How much are PPACA implementation delays running up IT costs?
A nonprofit that helps carriers file documents with state regulators has given Patient Protection and Affordable Care Act exchange watchers a clue.
The organization, the System for Electronic Rate and Form Filing, says delays in getting complete specifications from the Center for Consumer Information and Insurance Oversight have forced it to push the expected completion date for its exchange plan support project to June 30, 2014, from July 31, 2013.
SERFF predicts the CCIIO delays and related costs will increase the amount of hours needed to complete the project 27 percent.
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SERFF is hoping to hold the increase in the cost of the exchange plan project to 8.2 percent. If they can meet that goal, the cost of the completed project might be $1.6 million. Originally, SERFF had hoped to complete the project for $1.5 million.
But, on the bright side, the carriers trying to sell health plans through the exchanges have filed more forms with state insurance regulators than expected, and that’s helped boost SERFF system activity levels and revenue, SERFF says.