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January 2013

January 31, 2013 by  
Filed under Newsletter

News Bulletin For January 2013
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Alternative To Dependent Group Coverage

Maintaining coverage for dependents (spouses, children, domestic partners) can be cost-prohibitive for many employees on your group coverage. Oftentimes an individual plan for their dependents is less expensive and a better value than adding them to the group plan. Click the link below to begin research for lower cost dependent coverage. 


 
 

Healthy Kids

Healthy Kids provides no-cost, low-cost and full-cost health coverage options for uninsured Oregon children and teens up to 19 years of age.

Learn More

 
 
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SMALL BUSINESS TAX CREDIT

Starting in 2010, up to 4 million small businesses offering healthcare coverage to their employees may be eligible for a tax credit.  Our experience suggests the small business tax credit may not be as beneficial as advertised.  You may determine how your organization may benefit from this element of the Affordable Care Act. Below is a link to start the process.

 

Tax Credit Calculator

PENALTIES FOR EMPLOYERS NOT OFFERING AFFORDABLE COVERAGE BEGINNING IN 2014
Much of our time has been spent analyzing the Affordable Care Act's "play or pay" scenario and determining the ramifications of this provision. "Should I offer coverage?"  "What happens if I don't?"  "What does 'affordable coverage' mean?"  The attached flow chart may be helpful.  As always, should you have questions, please feel free to contact our office for guidance.

2014 TAX COSTS HIT 2013 PREMIUMS
The healthcare reform law imposes a new tax on all fully insured health insurance products, increasing the cost of coverage for anyone with private insurance. The tax begins at $8 billion in 2014 and rises to $14.3 billion in 2018, increasing annually thereafter based on premium growth. The Joint Committee on Taxation projects that between 2013 and 2022 the new tax will total $101.7 billion. There is nothing in the law preventing health insurance carriers from passing this tax to consumers. In fact, we are seeing some of these increases in advance of the implementation of this tax.

The video link may be helpful in explaining the impact of this tax.  

 

America's Health Insurance Plan Video 

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