Here's What Companies Should Look Out for During Insurance State of the Union

White Plains’ JDM Benefits recently held an innovative Insurance State of the Union aimed at helping local businesses navigate changes.

​​At it’s first inaugural Insurance State of the Union, White Plains-based employee benefits consulting firm JDM Benefits attempted to dispel some of the confusion surrounding the insurance and benefits landscape. The State of the Union was conducted by JDM President Joseph Moschitto and Vice President James Schutzer from the organization’s White Plains office.

With clients in sectors ranging from legal services to media and technology, Moschitto and Schutzer strove to provide general tools to navigate changes caused by the Affordable Care Act as well its impact on employee benefits. Topics covered included employee-sponsored health insurance, the Cadillac Tax, and reference-based pricing.

According to Schutzer, the Insurance State of the Union is a valuable resource for local employers: “The State of the Union helps give employers insight into new trends, along with an overall industry status. Too often, employers go through their annual renewal process, decide how much increase to absorb, and don’t really focus on it until the next renewal,” Schutzer. “It’s important to understand that there are more factors than just the rates. Potential tax implications (e.g. tax exclusion and the “Cadillac tax”) could have a significant impact on employers beyond just trend increases in premium. Employers need to prepare.”

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During this year’s State of the Union, JDM president Joseph Moschitto noted that many employers may have to weather some instability ahead. “Changes to taxability of employer-sponsored benefits could have major ramifications and could easily lead to employers simply dropping coverage,” explains Moschitto. “The Cadillac tax, for example, may result in employers decreasing benefits — if not eliminating coverage altogether.  This, combined with the elimination of individual mandate penalties…could create instability across the entire health insurance marketplace.”

As for JDM itself, Moschitto is heartened by the direction of the company, which recently entered into a partnership with Maier Markey & Justic and other members of the Westchester business community to acquire a building in downtown White Plains for investment and relocation purposes. “JDM’s roots in Westchester will grow even deeper in 2019 when we relocate to the former American Cancer Society building at 2 Lyon Place,” says Moschitto. “We have forged strategic partnerships with several top firms in the County and have added employees to our roster to accommodate this growth and ensure continued holistically-customized service. Additionally, we are expanding our local corporate social responsibility endeavors through increased involvement with local charitable organizations.”

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