Medcom's Expanded Pay or Play Actuarial Analysis Brings Necessary Guidance to Employers
Although many of the employer mandates included with the PPACA Health Care Reform bill will take effect on January 1, 2014, most employers have not fully evaluated how this major legislative package will impact on their employee benefit and compensation package. Medcom's expanded Pay or Play Analysis provides the road map they need to make more informed decisions for 2014 and beyond.
"Most employers have not even started the process of evaluating the impact of Health Care Reform as it relates to the future of their health coverage and compensation packages," stated Michael J. Bracken, President of Medcom. "We deliver a precise and sophisticated actuarial model that provides a series of customized financial projections for them. The final report brings understanding, clarity and strategic direction to any corporate Board Room. With employers now spending between $6,000- $10,000 per employee per year on health care costs, this tool is a vital piece to future corporate planning."
PPACA incorporates "shared responsibility" penalties for employers who do not offer "miniumum essential coverage" or provide coverage that is not deemed "affordable" for all eligible employees. There are a number of complex variables that will factor into the future cost of compensation for a given employer.
"We are impressed with Medcom's approach to providing a Pay or Play solution that meets the unique needs of most employers," mentioned Joe Sullivan of Sullivan Benefits, an employee benefit consulting firm in the Tampa Bay area. "They bring professionalism, actuarial certification and a serious consulting approach to our clients."