In partnership with
What We Will Cover Today
• The ACA and options it presents
• The benefitbay™ solution
• What does it mean for employers?
• How does it work?
What is benefitbay™ ?
benefitbay™ is a simple online platform created to give access to customized individual
medical and ancillary products in a group environment not available before to small/midsized employers, associations, franchisors, churches and more.
benefitbay™ pulls together the best carriers in each market and allows maximum choice,
easy administration and cost savings.
Medical
Platform
Ancillary
Platform
Background: ACA
• Preexisting conditions can no longer be a factor in
insuring – now only age, geography, and smoking status
can be asked.
• Because of this change the major motivation for a group
plan disappears.
• Now some small employers (below 50 employees) are
even considering dropping group insurance altogether
and just “paying people more” to let them buy their own
coverage.
The UBA benefitbay™ Opportunity
3 Options
Advantages
Disadvantages
Outcome
1
Keep my traditional group plan
but swallow 15-30% renewal
increases
2
Drop group coverage and let
employees “go get their own.”
3
Use benefitbay™ - a hybrid
solution that has the best of
both, without the disadvantages
FAMILIAR
GOV’T
SUBSIDIES
SEEMS
SIMPLE
•
•
•
•
•
•
•
•
RISING COSTS
NO GOV’T SUBSIDIES
NO CHOICE
PAINFUL TO SHOP AROUND
• NO PRE-TAX
• EMPLOYEES ON OWN
POP PLAN MINIMIZES TAXES*
FEELS LIKE FAMILIAR GROUP PLAN
ANCILLARIES/CONSOLIDATED BILLING
EMPLOYEE CHOICE
5
*"We are not attorneys or tax advisers. These statements are merely opinions. Always consult independent counsel before making tax or legal decisions."
The Magic of the Math – Free Money
Monthly
premium
$300
$200
$90
$11,490
$20,108
$28,725
$40,215
Annual
Income
Advantages for Employees
• Employees can now choose from multiple carriers
and any plan depending on their specific needs.
• Premium Only flex Plans (POP)* allow an employer to
withhold money from a paycheck to pay for
premiums on a pretax basis, a benefit for all.
• All employees can get inexpensive ancillary benefits
which have large company coverage levels from the
savings realized.
*"We are not attorneys or tax advisers. These statements are merely opinions. Always consult independent counsel before making tax or legal decisions."
Advantages to Employers
• benefitbay™ satisfies the employer’s objective of
budgeting costs while giving employees and families
better benefits than before.
• This new option offers freedom to choose more flexible
contribution amounts than group insurance.
• Employers are not in the awkward position of being
responsible for family members not getting subsidies.
How Does The Platform Work?
•
Employer Portal
–
–
–
–
Collect set-up information
Upload Employee Roster
Set defined contributions
Select Ancillary Plans
•
Employee Portal
•
Broker Portal:
– Verify dependent information
– Medical & Ancillary Plan Shopping
– New Agent Registration
– New Employer Set-up
– Employer and Employee Management
Employer Portal
•
Enter basic company
information
Employer Portal
•
•
Upload employee
census information
Set defined
contributions
Employer
Ancillary
Selections
Email generated
to begin open
enrollment
Employee
shopping
experience
example
(medical)
Employee
shopping
experience
example
(medical)
Employee
Summary
with Medical
and Ancillary
Unmatched Ancillary Offerings
We have negotiated plan designs and costs so that we could
provide the greatest coverages at the lowest costs:
These offerings will include:






Vision/Dental
Life Insurance
Long-Term Disability
Short-Term Disability
Hospital Indemnity
Accident
Dental/Vision
Type 1
Type 2
Type 3
Deductible
Maximum
Allowance
Dental Rewards
Waiting/Elimination
Period
Vision
One Additional
Add-on
Orthodontia
benefitbay low
benefitbay medium
benefitbay high
100%
80%
0%
$15/visit, all services, no family
maximum
$1,000/Calendar Year
90th U&C
Included
100%
80%
50%
$15/visit, all services, no family
maximum
$1,000/Calendar Year
90th U&C
Included
100%
80%
50%
$15/visit, all services, no family
maximum
$1,250/Calender Year
90th U&C
Included
none
none
none
$200
$200
$200
LASIK or SoundCare
LASIK or SoundCare
LASIK or SoundCare
none
none
$1,000
Initially offered through Ameritas. Ancillary carriers will be evaluated regularly.
Life and Disability
Life Insurance
• $50,000 for 2 to 5 Insured’s
• $75,000 for 6 to 9 insured’s
• $100,000 for 10 to 19 Insured’s
• $300,000 for 20 plus Insured’s
*Additional voluntary benefits of $50,000 for eligible employees less than 24 lives,
$75,000 for greater than 25 lives
Short Term Disability
• $2,000 of weekly benefit for employer-paid groups greater than 20 eligible lives
• $1,500 of weekly benefit for voluntary or groups under 20 eligible lives
Long Term Disability
• $10,000 of monthly benefit for employer-paid groups greater than 20 eligible lives
• $7,500 of monthly benefit for voluntary or groups under 20 eligible lives
Worksite Offerings (Voluntary)
Offered Through Colonial Life
• Enhanced guarantee issue
and simplified underwriting
• Group and Individual
Offerings
• Multiple options for both
employee and employer
Worksite Offerings (Employer Paid)
Offered Through Colonial Life
• Additional cost reduction
• Additional guarantee issue
How Will We Support It?
Ongoing Support
Employers and employees can contact benefitbay support
Monday – Friday, 7am-7pm Central for all questions.
benefitbay ™ support specialists will:
Aid employers in initial account set-up
Assist with employer/staff information regarding benefits selected
Serve as liaison between the employer and our TPA
Provide technical assistance to the employer and its staff
members/employees regarding the portal
Direct carrier inquiries to appropriate parties
Only one portal is available to offer this service…
www.benefitbay.com
Appendix
About benefitbay™
• New Company created specifically for UBA
• Expert Management
Insurance
+
Technology
The Challenge with Associations
• One very large group comprised of many separate
businesses.
• Looks like one big company – but cannot be insured like
one.
• As with many small businesses – no access to good ancillary
offerings.
Now there is a good solution for your valued member base:
benefitbay
Benefitbay and Associations
•
•
•
•
•
•
Benefitbay is a viable solution for associations comprised of independent, small
businesses.
Enables association to offer solution where member businesses can take advantage
of individual medical plans with ancillary benefits option.
Empowers each business owner to determine defined contribution amount for their
employees.
Empowers each business owner to determine what ancillary benefits to include and
what to what degree they will fund them.
Member businesses may be able to leverage a tax advantage through a *POP plan
Does not preclude employees that would be subsidy eligible from going to the
exchanges
*"We are not attorneys or tax advisers. These statements are merely opinions. Always consult independent counsel before making tax or legal decisions."
Benefitbay and Associations
• benefitbay will draft, brand and send out educational
information to member base about benefitbay and the
advantages it has for a small business.
• benefitbay will host regional webinars for member base to
educate/address questions.
• benefitbay can assist with enrollment through our partner,
Colonial Life
The Challenge with Franchises
• Typically, one very large group comprised of many
separate businesses.
• Scenario might look like this outside of corporate owned
locations:
– Individually owned locations
– Multiple locations owned by regional player
While the corporation and corporate owned locations might
enjoy a group plan…the other two scenarios fall outside of
that. benefitbay is a solution for that.
Benefitbay and Franchises
•
•
•
•
•
•
Benefitbay is a viable solution for franchises outside of the corporate veil.
Enables Corporate Franchise to offer solution where outside locations can take
advantage of individual medical plans with ancillary benefits option.
Empowers each business owner to determine defined contribution amount for their
employees.
Empowers each business owner to determine what ancillary benefits to include and
what to what degree they will fund them.
Independent franchises may be able to leverage a tax advantage through a *POP
plan
Does not preclude employees that would be subsidy eligible from going to the
exchanges
*"We are not attorneys or tax advisers. These statements are merely opinions. Always consult independent counsel before making tax or legal decisions."
Benefitbay and Associations
• benefitbay will draft, brand and send out educational
information to franchise business owners about benefitbay
and the advantages it has for a small business.
• benefitbay will host regional webinars for franchises to
educate/address questions.
• benefitbay can assist with enrollment through our partner,
Colonial Life
The Challenge with 1099 contractors
• Scenario usually looks something like this
– Company has certain amount of W2 full time employees
– The remainder are 1099 independent contractors
– Example: Trucking company where there might be 60 W2 employees
(management, admin) and 200 1099 drivers.
While the W2 employees might be able to be on a group plan…the 1099 contractors
cannot…and in many cases their income precludes them from taking advantage of
subsidies on the public exchanges. benefitbay™ is a solution for providing those 1099
contractors with a solid benefits offer.
Benefitbay and 1099 contractors
• Benefitbay is a viable solution for 1099 contractors.
• Enables company to offer solution where 1099 contractors can take
advantage of individual medical plans with ancillary benefits option.
• Empowers company to determine what ancillary benefits to include
and what to what degree they will fund them.
• Does not preclude those 1099 contractors that would be subsidy
eligible from going to the exchanges
Benefitbay and 1099 contractors
• benefitbay will draft, brand and send out educational
information to franchise business owners about benefitbay
and the advantages it has for a small business.
• benefitbay will host regional webinars for franchises to
educate/address questions.
• benefitbay can assist with enrollment through our partner,
Colonial Life
The Challenge with Churches
• One very large group comprised of many separate
member churches.
• Typical Scenario may look like this:
– Main Church that is administrative headquarters
– Thousands of churches spread out geographically and organized by
region
While it is one large organization…each church is its own business as far
as benefits and administration of its employees. Much like an
association…this is complex to insure.
Now there is a good solution for each church: benefitbay
benefitbay and Churches
•
•
•
•
•
•
benefitbay is a viable solution for churches comprised of independent locations.
Enables church to offer solution where member churches can take advantage of
individual medical plans with ancillary benefits option.
Empowers each individual church to determine defined contribution amount for its
employees.
Empowers each church to determine what ancillary benefits to include and to what
degree they will fund them.
Churches may be able to leverage a tax advantage through a *POP plan
Does not preclude employees that would be subsidy eligible from going to the
exchanges
*"We are not attorneys or tax advisers. These statements are merely opinions. Always consult independent counsel before making tax or legal decisions."
Benefitbay and Churches
• benefitbay will draft, brand and send out educational
information to member base about benefitbay and the
advantages it has for a small business.
• benefitbay will host regional webinars for member base to
educate/address questions.
• benefitbay can assist with enrollment through our partner,
Colonial Life