Last week’s event at Urban Nest’s N. Williams office on Health Care Reform was a complete success, and Eivind (of askeivind.com) has kindly provided us with a summary of topics discussed that evening. Please do not hesitate to get in touch with Eivind should you have questions, or require further assistance in finding the best health care package for you and your family.
Healthcare Reform 101
- Individual Mandate: Under health care reform law, all people must have minimum essential coverage starting January 1, 2014. People can choose to buy health insurance on or off state insurance exchanges that will open in 2014. Some people can also get federal premium assistance on an exchange. If a person cannot keep minimum essential coverage, the Internal Revenue Service will collect a tax penalty from him or her. The monthly tax penalty is dependent on your income, and is described here.
- Guarantee-Issue: Guaranteed issue laws require insurance companies to issue a health plan to any applicant – an individual or a group – regardless of the applicant’s health status or other factors.
- Richer Plans with 10 Essential Health Benefits
- Limit on out of Pocket Expenses $6,300
- Typically 4 Levels of Plans: Gold, Silver, Bronze, or Platinum – further information on all of the plans.
- Employer Mandate Delayed: The Obama administration will not penalize businesses that do not provide health insurance in 2014. Instead, it will delay enforcement of a major Affordable Care Act requirement that all employers with more than 50 employees provide coverage to their workers until 2015.
3 Ways to Get Individual Health Insurance
1) Off the Exchange – More Plans & Options
2) On the Exchange – Tax Subsidies: The ObamaCare health insurance exchanges, or ObamaCare exchanges, are online marketplaces for health insurance. Americans can use their State’s “Affordable” Insurance Exchange (also known as a marketplace) to obtain coverage from competing private health care providers. Shoppers can use a price calculator to see if they qualify for subsidies and see side-by-side comparisons of qualified health plans ensuring the best deal for them and their family. Learn more at Healthcare.gov
3) Opt Out – Christian Alternative
Tax Subsidies
- AGI – Based on household income & family size: Online AGI calculator
- Portion of Premium goes to Insurance company, government sends the difference to insurance company
- Self-employed
a) Total wages, rentals, SSI, Unemployment, dividends, etc.
b) Deductions-business expenses, health insurance premiums, depreciation.
- Access to Health Insurance?
c) If offered health insurance by employer, there is no subsidy.
d) Dependents, spouses?
- Broker’s Role
a) Similar to a real estate agent.
b) Rates are rates, my service is free.
c) Shop around and save money.