San Francisco, California (PRWEB) May 29, 2014
Benefitter announced today the launch of the new BenefitterAdvisor, a tool that makes it easy to compare the cost of employer sponsored insurance to the subsidized individual marketplace from both employers’ and employees’ perspectives.
Zeke Emanuel, one of the Affordable Care Act (ACA) architects and administration advocates has recently predicted that fewer than 20% of workers will receive employer-sponsored health insurance in 2025. S&P Capital IQ predicts an even greater exodus from employer-sponsored coverage by 2020. One fundamental reason these experts are predicting radical movement away from employer sponsored coverage is the new individual marketplace can provide
significant savings versus the group market for certain types of employers.
But employers, brokers and consultants struggle to understand and quantify the costs of subsidized individual market insurance in comparison to their group health insurance plans. At the New York Times Health for Tomorrow Conference in San Francisco on May 29th, Brian Poger, CEO of Benefitter, will unveil the company’s new BenefitterAdvisor product, which makes this comparison easy and does so in a comprehensive manner. BenefitterAdvisor also provides a proprietary compensation adjustment algorithm that recommends a specific compensation strategy to ensure employees continue to have access to affordable health coverage, even if the employer transitions to the individual market.
This presentation takes on unanticipated import after the Times, hosts for the event, published an article over the weekend detailing the recent rulings from the IRS regarding employers dropping group plans, a strategy that Benefitter facilitates. The article stated that employers could not use tax-free dollars and simply give them to employees if they were to cut their group plan, or else they could incur a massive penalty. The Benefitter approach provides for compliant after-tax compensation adjustments that is not subject to this penalty.
However, as an industry leader in the healthcare landscape created by the ACA, Poger’s timely presentation could be met with a round of questions due to his unique standing in this new, burgeoning market.
Poger says “For many employers with low and middle wage employees, the escalating cost of group benefit plans has resulted in decreasing benefit levels year over year, as well as the erosion of overall participation in the group plan and a reduction of participation of eligible dependents who simply can’t afford the increases in contributions. For these employers, them individual market may provide the most cost effective benefit model… a model which actually
increases access to affordable coverage for more employees and their families, and can be achieved with a legally compliant approach.”
Poger is schedule to speak at 10am PST, from the Health for Tomorrow Conference in San Francisco. He is available for interviews throughout the day.
Benefitter is a company committed to modernizing the health care discussion for employers, employees, brokers and consultants. We provide a suite of web-based software solutions to help employers both understand the impact of the marketplaces on their benefits strategy, and take advantage of the new individual marketplace as a viable alternative to traditional group health insurance. Based in San Francisco, California, Benefitter is funded in part by Kleiner Perkins Caufield & Byers, Mohr Davidow Ventures, Aberdare Ventures, and Mayo Clinic.