|[November 14, 2012]
MagnaCare Provides Post-Election Analysis, Emphasizes Continued Provider Integration and Organization
NEW YORK & TINTON FALLS, N.J. --(Business Wire)--
a healthcare services company, announced today its post-election
analysis, emphasizing that provider integration and organization will
continue, and outlining the newly solidified implications of the
Affordable Care Act (ACA) for companies, insurance exchanges and labor
"With penalties being significantly less expensive than providing
coverage, employers with fewer than 100 employees will be financially
incentivized to drop health coverage -- especially for unskilled labor,"
says Joseph Berardo Jr., CEO and president, MagnaCare. "Likewise,
individuals will forgo buying coverage and risk the $95 penalty.
Generally, those who qualify for subsidies will still not have enough
disposable income to buy insurance and then file a tax return to receive
Berardo adds that it's unlikely states and the federal government
will be prepared for the administration of exchanges for the open
enrollment period scheduled for one year from now, which will force an
extension on the deadline. In addtion, he predicts that the
grandfathered status for Taft Hartley Funds will have to be extended to
offset a rise in the uninsured ranks. Furthermore, these plans cannot
afford to cover unlimited plans.
Thomas B. Considine, chief operating officer, MagnaCare, adds, "As
the penalties rise in the years to come, the pressure will build to
'play' rather than 'pay.' Post-election, the flexibility shown by Health
and Human Services while the healthcare law was pending will evolve into
a greater determination to implement its provisions exactly as
envisioned. In my view, the federal government wants the broadest
federal exchange possible."
MagnaCare, a healthcare services company, is proactively reducing
the cost of healthcare by offering self-insured options to employers in
New Jersey and New York. For more than 20 years MagnaCare has provided
services to self-insured employers and health, workers' compensation and
no fault payers, including commercial insurers, TPA's, government
entities, and labor markets. MagnaCare offers access to a broad provider
network, predictive modeling analyses, member outreach programs and
integrated solutions that include full plan management services.
MagnaCare was selected to the esteemed "Modern Healthcare's 2010
and 2011 Best Places to Work in Healthcare." Visit www.magnacare.com,
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