Barney & Barney LLC Releases Health Care Reform Online Modeling Tool
Aug 19, 2011
An Interactive Tool Designed to Help Companies Determine How Health Care Reform May Affect Their Business
San Diego, CA, August 19, 2011 – Barney & Barney LLC, one of the largest and longest-standing insurance brokerages in the U.S., announced the release of a tool to help companies better understand how their health insurance benefits programs and capabilities may be affected by health care reform. The Health Care Reform Online Modeling Tool was created to help educate employers about provisions currently in effect as well as those to take shape over the next seven to ten years.
"We regularly hear from clients who want to know what the financial and administrative impact health care reform will have on their business," said Lisa Nelson, Esq., Director of Compliance and Regulatory Affairs for Barney & Barney. "As one of the largest Employee Benefits insurance brokers in the state, our goal is to provide employers with the tools and resources necessary to plan for their company’s future."
"This interactive online tool can be used to predict employer and employee health care costs for 2011 – 2018," added Principal Shawn Pynes, Director of the firm’s Employee Benefits Division. "Created internally, it can provide very valuable information that companies can use in their strategic budget planning."
Created by the firm’s internal team – made up of actuarial, compliance and IT experts – Barney & Barney’s Health Care Reform Online Modeling Tool allows employers or plan sponsors to take their current medical premiums and contributions and project them forward through 2018. The user has the option to adjust enrollment and contributions for future projected years. Starting in 2014, when most of the Health Care Reform provisions take effect, the user has several additional options, such as whether they will continue to offer health care coverage to their employees, or increase employee salaries should they decide to drop coverage altogether. Based on user selections, the model projects total employer and employee costs taking into account such things as medical trend, health care reform penalties and tax implications. The user has the option to save up to three different scenarios and compare the costs of these scenarios side by side.
The tool focuses on cost-drivers of health care reform, and takes into consideration such things as:
- - Grandfathered Plans
- - Annual Dollar Limits Restrictions
- - Employer Mandate
- - Early Retiree Reinsurance Program
- - Medicare Rebate
- - Medicare Part D Subsidy Deduction
- - Health Care Coverage Tax Credits
- - Wellness Program Grants
- - Limited Premium Underwriting Ratings
- - Dependent Age Extension
- - Preventative Services
- - Health Care Reform Tax Implications for FSAs, HSAs, and Medicare Payroll Tax
- - Form W-2 Reporting
- - Cadillac Tax
In addition to the modeling tool, Barney & Barney’s Employee Benefits Division provides Breaking News pieces, Legislative Compliance Newsletters and quick reference tools that clients and prospects can access to obtain further explanation and provision status for all of the topics mentioned above.
To access Barney & Barney’s Health Care Reform Online Modeling Tool, go to the Resources page of the Legislative Compliance section of the website. Note: This tool is password is protected. For a username and password, please contact your Barney & Barney representative.
