Health Reform Articles & Press Releases

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Preexisting Conditions And The Health Care Act

Press Releases:

Obama Care – What it Means to You, From Insurance Medics
FORT LAUDERDALE, Fla., Sept. 28, 2013 (GLOBE NEWSWIRE) — Obama Care is finally here. That can mean different things to many people. For instance, some individuals will be able to keep their current health plan and not worry about finding a new one. While others can keep their plan until it expires sometime in 2014. Then for some, obtaining health insurance during open enrollment will be the first time receiving health coverage in their life.

For those that purchased a plan prior to March 23, 2010, individuals can keep that plan for as long as they like. You will not be penalized or forced to purchase coverage through the federally facilitated marketplace. An advantage of keeping a grandfathered plan is a lower monthly cost. Older plans will be cheaper than most of the new Obama Care plans. A disadvantage of keeping a grandfathered plan is if an individual qualifies for a subsidy or tax credit. A tax credit will give you financial assistance to help pay for all or a portion of your health premiums through the marketplace. If you qualify for a subsidy you can pay a lot less than what you’re currently paying. Also, if your grandfathered plan had any exclusionary riders imposed, you may want to consider applying to the new Obama Care plans.

Individuals can keep their plans until sometime in 2014 (depending on carrier guidelines) if they obtained health insurance after March 23, 2010. When the policy expires in 2014 they must purchase a plan through the market place or be subject to a penalty. However, individuals don’t have to wait until their current plan expires to take part in the new plans. An advantage of waiting for the current plan to expire is if you don’t qualify for a tax credit, most likely your current plan will be cheaper than purchasing a new plan through the marketplace. Also, if an individual qualifies for a tax credit, the best option would be to join a new plan as soon as they can.

Each individual has a different circumstance and there is no black and white answer as to whether someone should keep their existing plan, purchase a new plan, or sit on the health care reform sidelines. All this can be very confusing. The best thing to do is to contact a licensed broker for assistance. The service of an agent or broker is usually free. You can start by visiting www.HealthInsuranceMedics.com

3 Things to Know, From Insurance Medics
FORT LAUDERDALE, Fla., Sept. 25, 2013 (GLOBE NEWSWIRE) — As individuals start shopping for their health insurance coverage via state and federal exchanges on October 1st, one of the Affordable Care Act’s most controversial and confusing aspects will kick in: the subsidy. A subsidy is really a tax credit which is used to help pay for all or a portion of your health premiums. The following are three things to understand about qualifying for a tax credit.

The income used for qualifying for a tax credit is called your “Modified Adjusted Gross Income” which is basically your “Adjusted Gross Income” (Income minus deductions, etc.) plus certain nontaxable income like social security and tax exempt interest. Look through last year’s tax return or ask your tax preparer for these numbers before shopping.

Know your income and what you project it will be for next year. Subsidies will be based on what you estimate your income will be in 2014. For example, if you are on a fixed salary for 2013 and nothing has changed, you are most likely going to have the same income for 2014. It will get reconciled when you file your 2014 taxes, so you want to be as accurate as you can with your estimated income.

It’s important to know how much of a tax credit you are eligible for. In order to qualify for a subsidy, the income for a family of four must be between $23,550 and $94,200. Such as Jane and her family. Jane and her husband Ron live in Broward County, Florida and make $62,000 per year. Jane and the family will qualify for a $546 monthly credit from the government. It can be paid in a lump in the following year on your tax refund or taken as an advance and paid directly to the health insurance company of your choice.

Shopping for health insurance can be a confusing and daunting to begin with; now, throw in subsidies and income, things can get very intimidating. It doesn’t have to be. Know your stuff. Do research, prepare yourself, and get the maximum tax credit you are eligible for. Speak to an insurance broker or agent for assistance and/or visit www.HealthInsuranceMedics.com. See if you qualify for a subsidy or tax credit by visiting www.InsuranceMedics.com/Calculator.

3 Things to Know About Obama Care

FORT LAUDERDALE, Fla., Sep 10, 2013 (GLOBE NEWSWIRE via COMTEX) — First off, there is no such thing as an “Obama Care Plan”. Insurance will be offered by private insurance companies much like they are now. So what’s the difference? The insurance companies must now abide by certain rules set forth by the federal government per the Affordable Care Act. Rules like – can’t deny people for pre-existing conditions, include free preventive care on all plans, and that everyone must have health insurance (just to name a few).

What happens to the individuals who are jobless or whose jobs don’t provide health insurance? Some will qualify for Medicaid, which is paid by the state and the Federal government. Individuals that make too much money for Medicaid, are self-employed, or do not get insurance from their jobs, must pay for their own insurance. Starting October 1, 2013 individuals can start applying for coverage through a qualified market place. Coverage will begin January 1, 2014.

3 Things to Know Before Purchasing a Qualified Health Plan Are:

— All Americans must have health insurance on or before January 1 2014. Having optional health insurance will be a thing of the past. You must either have health insurance through your employer, qualify for Medicaid, be eligible for Medicare (over 65yrs of age), or obtain coverage privately through the individual market. Penalties will be in force for individuals that do not have a qualified health plan in force by January 1, 2014.

— See if you qualify for a subsidy from the government. Individuals that are self employed or don’t have coverage through an employer must obtain coverage through the exchange or through a qualified marketplace. If you don’t qualify for Medicaid, and can’t afford health insurance you may qualify for a subsidy. A subsidy is a tax credit advance from the government to help pay for all or some of your health insurance premiums.

— Speak to a licensed agent/broker for assistance. By speaking to an agent or broker he or she can help determine what you may qualify for. Their services are generally free to consumers. Agents or brokers can be found in your area at www.HealthInsuranceMedics.com

As open enrollment is set to begin, starting October 1, 2013, health insurance as we know will be changed forever. Be prepared and know your options. To see if you qualify for a subsidy or tax credit visit www.InsuranceMedics.com/calculator

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