One of the many areas of change brought on by the Affordable Care Act was calculating the taxes and fees that would be charged to groups providing insurance to their employees. A major Michigan insurer, with its long history of focusing on client satisfaction, was determined to make sure its group members would have a clear understanding that these fees and taxes weren’t a hidden increase in rates. The company wanted to provide information and transparency to be a successful leader at this very pivotal time.
The Lochbridge team created a web-based tool called “Health Insurance Taxes and Fees Estimator for Employers” that agents and administrators could easily access online. With it, they could estimate taxes and fees to determine the best purchasing plan and understand quote price detail options. The Lochbridge team did this by constructing a cost estimator that computes the current and future price values of any customer plan offerings that are impacted (or could be impacted) by a number of key factors. These factors include Comparative Effectiveness and reinsurance fees, Federal Insurance Premium Taxes, changes in governmental regulations and the size of the resulting group of users selecting that product offering. By making it easy to see what the taxes and fees really are, employers who offer the plans now have the information they needed to move forward and decide with confidence.
- Helping employers calculate taxes and fees
- Retention tool for the largest health insurer in Michigan
- Maintaining trust with our commitment to members