverage” or “A” penalty • The $3,000 “unaffordable” or “B” penalty • Effective date and transitional relief–for plan year contracts and mid-size employers Employer Mandate
- 12. Small Biz in the Middle • Essential health benefits • “Metal” tier plans—platinum, gold, silver, bronze • The marketplace: Small Health Options Program (SHOP) • Guaranteed issue coverage • Member level rating • Gender not a price variance: only 3:1 ratio for age and 1:1.5 for tobacco use • Administrative and compliance issues • Notice of marketplace options • Waiting periods • Definition of FTE • Summary of benefits and coverage
- 13. The Exchanges (marketplaces) Individual Exchange Private Exchanges · not part of the ACA Small Business Exchange: SHOP SHOP Tax Credit Open the link to in the resource widget to learn about estimating your SHOP tax credit
- 14. Health Insurance Literacy Resources Healthcare.gov • https://www.healthcare.gov/ U.S. Department of Health and Human Services • http://www.hhs.gov/ Internal Revenue Service • http://www.irs.gov/Affordable-Care-Act Kaiser Family Foundation • http://kff.org/health-reform/ • http://kff.org/understanding-health-insurance/
- 15. Accredited Investors ACA: Law in Transition • Costs in transition • Exchanges in transition • States in transition • Law in transition • Disrupting business as usual
- 16. Costs in Transition• Reasons for increased costs • Individual and group markets • Lack of consumer directed healthcare • Guaranteed issue vs previously underwritten • Inclusion of essential health benefits • Costs are beginning to level out • Higher deductibles • Defined contributions Link to Manta’s latest research through the resources widget on the platform
- 17. Exchanges in Transition The Future of SHOP • Current limitations • Future advantages • How this may “change the game” for small employers
- 18. States in Transition • Four types of marketplaces: which type of marketplace exists in your state? • The type of marketplace determines how you enroll • Only Mississippi, New Mexico and Utah offer state-based SHOP marketplaces • The ACA is a broad law that’s not always applied broadly Link to the Kaiser Foundation’s table of state- based marketplaces from the resource widget
- 19. Law in Transition • King vs. Burwell • 7.5 million people could lose their subsidies in 34 states that use the federal health care marketplace • The status of people in three other states—Oregon, Nevada and New Mexico—is unclear • Effects on the employer mandate
- 20. Disrupting Business as Usual• Health care insurance goes retail • Competitive over quality and price • Industry more responsive to customers • Higher quality, lower cost care • Companies pursuing health care partnerships • Do it yourself health care, telemedicine • Next generation expectations of medicine/insurance delivery • Small business and retirement benefits
- 21. Ask the Experts Connect with other business owners in the Manta community Chat with Jeffrey and Laura on Twitter immediately following the webinar #mantaexperts Open the resources widget to get more information about our upcoming webinars Jeffrey Ingalls Laura Roane
- 22. Manta believes in empowering small businesses to achieve success. We’re inspired by your determination and energy. And we understand that every company is unique. We strive to provide the marketing tools and educational resources you need to stand out, connect with your customers and your peers, and grow your business. Send us a note and let us know what you’d like to learn from upcoming webinars like this one. events@manta.com