2014 Top Product Winner: Health E(fx)
See all the winners of the Top HR Products of 2014 in Leading the Way.
What It Is: Health E(fx) is a stand-alone solution designed to help employers avoid penalties while optimizing their benefits strategies, decisions and costs within the Affordable Care Act environment. Users can track eligibility, affordability and penalty risks associated with the ACA's multiple measurement and wait periods in order to comply with how the new law will manage this data. They can also look ahead by leveraging integrated benefits-management and ACA-compliance information to run cost-optimization scenarios, produce compliance reports required by the Internal Revenue Service and Treasury Department, and access historical data and reports to audit for ACA compliance. Health E(fx) is compliant with the Sarbanes-Oxley Act and the Health Insurance Portability and Accountability Act, and is designed not only to help employers' benefits and HR professionals navigate the ACA, but third-party benefits brokers and consultants as well. Fees are charged for the compliance module as annual subscriptions to employers in various size categories. Analytics are charged separately. The ACA Compliance Module fees range from $0.15 to $0.30 per active employee per month (PEPM), depending on employer size, for companies with more than 3,000 employees. Companies with between 1,000 and 3,000 employees pay an annual subscription license ranging from $9,500 to $12,000. Companies with fewer than 1,000 employees pay either a minimum annual subscription fee or PEPM fee, depending on whether they are part of Healthcare Impact Associate's Advisor service platform or under independent license.
Why We Like It: With so much information and confusion permeating the business community in connection with the ACA, a product like this one -- that can walk users not just through the law's eligibility and full-time/part-time measurement-period labyrinth, but further through decision-making, benefits forecasting and possible future penalty avoidance -- has our vote. We like that it's stand-alone, too, and can integrate with existing third-party HRIS, payroll and benefits-administration systems. Its automated employee-notification and reporting capabilities are added pluses for employers and brokers looking to grapple with the ACA's complexities and risks in one place.
HealthCare Impact Associates