Navigation Links
Zane Benefits Publishes New Information on Actuarial Value (AV)
Date:1/31/2013

Park City, Utah (PRWEB) January 31, 2013

Today, Zane Benefits, Inc. published new information on Actuarial Value (AV) and Health Care Reform. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement accounts.

According to Zane Benefits’ website, beginning in 2014, health care reform requires health insurance plans in the individual and small group markets to meet certain actuarial value (or "metal") levels. These “Metal levels” are intended to allow consumers to compare plans with different levels of coverage for essential health benefits (EHB). The levels include:

  •     Bronze (60% actuarial value)
  •     Silver (70% actuarial value)
  •     Gold (80% actuarial value)
  •     Platinum (90% actuarial value)

What is Actuarial Value (AV)?

According to Zane Benefits’ website, Actuarial value is a measure of the percentage of expected health care costs a specific health plan will cover for the "standard" population. Actuarial value is generally calculated using the ratio of:

the total expected payments by the plan for essential health benefits

divided by:

the total expected costs of the "standard" population for essential health benefits

For example, a plan with a 70 percent actuarial value would be expected to pay, on average, 70 percent of a standard population’s expected medical expenses for essential health benefits. The individuals covered by the plan would be expected to pay, on average, the remaining 30 percent of the expected expenses in the form of deductibles, co-payments, and coinsurance.

The exact process for determining a "standard" actuarial value across multiple plans has yet to be finalized. However, HHS has proposed rules governing the calculation of actuarial value.

Proposed Rules for a Standardized Actuarial Value (AV)

According to Zane Benefits’ website, The Department of Health and Human Services (HHS) has provided information on actuarial value standards in several phases:

  •     On December 16, 2011, HHS released a bulletin that outlined an intended regulatory approach for defining essential health benefits, including a benchmark-based framework.
  •     On January 25, 2012, HHS released a list of the largest three small group market products by state, which were updated on July 2, 2012.
  •     On February 17, 2012, HHS further clarified the approach to essential health benefits through a series of Frequently Asked Questions (FAQs)
  •     On February 24, 2012, HHS published a bulletin outlining an intended regulatory approach to calculations of actuarial value and implementation of cost-sharing reductions
  •     On July 20, 2012, HHS published a final rule authorizing the collection of data to be used under the intended process for states to select from among several benchmark options to define essential health benefits.
  •     On November 20, 2012, HHS published a proposed rule that outlines health insurance issuer standards related to the coverage of essential health benefits and the determination of actuarial value.

To standardize the calculation of actuarial value for health insurance issuers, HHS has proposed utilizing a publicly available "Actuarial Value Calculator". The idea is that health plans can use this calculator to determine actuarial values based on a national, standard population determined by HHS.

Click here to read full article.

--

About Zane Benefits

Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangement (HRAs) and defined contribution healthcare. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.

Read the full story at http://www.prweb.com/releases/2013/1/prweb10371633.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Impotence Drug Cialis Might Have Other Sexual Benefits: Study
2. Coming Out Can Bring Health Benefits, Study Says
3. Study demonstrates health benefits of coming out of the closet
4. Some health benefits of berries may not make it past your mouth
5. Zane Benefits Publishes New Information on Compliant HRA Software
6. New Health Benefits of Water Report Now Available at CoffeeServiceNow.com
7. United Benefit Advisors Celebrates 10th Anniversary and Recognition as One of the Nation's Top 5 Employee Benefits Organizations
8. Physical therapy in the intensive care unit benefits hospitals bottom line
9. Implanted Heart Devices Have Real-World Benefits: Study
10. Sozo Nutritionals Announces Release of Svetol® Based Natural Weight Loss Product Backed By Several Clinical Studies Showing Remarkable Weight Loss Benefits
11. Benefits of higher oxygen, breathing device persist after infancy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/28/2017)... (PRWEB) , ... February 28, 2017 , ... ... March 7, 2017, from 4:30-5:30 p.m. at the 11th Annual RISE Nashville Summit. ... management, financial compliance, performance analytics, and engagement strategies. , The discussion will include ...
(Date:2/27/2017)... ... February 27, 2017 , ... It’s no secret ... often leads to a host of health issues, including urinary incontinence. However, results ... discovered that good overall muscle strength in older women, particularly in the ...
(Date:2/27/2017)... (PRWEB) , ... February 27, 2017 , ... Robert E. ... large medical group. But his impoverished upbringing and life experiences could have led him ... a Physician: Insightful and Inspirational Tales of Parenting, Perseverance and Pediatrics,” Dr. Burke shares ...
(Date:2/27/2017)... (PRWEB) , ... February 27, 2017 , ... Much attention ... concern for women who become dependent on opioid painkillers has fallen short. From 1999 ... compared to a 237% increase in fatal overdoses in male populations.(1) , The proportion ...
(Date:2/27/2017)... ... February 27, 2017 , ... Elisa Guajardo Carothers is not your typical author. She went from ... a nun. Now, she writes about God, when she isn’t swimming as a performing mermaid. ... Here is BS! (Before Satan),” she offers a comedic look at the dysfunctions of God’s ...
Breaking Medicine News(10 mins):
(Date:2/28/2017)... 27, 2017 Pulmonary drug delivery market is ... USD 36.10 billion in 2016, at a CAGR of ... route as an alternate route of drug delivery, rising ... incidence of respiratory diseases such as COPD, asthma, and ... during the forecast period. However, emerging markets and growth ...
(Date:2/28/2017)... -- Medical robots market is projected to reach USD ... 2016, growing at a CAGR of 21.1% in the ... Read the full report: http://www.reportlinker.com/p04730562-summary/view-report.html ... advancements, increase in funding for medical robots research, issuance ... investments are the key factors driving the growth of ...
(Date:2/28/2017)... global  pulse oximeters market  is expected to reach USD 2.8 billion by 2025, ... market is anticipated to witness significant growth during the forecast period, which can ... pulmonary disease (COPD), sleep apnea, cardiac arrhythmia, and ischemic conditions. ... ... View Research Logo ...
Breaking Medicine Technology: