*EVERYONE can expect to see a 3-5% increase on their health insurance premiums. This is the cost associated with the new tax to fund the Healthcare Reform.
*Those that have purchased coverage on their own can expect to see a 40-60% rate increase on current rates.
* BCBS is renewing ALL plans effective January 1st. Those with BCBS can expect to see the increase and the essential benefits added at that time.
*Humana, United Health, and Assurant plans will not see the rate increase or the essential benefits added until your plan renewal date.
PLEASE NOTE, if your plan effective date was prior to March 23, 2010 your plan is considered “grandfathered” and you will not be required to accept the new essential benefits. In turn you will have lower rates; however if you make ANY changes to your plan you will lose your “grandfathered” status.
*EVERYONE will have the option to view plans on or off the exchange. Selecting a plan on the exchange will qualify you for the subsidy or cost sharing. Pricing for both options has been released this week. I am certified to review plans to determine which route is better for you and your family.
*The subsidy is based on household size and annual income. If you qualify for the subsidy, you can elect to have the funds applied towards your monthly health insurance premium or you can have the funds applied towards your tax return.
*9.23.13 Health Insurance Carriers released a letter to those that have purchased coverage on their own, explaining options. The letter requires that you return it by 12/15/2013 if you are choosing a different plan. I would be happy to discuss your options, please contact me before returning this letter.
These are just a few of the details of this new law. I will be available to answer your questions or get you signed up every Saturday in October from 10am-2pm. I will be located at my office in the Prime Realty Building at 17208 Oak Park Avenue Tinley Park, IL 60477. Please stop by so we can get you headed in the right direction.
1. Open Enrollment begins October 1st and lasts through March 31st. If you do not enroll in a plan or your plan does NOT meet the government’s standard for qualified coverage, you will NOT be allowed to purchase a plan unless you trigger a special election period (marriage, child birth, loss of employer-sponsored coverage, etc).
2. A qualified health plan (QHP) must offer at least 60% co-insurance and the essential benefit categories. Plans that qualify can be purchased through the exchange, include Medicaid or Medicare, CHIP, TRICARE, or an employer-sponsored plan.
3. Those with pre-existing conditions will NOT be denied coverage and will NOT be subject to a higher premium.
4. During Open Enrollment, plan effective dates are as follows
*October 1st-December 15th = January 1st
*December 16th-January 15th = February 1st
*January 16th-February 15th = March 1st
*February 16th-March 15th = April 1st
*March 16th-31st = May 1st
5. Essential Benefits will be added to all plans in 2014. The benefits include
*Emergency Services
*Pediatrics
*Mental Health/Substance Abuse
*Prescription Drugs
*Maternity/Newborn Care
*Ambulatory Patient Services
*Preventative Care/Wellness
*Rehabilitative Services and Devices
*Hospitalization
6. The subsidy (also known as cost sharing) is based on household size and annual income. If you qualify for the subsidy, you can elect to have the funds applied towards your monthly health insurance premium or you can have the funds applied towards your tax return.
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.
I am finally seeing a time frame for receiving answers and in doing so, the next few months will be crucial. July begins the certification process. As a licensed agent I will be getting certified to be able to advise you of your options in and out of the Marketplace/Exchange. Below is a breakdown of the information I received today. You will notice some differences between my original Healthcare Reform post.
-Open Enrollment begins October 1st-December 15th policies written during this time will have an effective date January 1st.
-Policies written between December 16th-March 31st will have an effective date of the 1st of the following month (for example: a policy written January 15th will have an effective date of February 1st).
-Enrollment ENDS March 31st. If you do not have a policy at this time you will NOT be able to enroll until open enrollment. You will be able to enroll at any time if there is a qualifying life event (for example: marriage, divorce, birth of child, loss of employment, etc).
You may be surprised at what can be saved after it has been damaged from water. The most important tip is to get rid of the water ASAP. The longer the water sits the more of an issue it becomes with mold and the harder it is to repair. Below are some tips to remediating your water damage.
*Remove important items that can be picked up and moved to another room. Once removed from the water dry with a fan.
*Find the source of the water. There may be leaves clogging a sewer or a faulty sump pump. If so, remove the leaves or replace the sump pump. If you need a referral I can provide you with one for immediate sump pump repair.
*Use a dehumidifier or air conditioner to circulate the air and reduce moisture buildup in your basement.
*Confirm that your policy has sump pump/sewer back up coverage, the endorsement will provide coverage for water removal and damaged items.
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