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    Open Enrollment AGAIN??

    Posted: February 28, 2015

    A Special Election Period (SEP) for individuals and families that did not have coverage in 2014 and qualify for assistance, can apply for coverage March 15th-April 30th.  In order to qualify…

    *You must not be enrolled in a plan currently

     

    *Attest that when you filed your 2014 tax return you paid the penalty for not having health coverage (1% of your income or $95/adult in the household and $47.50/child)

     

    If you apply during this time, coverage will take effect May 1st.

     

    The End of Open Enrollment

    Posted: March 5, 2014

    On March 31st, 2014 the historic 1st year of the Health Care Reform Act enrollment will come to a close.  As a last reminder, if you are eligible for enrollment this is what you can expect…

     

    IF YOU ENROLL IN A PLAN

    • If you currently have a health insurance plan, you will NOT be able to make ANY changes until the next open enrollment.  Generally the open enrollment period will be each year between October-December.  Any changes made during this time will take effect January 1, 2015.
    • If you are still planning to enroll, policies applied for by March 15th will take effect April 1st.  Policies applied for between March 16-March 31st will take effect May 1st.  As long as you make a decision by March 31st you will avoid the penalty.
    • If you qualified for a subsidy (via the marketplace) be sure to check your results.  MANY require that you send additional documentation by the end of open enrollment in order to keep your subsidy.  The additional requirements can be sent via mail or uploaded to your marketplace account.  If you plan on mailing the documents I suggest sending it certified so you have proof that it was received.

     

    IF YOU DO NOTHING

    • You will be locked out of being able to join a plan…unless you fall into a special election period (marriage, child birth, loss of coverage, etc).  If you’ve chosen this option I recommend purchasing a critical illness/accident plan. It is NOT the same as health insurance but in the event you injure yourself or are diagnosed with a critical illness, the plan will pay you an allotted amount ($5,000-$50,000). The plans start as low as $2 per month for critical illness and $15 per month for accident coverage.
    • You can expect to receive a $95 per person ($47.5 per child under the age of 18) penalty on your 2014 federal tax return (this will increase in 2015)

    How to Offset High Deductibles Associated with Healthcare Reform

    Posted: February 22, 2014

    Have you heard about Critical Illness Insurance and Accident Coverage?

    • Critical illness insurance is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy (usually cancer, heart attack, or stroke).
    • Accident Coverage is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is involved in an accident at work or play (examples include: broken bones, stitches, sports related injuries and general clumsiness).

     

    Since preventative services come standard with ALL plans you are more likely to use your deductible due to a critical illness or injury. The purpose of these plans are to use the funds towards your deductible.

     

    Rates depend upon age and amount of coverage but can start as low as $2.75 per month with $10,000 in coverage.

    Open Enrollment Events

    Posted: October 11, 2013

    I will be participating in multiple events during open enrollment.

     

    *Healthcare Reform/”Obamacare” Open House
    Every Saturday starting October 5th-December 14th 10am-2pm
    Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477
    -The open house will be closed November 30th-

     

    *Medicare Open House
    Every Tuesday October 15th-December 3rd 10am-2pm
    Additional dates added December 5th and December 7th 10am-2pm
    Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477

     

    *Medicare Community Event for United Healthcare/AARP Plans
    October 29th and November 13th 10am-11am
    Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477

     

    *Healthcare Reform and Medicare Educational Booth
    CVS 8811 W 87th Street Hickory Hills, IL 60457
    October 16th 2pm-6pm
    November 6th 2pm-6pm
    December 4th 2pm-6pm
    January 15th 2pm-6pm
    March 5th 2pm-6pm
    March 19th 2pm-6pm

    Who needs life insurance and how much life insurance do I need?

    Posted: July 31, 2013

    Those are probably the two questions I get asked the most on this topic. Many people don’t want to plan for that unfortunate loss of a family member, but avoiding the hard realities of life may leave your family with negative financial consequences in the future.

    Life insurance is there as a “safety net” for your family so that they would not suffer financially if you were to die. Anyone that relies on someone financially should have a life insurance policy. Life insurance is the one policy that is guaranteed to pay out one day. According to MSN, “40% of households with children under 18 say that they would have trouble paying their living expenses immediately if the primary breadwinner passed away.” Yet 30% of Americans don’t have life insurance, according to MSN!

    In order to know how much you need there are a few ways that you can go about finding that out.
    *CNN Money says that one rule of thumb is to purchase enough coverage to replace 5-7 years of your salary or 10 years if you have children. That’s not always the case with everyone.
    *Evaluate all of your family’s needs while taking into consideration all of your debts (i.e. house, auto loans, credit cards, etc.). Add up your total debts and take out an insurance policy for that amount at a minimum. That way your family at least has peace of mind knowing that the bills will be covered. Either way is a great idea, but it all depends on what each family can afford financially.

    If you have more questions about life insurance or would like a no obligation review, please feel free to contact me so we can discuss how to protect your family’s future.

    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