Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Post and Distribute
Your Jobs
ARPA News
ARPA Webcasts

Featured Jobs

Employee Benefit Plan Auditor

Cassell Plan Audits
(Telecommute / Saint Charles IL)

Cassell Plan Audits logo

Retirement Plan Administration Consultant

TSC
(Minneapolis MN)

TSC logo

Distributions Analyst

Loren D. Stark Company (LDSCO)
(Telecommute / Houston TX)

Loren D. Stark Company (LDSCO) logo

Retirement Plan Administrator

Bates & Company
(Telecommute / Winter Park FL)

Bates & Company logo

Employee Benefits H & W Compliance Consultant

Benefit Comply, LLC
(Telecommute)

Benefit Comply, LLC logo

Retirement Plan Administrator

Premier Plan Consultants
(Telecommute / San Diego CA)

Premier Plan Consultants logo

Retirement Plan Relationship Manager

ERISA Services, Inc.
(Telecommute)

ERISA Services, Inc. logo

Retirement Plan Consultant

Definiti
(Telecommute / The Woodlands TX)

Definiti logo

Consulting Actuary - Mid-Size Plan Market

Definiti
(Telecommute / The Woodlands TX)

Definiti logo

DB/CB Client Manager

CMC Pension Professionals
(Telecommute / Glendale CA)

CMC Pension Professionals logo

Defined Benefit Pension Administrator

Actuaries Unlimited, Inc.
(Telecommute)

Actuaries Unlimited, Inc. logo

Sales Support Specialist - Pensions & Benefit Solutions Consultant

ftwilliam.com / Wolters Kluwer
(Telecommute / IL)

ftwilliam.com / Wolters Kluwer logo

Client Manager / DC Consultant

CMC Pension Professionals
(Telecommute / Glendale CA)

CMC Pension Professionals logo

Defined Contribution Plan Administrator

West Coast TPA Firm
(Telecommute)

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by Contribution Health

Press Release

Online Actuarial Value Calculator Updated

Issued by Contribution Health

Apr. 4, 2021

Lancaster, PA  -  Contribution Health announces the newest update to its online Actuarial Value Calculator (www.freeactuarialvalue.com)

Contribution Health actuarial research team has just published the latest version of their innovative and accurate online actuarial value calculator. 

The free online calculator is an attractive commercial alternative to the federal calculator and is available free for occasional use or on a subscription basis with enhanced features as a strategic tool for single or multi-agency organizations.  The subscription version includes save and library features, multiple users, and batch uploads.  A research version for custom modification is available through the Contribution Health consulting division.

The phrase “Actuarial Value” embedded in the 2010 Affordable Care Act raised awareness and interest in this concept.  Plans with a minimum Actuarial Value of 60% were considered sufficient to avoid penalties. Beyond any insurance reform laws, the ability for brokers and employers to easily make side-by-side comparisons of health insurance plans based on their actuarial value provides great strategic advantage for plan modeling and financial planning of employee benefit plans.

Brokers who have discovered how to use actuarial value now use it as their primary plan advisement tool.  The mathematics of actuarial value opens opportunities for brokers, advisors, employers, and even ancillary vendors such as bankers and accountants to make useful observations and advice. It’s the measure nobody else uses that can make you look smarter than the other guy. Everybody likes to look smart.

A strategic approach for a broker is to lay out all their clients into a grid, show each employer where they stand, and ask the employer where they would like to be compared to others.

Dual option and Triple option plans should be using actuarial value as the core planning tool to manage the spread of value and the contribution strategy.  Simple comparative information can immediately frame the debate for an employer in a much more meaningful way than in the past.  The first thing an employer needs to know is, “where do I sit compared to others?” Nothing could be simpler than saying, “here’s where you are, here’s where everyone else is”.

The Technology

The technology, unlike other models, presents a revolutionary approach that is based on re-pricing a “model office” of 300,000 claims per 10,000 covered participants.  The model office is based on average discounted and allowed charges in the employer sponsored market published by the Health Care Cost Institute.  HCCI research data includes over 2.5 billion medical and prescription drug claims for approximately 40 million individuals.  The model essentially runs a claim adjudication routine similar to running an actual experience claim data set to see the impact of plan changes.  Testing of the online model shows impressive correlation with the federal calculator within 1% using an array of plans, many with complex copay structures.

For further information: Melissa Wert, Manager of Data and Technology mwert@contributionhealth.com

View More Press Releases by Contribution Health


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2021 BenefitsLink.com, Inc.