California is already begun setting up the new Health Insurance Exchange in accordance with The Affordable Care Act. Starting in Fall 2013 an open enrollment will commence. You cannot be declined due to health issues. It is looking like you will be able to shop IN or OUT of the new exchange. The new plans will be given a rating group classified by different Platinum, Gold, Silver,Bronze ect. Tax credits to help the middle class Morro Bay residents afford insurance will become available for
those with income between 100% and 400% of the poverty line who are not eligible
for other affordable coverage. (In 2010, 400% of the poverty line comes out to
about $43,000 for an individual or $88,000 for a family of four.) The tax credit
is advance able, so it can lower your premium payments each month, rather than
making you wait for tax time. It’s also refundable, so even moderate income
families can receive the full benefit of the credit. These individuals may also
qualify for reduced cost-sharing (co payments, co-insurance, and deductibles).
The implementation of this new Health Care Law is ever changing. We currently consult with a specialist that is only studying these issues full time. If you want to read the full law yourself visit the link below.
http://www.healthcare.gov/law/full/index.html
Morro Bay Health Insurance Solutions is the Local Expert in Health Insurance. It's all we do! It's all we've ever done. Unfortunately, the current agent that bundles all of your policies could not be as plugged in as we are. If you want help making your health plan choices affordable and easy. Call 235-0913 for an appointment today. I have a standing offer to anyone that wants to get insurance. I will meet you for Coffee at Dorn's, or Bayside Cafe for a cup of coffee and counsel. You will never pay a dime for my services. Visit
www.morrobaymedicare.com to shop and apply. I look forward to helping you for many years to come.
Nathan Hedges Owner/Broker
Morro Bay Health Insurance Solutions
CA Lic# 0C01078
805-235-0913
Timeline Update
ReplyDelete2013
Taxes/Deductions
•Individuals making $200,000 a year or couples making $250,000 would have a higher Medicare payroll tax of 2.35 percent on earned income - up from the current 1.45 percent. A new 3.8 percent tax on unearned income, such as dividends and interest, also added.
•Contributions to flexible spending accounts (FSAs) limited to $2,500 a year - indexed for inflation. And the threshold for deducting medical expenses on taxes goes from 7.5 percent to 10 percent of income.
•Medical device manufacturers have a 2.9 percent sales tax on medical devices, with exemptions for some, like eyeglasses, contact lenses and hearing aids.
•No more deduction for expenses allocable to Medicare Part D subsidy for employers who maintain prescription drug plans for their Medicare Part D-eligible retirees.
Administrative Simplification
•Eligibility verification standards on how health plans must verify each individual’s health plan eligibility and what that person’s financial responsibility might be for specific services either prior to or at the end of service.
•Claim status transactions outlining required timeframes by which health plans must respond to claim status inquiries from providers, including the adjudication and appeals processes.
2014
Health Insurance Exchange & Insurance Reforms
•State individual and small group health insurance exchanges operational.
•Guaranteed issue, guaranteed renewability, modified community rating and minimum benefit standards ("essential benefits" plan) effective.
•No more lifetime or annual dollar limits for essential benefits.
•No more excessive waiting periods.
•No pre-existing condition exclusions.
•New health plan disclosure and transparency requirements.
•New uniform insurance rating reforms.
•Provider non-discrimination requirements.
New taxes on health Insurers
Medicaid and Medicare Reform
•Medicaid expanded to cover low-income individuals under age 65 up to 133 percent of the federal poverty level - about $28,300 for a family of four.
•Minimum medical loss ratio of 85 percent required for Medicare Advantage plans.
Administrative Simplification
•Electronic Fund Transfer (EFT) standards for automated reconciliation of payment to remittance advice.
•Claim payment/remittance standards for re-association of the claim payment with the remittance advice when health plans process electronic payments.
•Health plan certification required by health plans for eligibility verification, claim status, electronic fund transfer and claim payment/remittance compliance.
•Health plan identifier (HPID) and unique identification of health plans in order to facilitate routing of electronic transactions between the plan and providers.