Tuesday, February 18, 2014
Eastern Daylight Time
Affordable Care Act – Employee Benefit Issues and Marketing Opportunities;
Training and Education to Members
ACA Employee Benefit Issues:
The Patient Protection and Affordable Care Act of 2010, which was signed by the President and upheld by the Supreme Court, is now impacting credit unions and their employees alike. These dramatic changes may require credit unions to alter the administration and operation of their medical benefit plans.
Health care reform will have important effects on credit unions with 50 or fewer full-time equivalent employees. Several provisions in the new law pose strategic issues for employers, and this means credit unions must make key decisions regarding health care benefits for their employees, followed by both appropriate implementation actions and adequate communications.
This program is designed to educate credit unions with 50 or less employees about what is required under health care reform and best practices to implement. You will learn about:
Small Business Health Option Program (SHOP) Marketplace
Summary of Benefits & Coverage (SBC)
Medical Loss Ratio Rebate Distribution
Impact on HRA, FSA, HSA and wellness programs
Additional Medicare Withholding on Wages
New nondiscrimination rules prohibiting more generous benefits to credit union executives
New HIPAA Final Omnibus Rule and what credit unions need to do to comply
￼ACA Marketing Opportunities
There are marketing opportunities in the form of providing training and education to members and the community. There are reasons credit unions should immediately begin providing training and education to members regarding the ACA (some dates and deadlines may have been modified as the result of the November 14 announcement by President Obama regarding extensions):
There is a great deal of confusion amongst Americans regarding the ACA and its benefits/consequences that could affect them in 2014. For example, there are time limits for low income people to apply for credits to offset their cost of health coverage. Many are not aware of the requirements and penalties. Timely education could help members avoid problems and take advantage of some of the benefits that might improve their household income.
Many credit union members are still struggling financially from the effects of the Great Recession. Many of these members will benefit from the ACA in terms of getting health coverage they could not afford before or having health insurance premiums reduced from present levels. Health insurance credits from the ACA could help improve the financial picture for many low income Americans. When members have more disposable income they are in a better position to stay current on existing debts, consider purchases they have deferred for an extended period, or build their cash reserves. A credit union benefits when its members have more disposable income and stable finances.
Being among the first of institutions to provide members (or potential members) with education on an issue as monumental as the ACA puts a credit union in a position of trust and endearment. This trust puts a credit union at an advantage if it chooses to pursue the growth, marketing, and revenue opportunities noted. Positive PR is another benefit for credit unions when they provide ACA education in a timely manner.
Many members are confused by what the ACA means for them. There are requirements, deadlines and penalties. By attending this webinar, you will learn how you can provide this information to members and leverage this education into sales and marketing opportunities.
Many of your members are still struggling financially from the effects of what is now known as the “Great Recession”. Many who are financially struggling will benefit from the ACA in the form of reduced health care premiums and/or health care coverage they could not afford until now. Those members who benefit from the ACA will be have more disposable income to put away in savings, pay delinquent loan payments, or use for loan payments to borrow for purchases that have been put off for so long due to budget constraints. When your credit union provides training it will have a “captive audience” to discreetly market its services. Learn how to use these education sessions to market your credit union’s services.
Being the first to provide training and education on the ACA, puts your credit union in a position of trust for your members and potential members. A position of trust is an advantage when competing for members’ share of wallet. Learn how your advertising and marketing can be leveraged from this position of trust.
In this webinar, you will also learn of potential resources to provide ACA training and education.
Who Should Attend
This program is designed for credit union executives including CEOs, CFOs, Marketing Directors, and Loan Managers
Speaker: Dennis Child and Jonathan Cerrito (One or more additional experts will participate)
Dennis Child offers over 40 years experience as President/CEO of a mid-size, full-service “complex” and highly profitable credit union. Dennis grew the CU from approximately $4 million to $175 million in overall assets. His accomplishments include pioneering and implementing new concepts and products for credit unions; his CU was one of the first credit unions to: establish a CUSO to offer members personal financial and retirement planning; use stochastic and empirically based Loan and deposit pricing concepts; offer SBA guaranteed member-business loans and USDA Community Development Loans.
Jonathan Cerrito, a Partner at Blitman and King, Syracuse, NY, counsels sponsors of multiemployer and single-employer plans, companies, tax-exempt entities and executives on all matters of tax, ERISA, employee benefits, nonqualified deferred compensation arrangements and the employee benefit aspects of mergers. Jonathan was named by the Whitman School of Management of Syracuse University as one of the 2009 “40 Under 40” based on extraordinary achievement in his career and contributions to the community.
Time: 3 p.m. to 4 p.m.
Cost: $99 per connection
To register and pay by check, email Mary Zelinsky at firstname.lastname@example.org and your credit union will be invoiced. To register and pay online, click here.