BancorpSouth Insurance provides new service to help companies cope with Affordable Care Act
BancorpSouth Insurance Services, a subsidiary of BancorpSouth Bank, has announced the launch of a new tool that will help its clients and others determine the financial impact of the Affordable Care Act. The federal health care law – which was ruled to be constitutional by the U.S. Supreme Court – brings a significant number of changes to the country’s insurance landscape. The law introduces and changes many regulations that governed the insurance industry and how companies do business. These changes are expected to have a significant financial impact on insurers as the law’s provisions are slowly enacted over time.
Service predicts and calculates financial impact of health care law
The new service allows companies to calculate the cost of compliance with the Affordable Care Act. BancorpSouth Insurance is offering access to consultants that will provide companies with financial modeling concerning the federal health care law. These financial models are expected to help companies understand the various aspects of the law and how its provisions affect them, directly and otherwise. The service is designed to help users prepare for a wide range of scenarios that are associated with the Affordable Care Act.
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Enactment of new provisions accounted for in new service
Some of the scenarios examined by the service include whether an employer stops offering health insurance coverage to its workers. The service also allows users to examine the possible impacts of Affordable Care Act provisions that are to be implemented beginning in 2014. Such provisions include the introduction of health insurance exchanges and a sleuth of new regulations that will have insurers overhauling their business models to accommodate the law.
Affordable Care Act expected to have a significant effect on many industries in the US
Since the Affordable Care Act was passed in 2010, the law has been the subject of controversy. Much of this controversy revolves on the financial impact the law will have on businesses in the insurance industry and other sectors. BancorpSouth Insurance aims to provide some clarity on the matter with its new service, which may help companies prepare for the future and mitigate any losses they may see as the law takes full effect.