Regardless of the term that is being coined or used, the fact is, the Affordable Care Act (OBAMACARE), has caused confusion in the market place for consumers. Health Information exchanges are merely a government mandated exchange of clinical data. This exchange of data may be a new concept in the Healthcare space, but it is certainly not a new concept in the business community. Not so long ago, the Life and Annuity world was exchanging data via Information Data Exchange hubs to promote and provide accessibility to their products by the Broker Dealer community. In the Financial Services world, it was essentially “dropping a ticket”. The ticket would contain, investment amount, face amount, client data and so on... It would also provide the ability to “SHOP” the case around.
What is actually trying to be accomplished? CHOICE.
Health Insurance Exchanges are providing consumers the ability to have a choice. The Insurance Marketplace will provide the consumer a store front option to compare and make educated decisions on what plan is best for them and their family…
The government's "Pay or Play" mandate is approaching fast and furious, October 2013, just in time for Open Enrollment! Are you ready? If not, you are not alone. The requirements from the Federal Government are still evolving and are not 100% complete.
As per the IRS, “the mandate requires large employers (generally those with 50 or more full-time employees, including full-time equivalent employees) to either “play” by offering affordable health coverage to their full-time employees and their dependents, or “pay” a penalty if the employer fails to provide affordable health coverage and at least one full-time employee receives a premium tax credit to help purchase coverage through an Insurance Exchange.”
A few things to consider while you are in the building phase:
- Does the enterprise have a clearly defined strategy?
- Do you know what your competition is doing?
- Will the Health Insurance Exchange strategy drive growth?
- Are your distribution channels ready?
- Have you prepared and Operational impact assessment?
- Is the IT strategy defined and service layer prepared?
Did you answer “No” or “Not Exactly”? If so, leave us a comment and tell us why.