October 2014 BeneStream- the only nationwide provider of Medicaid - - PDF document

October 2014

BeneStream- the only nationwide provider of Medicaid screening services for business.

Our service provides visibility into employee Medicaid enrollment for ACA compliance.

2

PROPRIETARY AND CONFIDENTIAL

OVERVIEW

• BeneStream: a venture backed company with three years of experience enrolling

thousands of people into public benefits.

• Our Board of Advisors include Martin Babinec, founder, former CEO and current

board member of TriNet; Kevin Hill, former CEO of United Healthcare’s Northeast Division; and Ashok Subramanian, CEO and Co-Founder of Liazon.

B St ’ f di t P t H t h B G h h A d G bl tt

3

PROPRIETARY AND CONFIDENTIAL

BeneStream’s founding team: Peter Hatch, Ben Geyerhahn, Andrew Greenblatt

“Newly enrolled “BeneStream is Newly enrolled workers avoid paying a penalty under Obamacare, while employers save “Experts See Potential In New Business That Screens Large Employers’ Medicaid Eligible BeneStream is charging relative pennies on the dollar to help companies comply employers save money by not having to pay for their coverage.” Workers.” companies comply with new ACA guidelines...”

4

PROPRIETARY AND CONFIDENTIAL

THE EMPLOYER’S DILEMMA The Affordable Care Act will prompt millions of The Affordable Care Act will prompt millions of new enrollments in employer-sponsored health insurance. Employers’ options:

Pay for insurance Pay fines, $2000-3000 per Cut full-time

BAD: WORSE: WORST:

insurance, $6000 per employee $2000 3000 per employee (plus IRS audits!) jobs, lose productivity

5

PROPRIETARY AND CONFIDENTIAL

BENESTREAM: LOWEST COST CHOICE FOR EMPLOYERS

Annual Cost Per Employee p y

$16,000 $12,000 $4,000-$12,000 $ $8,000 $2,000-$3,000

$240

$0 $4,000

6

PROPRIETARY AND CONFIDENTIAL

$0

Insurance Penalties BeneStream

IMPORTANCE OF COVERAGE

• 66% of employees say that health benefits are an important driver
• f their loyalty to their employer.1

R di i t f l b fit 75% f l

• Regarding impact of employee benefits, 75% of employers say

their company offerings significantly increased employee retention.2

• Absenteeism conservatively

costs $3,600 per hourly employee per year.3

• Looking to save solely on

g y insurance costs may result in increased costs elsewhere

• BeneStream is key for balancing

1 D t f M tLif ’ 10th A l St d f E l B fit T d R t

BeneStream is key for balancing insurance costs with quality coverage

7

PROPRIETARY AND CONFIDENTIAL 7

1. Data from MetLife’s 10th Annual Study of Employee Benefits Trend Report 2. Data from “The Principal 10 Best Companies for Employee Financial Security” conducted in partnership with Harvard Business Review Analytic Services 3. Data from Circadian report “Absenteeism: The Bottom-Line Killer”

BENESTREAM’S SOLUTION FOR EMPLOYERS BENESTREAM’S SOLUTION FOR EMPLOYERS

Our win-win solution identifies thousands of low wage employees eligible for Medicaid. for Medicaid. BeneStream software brings the Affordable Care Act’s Health Insurance Exchanges to employees in the workplace to enroll and track Medicaid status:

• Avoids ACA penalty or premium costs to employers
• Workers gain family coverage at no cost to them or their employers

BeneStream makes it possible – for $240 a year.

8

p

$ y

PROPRIETARY AND CONFIDENTIAL

WHY EMPLOYEES WILL CHOOSE MEDICAID WHY EMPLOYEES WILL CHOOSE MEDICAID

Medicaid MEC Plans Bronze Plans

Comprehensive family Only covers employee Only covers employee p y coverage y p y y p y Pharmacy, Dental and Vision plans free No Vision or Dental coverage No Vision or Dental coverage No or low premium May be charged a co- premium Premiums up to $6,000 $0 $3 d O l i E l ib i $0-$3 copay per doctor

• r emergency room visit

Only preventative coverage, six doctor visits, generic drugs Employee contribution up to $200 per month $0 deductible No catastrophic coverage $3,000-$4000 deductible Eligible for Food Stamps and Lifeline phones

9

PROPRIETARY AND CONFIDENTIAL

and Lifeline phones

MEDICAID: THE SOLUTION FOR YOU AND YOUR EMPLOYEES

• Problem: If all Medicaid eligible employees say “No”, you won’t

meet your participation requirements (typically 50%), and your y ( y y ) y insurance carrier won’t issue a policy.

• Problem: Medicaid eligible employees who say “Yes” to expensive

high-deductible risk do so because they expect to experience a medical event, and they will have significant claims and drive premiums higher. p g

• Solution: BeneStream assists with Medicaid, Food Stamps and

Lifeline phones; collectively, these can stabilize the life of an employee in a way that the employee credits to their employer. It’s a great benefit that makes these folks better employees.

10

PROPRIETARY AND CONFIDENTIAL

MEDICAID EXPANSION STATES

Medicaid Expansion States: AR, AZ, CA, CO, CT, DC, DE, HI, IA, IL, KY, MA, MD, MI MN ND NH MI, MN, ND, NH, NJ, NM, NV, NY, OH, OR, PA, RI, VT, WA, WV 11

PROPRIETARY AND CONFIDENTIAL

WHICH EMPLOYEES SHOULD WE SCREEN?

Employees making less than $32,900/year should apply. This includes employees who believe they already have Medicaid.

For ages 19-64 Employees may be eligible for Medicaid if gross household income is below the amount listed: Gross Hourly Household Size Gross Hourly Wage (40 hrs/week) Gross Monthly Income Limit Gross Annual Income Limit 1 $7.74 per hour $1,342 $16,104 2 $10.44 per hour $1,808 $21,707 3 $13.13 per hour $2 275 $27 310 3 $13.13 per hour $2,275 $27,310 4 $15.82 per hour $2,742 $32,913 Each additional person +$2.69 per hour +$466 +$5,602

12

PROPRIETARY AND CONFIDENTIAL

person

OUR EXPERIENCE

• Contracts with employers in 10 industries across the country
• Restaurant chains, document imaging and call center companies, temp

staffing agencies, home health agencies, manufacturers, warehouse and logistics companies, social services, day care centers, retail chains, school districts, job training programs, commercial cleaning, property management and hospitality/hotel/casino companies

• Results:

Results:

• Medicaid eligibility within screened employee groups ranges from 13% to

53%. The average is 24%.

• 50% of employees who tell us they are enrolled in Medicaid are

wrong, and we enroll them. 13

PROPRIETARY AND CONFIDENTIAL

HOW DOES IT WORK?

Census analysis determines number of employees to screen and

STEP 1: CENSUS ANALYSIS

Census analysis determines number of employees to screen and sets a range of cost savings.

Conclusion: We recommend screening 860 out of the 1060 people in this census. Total numbers: Total numbers: 30 people eligible with a household size of 1

• r more

570 people eligible with a household size of 2 or more 150 people eligible with a household size of 3 or more 90 people eligible with a household size of 4

• r more

14

PROPRIETARY AND CONFIDENTIAL

PRICING

$40 $240 ($20/month) One time screening fee Those found li ibl g for those found not eligible eligible g

What if…

• Not everyone shows up to their screening?
• Their $40 fee is applied towards the $200 for employees who are

found eligible

• Someone quits after they’ve been enrolled?

15

PROPRIETARY AND CONFIDENTIAL

• Remove them from the system and we stop charging $20/month

STEP 2: MAKE A RESERVATION STEP 2: MAKE A RESERVATION

Make a reservation for BeneStream to screen the employees that make less than $32 900/year and may be eligible for Medicaid make less than $32,900/year, and may be eligible for Medicaid.

16

STEP 3: PLAN AND PREPARE

• HR Reps meet with BeneStream

Operations team to plan implementation

• Strategize on days, times, and

communication methods to maximize employee participation 17

PROPRIETARY AND CONFIDENTIAL

STEP 4: QUICK SCREEN

• 10 minute conversation with each employees
• “Knock out” ineligibles and equip potentially eligible

employees with materials for enrollment

Complete set of educational and prep materials

employees with materials for enrollment

Multi-lingual call center

18

PROPRIETARY AND CONFIDENTIAL

STEP 5: ENROLL

• Secure enrollment through online Health Insurance Exchanges
• BeneStream-trained enrollment experts guide employees through state

enrollment process with one on one help enrollment process with one on one help

19

PROPRIETARY AND CONFIDENTIAL

STEP 6: TRACK STEP 6: TRACK

• Manage employee data

for opt out of insurance

• View results on our

intuitive browser based for opt-out of insurance, annual Medicaid renewal intuitive, browser-based Employer Dashboard

20

PROPRIETARY AND CONFIDENTIAL

GETTING STARTED GETTING STARTED

Business to BeneStream to BeneStream business

E l Reservation Form and Payment Employee Communications End User License Onboarding & training End User License Agreement Ongoing employee & HR Support

21

PROPRIETARY AND CONFIDENTIAL 21

THANK YOU FOR MORE INFORMATION HANDELMAN INSURANCE ADVISORS, INC. INFO@LETUSINSUREYOU COM INFO@LETUSINSUREYOU.COM (773) 739-4400

22

PROPRIETARY AND CONFIDENTIAL