Click here to download speaker presentations and other resources available from our Healthcare Reform Program.
On Wednesday, September 18, 2013, 130+ members and guests of The CFO RoundTable Boston gathered for “Healthcare Reform: Practical Strategies To Tackle The ACA.” In this session, we heard practical, realistic guidance on healthcare reform, and the steps we could and should take today to position our organizations for success over the next few years.
Our speakers included:
Michael Azarela, Executive VP and CFO, Suffolk Construction, who provided us with an in-depth look of his employee-engaged health insurance model at Suffolk Constructions, and its short and long term effects on the health of the business.
For more information about Michael, please click here.
Rob DiMase, Executive Vice President, Sentinel Benefits & Financial Group, and President, Sentinel Insurance Agency, Inc., who provided us with a detailed explanation of health insurance exchanges, plan standardizations to be expected, and tax penalties for noncompliance.
For more information about Rob, please click here.
Deirdre W. Savage, Senior Director, Federal and National Affairs, Blue Cross Blue Shield, who discussed carrier challenges, national activities, and what CFOs should do right now to prepare for the ACA.
For more information about Deirdre, please click here.
The panel was expertly moderated by Joe Mongelli, Director, Global Benefits Strategy, Covidien.
For more information about Joe, please click here.
So what did we learn? While the delay in regulations has bought employers some time to better understand the provisions and respond appropriately, it’s not much. Therefore, now is the time to:
Understand Your Employees
From type of employment to how many employees you have, their age and health, and basic insurance needs, now is the time to understand your employee demographic to best determine the health insurance options you can offer them.
Know Your Options
From self-funded plans to HMOs, private or public health insurance exchanges, Medicaid and more, there are a wealth of options for employers to consider when re-examining their current health insurance offerings for employees. Based on a solid understanding of your employee demographic, work closely with your advisors, brokers and consultants to build the best plan that’s right for your company.
Know Your Exposure
From penalties to new taxes and fees, the ACA will bring forth new costs for employers. Now is the time to not only test the affordability of new health insurance options, but also to clearly understand your exposure when implementing these plans. (Check out this easy-to-read flow chart for the penalties for not offering affordable coverage in 2014, provided by Sentinel Benefits & Financial Group)
Build Internal Coordination Processes
There are requirements for coordination between internal employer functions in the ACA. Therefore, now is the time to sit down with those responsible for benefits, payroll, IT, etc., and understand how you are to work together to meet those requirements.
Communication Is Critical
The panel agreed – for employees and employers alike, more information results in better choices. Be prepared to spend time educating your employees on the changes coming in their health insurance plans. Further, as benefits are a key component in recruiting talent, do your homework to understand where your plan is relative to those of your competitors.
Overall, the panel agreed – the path to healthcare reform is a journey, not a sprint. Ask questions, rely on your advisors and talk to your employees to best understand and implement the health insurance model that works best for you under the provisions of the ACA.
- Rob DiMase, VP, Sentinel Benefits & Insurance
- Deirdre Savage, Senior Director, Federal and National Affairs, Blue Cross Blue Shield
- Mike Azarela, Executive VP and CFO, Suffolk Construction
We also encourage you to check out the following resources provided during our program, including:
- The business guide “What Every Business Needs To Know About the ACA,” provided by Robert Half
- The archived webinar “The ACA: What The Employer Mandate Delay Means For Your Business,” provided by Robert Half
Like this event? Check out the next in our 2013-2014 series by visiting our upcoming events page.