Mark Farrah Associates (MFA), a data aggregator and publisher for the healthcare industry, has introduced 5500 Employer Health Plus. This new tool aims to streamline the analysis of employer health and welfare benefits, encompassing health, drug, dental, vision, disability, and other related benefits.
The 5500 Employer Health Plus tool focuses on health and ancillary benefits procured by private sector employers, as well as the relationships these employers maintain with contracted insurers, administrators, and brokers. Its data sources include Form 5500 filings and associated schedules for plans indicating the provision of health and welfare benefits. Form 5500 is an annual requirement for large private-sector employers providing health and welfare benefit plans subject to ERISA, filed with the Internal Revenue Service. It serves as a primary source of employer information for both health and welfare benefits and pension plans.
The tool features an intuitive user interface designed for both detailed and summary-level data retrieval. Key functionalities include: identification of plan employer/sponsor information and industry classification; tracking of retired and separated participants; a most recent filing indicator; standardized insurance carrier data with parent company groupings and NAIC plan IDs; categorization of filings by industry sector; and the ability to analyze data at detailed and summarized levels. It also provides benefit details for health, drug, dental, stop loss, vision, and life, among others. The platform integrates key data from Form 5500, Form 5500 SF, Schedules A and A-1, Schedule C, and Schedule H, covering premiums, claims, benefit plan participation, and the number of insured individuals. It further identifies brokers, fees, and commissions, and distinguishes between self-insured and fully insured health plans by employer. The web interface supports easy navigation and data download to Excel.
Mark Farrah Associates is recognized for simplifying the analysis of health insurance business. Its product portfolio includes Health Coverage Portal™, Medicare Business Online™, Medicare Benefits Analyzer™, County Health Coverage™, and Health Plans USA™, in addition to the newly launched 5500 Employer Health Plus.
