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Technology, a solution to reform challenges?

The Affordable Care Act (ACA) presents both opportunities and challenges for employers. It offers the opportunity to rethink how your health care benefits are structured and offered to employees. It creates challenges in the form of controlling costs, addressing communication requirements, engaging employees and ensuring plan compliance. With the complexity of the ACA and the overwhelming amount of change, it is critical employers have the right technology in place to ensure they are meeting all the requirements of reform.

Given the challenges of the ACA, what do employers need to track?

  • Automatic enrollment procedure
  • Employee status tracking (full vs. part-time)
  • Incentives on wellness
  • W-2 reporting
  • Medical loss ration rebates
  • Summary benefits of coverage
  • Exchange notification
  • Medicare tax on wages and unearned income

Technology lends to many benefits when considering the challenges of reform, including:

  • One point of entry vs. multiple (payroll, carrier websites, etc.)
  • Accurate employee and dependent eligibility 
  • Employee self-service
  • $19.07 PEPM estimated savings through the accuracy and efficiency of complete automation
  • Reduced errors and omissions
  • Streamlined, centralized communcation
  • Better vision of the "total value" of employee benefits package with total compensation statements

The right technology solution allows employers to effectively manage the complex and costly requirements of the ACA, while also saving money.  If you need assistance evaluating an existing solution or implementing a new technology platform, please feel free to contact the experts at PBS. 

Posted January 08, 2014

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