TAMPA, Fla. (Nov. 15, 2012) — While some businesses may have been waiting to see the results of the presidential election before making preparations to meet requirements of the Patient Protection and Affordable Care Act (PPACA) – also known as “Obamacare” – the time to act is now, and quickly.
The PPACA imposes on health plan sponsors a complicated set of conditions and rules for determining which employees must be offered health insurance and how an employer can be penalized by the nature of its plan, or whether it offers a plan at all. In addition, employees will face more choices during enrollment for 2014, when health plan exchanges and expanded Medicaid coverage are required to be in place, further complicating employers’ benefits decisions.
While 2013 may be viewed as “the calm before the storm,” insurance brokers are already working on 2014’s benefit strategy. To offer an affordable solution to determine bottom-line effects of healthcare reform for businesses and their employees, Jay Miniati Actuarial Services in Tampa developed a proprietary product called the Miniati PPACA Calculator.
“Simply put, our calculator helps an employer understand which employees are going to continue receiving benefits, drop the plan, or come onto the plan as stipulated by the PPACA, and all costs associated with those actions,” said Jay Miniati, President and Chief Actuary of Jay Miniati Actuarial Services. “Businesses that fail to appropriately adjust to these impending changes could experience devastating consequences.”
Elizabeth Krystyn of Baldwin Krystyn Sherman Partners, an insurance consulting and brokerage firm based in Tampa, is one of Jay Miniati Actuarial Services’ clients. “Employers have tough decisions to make in order to comply with PPACA including whether to offer coverage, and if they do, what types of plans are sustainable,” said Krystyn. “Within this context, they also have to consider employee contributions in order to maintain their ability to attract and retain employees.”
The Miniati PPACA Calculator is in a Microsoft Excel workbook format, available to purchase or lease for up to 12 months at a time. While businesses can use the software directly, it has been of particular interest to employee benefits advisors and insurance brokerage firms, such as Krystyn’s firm.
“The actuarial expertise and support we receive from Jay Miniati Actuarial Services to implement a tailored solution for our clients, especially in measuring plan design changes and working through ‘what if’ scenarios, is invaluable,” said Krystyn.
About Jay Miniati Actuarial Services: Based in Tampa, Fla., Jay Miniati Actuarial Services provides actuarial consulting services to employer-sponsored health plans and their insurance advisors. The firm offers financial and strategic recommendations to the Board of Directors, C-suite and Insurance Committee leadership of corporate, public, non-profit, PEO and MEWA organizations nationwide.