“And who is going to compensate the companies for all of the time and paper involved in this fiasco?”
For some thoughts on that, just look in the mirror. Ultimately we bear the cost.
...look in the mirror....
Pretty much.
The wealth tax that's built in to ACA will get passed down somehow/someway. And, there's a 3.5% ACA *fee* attached to every group policy the insurance company sells to your employer(s). The employer will also pass this fee on, or drop your group coverage, completely.
Here's the breakdown of this ACA *fee* to employers:
Fees which make up (currently) approximate +3.5% of premium:
· Comparative Effectiveness Research Fee
o Fee for conducting research to determine which of 2 or more treatments works best
o Applicable starting July 31, 2013
o Fee continues until 2019
o Fee is $1 per participant for plan years ending before 10/1/2013
o Fee is $2 per participant for plan years ending before 10/1/2014
· Health Insurance Industry Fee
o Fee for PPACA implementation
o Applicable in 2014
o Fee is considered permanent
o Fee is 2% to 2.5% of premium
o Expected to increase to 3% to 4% in future years
· Transitional Reinsurance Fee
o Fee for spreading of financial risk due to elimination of pre-existing provision
o Applicable from 2014 through 2016
o $63 fee per member in 2014
o $40-$45 per member in 2015
o $25-$30 per member in 2016
Multiply that by all the group plans in the nation, and the transitional fees by every employee on a group plan, across the country. They are/will be making a killing (no pun intended) on these policies and fees.
Most businesses are on a 1/1/14 renewal. 0 and insurance companies likely conspired together to back it up to 12/1/14 renewal, to kick that can down the road for another year...to protect them for 2014 elections.