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

O VERVIEW • 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. BeneStream’s founding team: Peter Hatch, Ben Geyerhahn, Andrew Greenblatt B St ’ f di t P t H t h B G h h A d G bl tt 3 PROPRIETARY AND CONFIDENTIAL

“BeneStream is BeneStream is “Newly enrolled Newly enrolled “Experts See Potential In charging relative workers avoid paying New Business That pennies on the a penalty under Screens Large Employers’ dollar to help Obamacare, while Medicaid Eligible companies comply companies comply employers save employers save with new ACA money by not having Workers.” to pay for their guidelines...” coverage.” 4 PROPRIETARY AND CONFIDENTIAL

T HE E MPLOYER ’ S D ILEMMA 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: BAD: WORSE: WORST: Pay for Pay fines, Cut full-time insurance insurance, $2000-3000 per $2000 3000 per jobs, lose $6000 per employee (plus productivity employee IRS audits!) 5 PROPRIETARY AND CONFIDENTIAL

B ENE S TREAM : L OWEST C OST C HOICE FOR E MPLOYERS Annual Cost Per Employee p y $16,000 $4,000-$12,000 $12,000 $8,000 $240 $2,000-$3,000 $ $4,000 $0 $0 Insurance Penalties BeneStream 6 PROPRIETARY AND CONFIDENTIAL

I MPORTANCE OF C OVERAGE • 66% of employees say that health benefits are an important driver of their loyalty to their employer. 1 • Regarding impact of employee benefits, 75% of employers say R di i t f l b fit 75% f l 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 BeneStream is key for balancing insurance costs with quality coverage Data from MetLife’s 10 th Annual Study of Employee Benefits Trend Report 10 th A 1. 1 D t f M tLif ’ l St d f E l B fit T d R t 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” 7 7 PROPRIETARY AND CONFIDENTIAL

B ENE S TREAM ’ S S OLUTION FOR E MPLOYERS B ENE S TREAM ’ S S OLUTION FOR E MPLOYERS 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: o Avoids ACA penalty or premium costs to employers o Workers gain family coverage at no cost to them or their employers BeneStream makes it possible – for $240 a year . $ y p 8 PROPRIETARY AND CONFIDENTIAL

W HY E MPLOYEES WILL C HOOSE M EDICAID W HY E MPLOYEES WILL C HOOSE M EDICAID Medicaid MEC Plans Bronze Plans Comprehensive family p y Only covers employee y p y Only covers employee y p y coverage Pharmacy, Dental and No Vision or Dental No Vision or Dental Vision plans free coverage coverage No or low premium May be charged a co- Premiums up to $6,000 premium $0-$3 copay per doctor $0 $3 d O l Only preventative i E Employee contribution up to l ib i or emergency room visit coverage, six doctor $200 per month visits, generic drugs $0 deductible No catastrophic $3,000-$4000 deductible coverage Eligible for Food Stamps and Lifeline phones and Lifeline phones 9 PROPRIETARY AND CONFIDENTIAL

M EDICAID : T HE S OLUTION FOR Y OU AND Y OUR E MPLOYEES • 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

M EDICAID E XPANSION S TATES 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

W HICH E MPLOYEES S HOULD W E S CREEN ? Employees making less than $32,900/year should apply. This includes employees who believe they already have Medicaid. Employees may be eligible for Medicaid if For ages 19-64 gross household income is below the amount listed: Gross Hourly Gross Hourly Gross Household Size Gross Annual Wage Monthly Income Limit (40 hrs/week) Income Limit $7.74 per hour $1,342 $16,104 1 $10.44 per hour 2 $1,808 $21,707 $13.13 per hour $13.13 per hour 3 3 $2 275 $2,275 $27 310 $27,310 $15.82 per hour 4 $2,742 $32,913 +$2.69 per hour Each additional +$466 +$5,602 person person 12 PROPRIETARY AND CONFIDENTIAL

O UR E XPERIENCE • Contracts with employers in 10 industries across the country o 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: o Medicaid eligibility within screened employee groups ranges from 13% to 53%. The average is 24%. o 50% of employees who tell us they are enrolled in Medicaid are wrong, and we enroll them. 13 PROPRIETARY AND CONFIDENTIAL

H OW D OES IT W ORK ? S TEP 1: C ENSUS A NALYSIS Census analysis determines number of employees to screen and 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 or 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 or more 14 PROPRIETARY AND CONFIDENTIAL

P RICING $240 $40 ($20/month) One time Those found screening fee g eligible li ibl for those found not 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? • Remove them from the system and we stop charging $20/month 15 PROPRIETARY AND CONFIDENTIAL

S TEP 2: M AKE A R ESERVATION S TEP 2: M AKE A R ESERVATION 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

S TEP 3: P LAN AND P REPARE • 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

S TEP 4: Q UICK S CREEN • 10 minute conversation with each employees • “Knock out” ineligibles and equip potentially eligible employees with materials for enrollment employees with materials for enrollment Complete set of educational and prep materials Multi-lingual call center 18 PROPRIETARY AND CONFIDENTIAL

S TEP 5: E NROLL • 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

S TEP 6: T RACK S TEP 6: T RACK • Manage employee data • View results on our for opt out of insurance for opt-out of insurance, intuitive browser based intuitive, browser-based annual Medicaid renewal Employer Dashboard 20 PROPRIETARY AND CONFIDENTIAL

G ETTING S TARTED G ETTING S TARTED Business to BeneStream to BeneStream business Employee E l Reservation Form Communications and Payment Onboarding & training End User License End User License Ongoing employee Agreement & HR Support 21 21 PROPRIETARY AND CONFIDENTIAL

THANK YOU F OR MORE INFORMATION H ANDELMAN I NSURANCE A DVISORS , I NC . I NFO @L ET U S I NSURE Y OU COM I NFO @L ET U S I NSURE Y OU . COM (773) 739-4400 22 PROPRIETARY AND CONFIDENTIAL