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    Health Care Reform Update

    Posted: February 19, 2013

    Last week I attended a Health Care Reform Seminar. Below is some of the information I obtained from the seminar. Please note that some of the kinks are still be worked out and we are still waiting for some answers. As I obtain more information I will pass it along. Feel free to call or email with any questions and I will do my best to get an answer if I don’t know it myself.

     

    INDIVIDUALS

    *Will be required to obtain a qualified healthcare plan starting in 1/2014.
    *Health insurers must cover EVERYONE that applies for a plan (i.e. all plans are guaranteed issue, will not contain a waiting period, and will cover all pre-existing conditions).
    *Individuals may qualify for a subsidy; which is based on income.
    *All plans will offer the same benefits (maternity and newborn care, emergency, fertility, obesity, mental health and substance abuse, perscription drugs, rehabilitative services and devices, dental, and vision).
    *Plans in the marketplace are Platnum, Gold, Silver, and Bronze. You will be required to carry at least the Bronze plan to avoid the penalty.
    *Platinum plan is 90% co-insurance, Gold is 80%, Silver is 70%, and Bronze is 60%.
    *If you choose not to carry health insurance you will be required to pay a penalty of $95 for 2014, $325 in 2015, $695 in 2016. This penalty will be charged per person in the household. Chicldren under age 18 will be charged 1/2 of that amount (i.e. $47.50 for 2014).
    *You may decide to carry no insurance for 1/2 the year. In that case the amount will be pro-rated to reflect the number of months without coverage.
    *When you file your taxes for 2014 you will have to attach documentation from you health insurance carrier to show proof that you had purchased a qualified health plan.
    *Coverage will be required to be maintained by all individuals, with exceptions; religious objections, financial hardship, undocumented immigrants, citizens not residing in the US, and those with short gaps in coverage.
    *If you currently carry health insurance your plan MUST meet at least the Bronze plan benefits.

     

    EMPLOYERS

    *Under 50 full-time employees=no penalty
    *Full time employees are considered 30 hours per week OR have a combination of full-time and part-time employees that is equivalent to at least 50 full-time employees
    *The employer will need to make a decision on how they choose to handle covering their employees, especially employers with more than 50 employees.
    *Employers will be required to offer at least the Bronze plan to their employees (assuming they are offering health insurance).

    Wondering why your home insurance premium continues to increase??

    Posted: February 7, 2013

    *Since 1997, the Homeowners insurance industry has suffered more than $50 billion in underwriting losses, according to the Insurance Information Institute.

    *The industry estimate for 2012 is a $12 billion underwriting loss.

    *A lot of this is due to increased natural catastrophes—there have been an average of 63 natural catastrophes a year since 1997 compared to an average of 32 a year for the previous 16 years (’81-’96).

    *And, a lot of it is due to the severe nature of the claims—the severity of catastrophe-related claims is up 200 percent from ’97 to 2011.

    Questions
    Questions

    Feel free to email or call me with any questions or comments about my services or if you have any insurance related inquires.

    Contact
    Contact

    Phone: 708.444.0050
    Email: kelly@kellyburkeinsurance.com

    Availability
    Availability

    Monday - Friday: 10am - 5pm
    Evening and weekends
    available upon request