The Affordable Care Act goes into effect in January 2014, and enacts the requirement that health insurance coverage be guaranteed issue for all, which means that no one can be denied or charged extra for preexisting health conditions. There are three situations most people will find themselves in come next year. Some will be covered…
Category: Colorado Health Insurance
Criminals these days will take any opportunity possible to steal your identity to use to their own advantage. This is common when new changes in government policy occur. It’s not surprising that President Obama’s Affordable Care Act has already proven to be a means for these offenders to attempt to gain valuable personal information. The…
Here’s what you need to know about Health Savings Accounts (HSA) for 2014: HDHP Minimum Deductible Amount Individual $1,250 Family $2,500 HDHP Maximum Out-of-Pocket Amount Individual …
What health insurance companies are going to be on the Colorado health insurance exchange?
The Colorado Health Insurance Exchange recently announced which carriers have submitted plans to the Division of Insurance (DOI) for approval, and would likely take part in the online insurance exchange. This list includes insurance companies that will offer both individual and/or small group health plans: All Savers Insurance Company (Individual) Anthem (HMO Colorado and Rocky…
The Price of Smoking is About to Go Up Significantly.
If you smoke or otherwise use tobacco, starting in 2014 you can have your insurance premiums increased by up to 50%. BUT, there is some good news on the horizon. There is a proposed rule that would exempt tobacco users from this premium increase IF you enter a smoking cessation program. So, if living a longer,…
Employer Penalties under the ACA in 2014
Employers, you need to be aware of the penalties that will be imposed come 2014 if you are not compliant with health care reform law. Check out this flow chart created by The Kaiser Family Foundation to see how you may or may not be impacted. Employer Penalties Flow Chart Not sure how…
While most of us can understand the basic meanings of our health insurance terminology such as deductibles, co-pays, co-insurance, etc., there is a whole new language being spoken within Health Care Reform. Wondering what in the world an EHB or QHP is? This list should help. ACA – Affordable Care Act, fully known as…
Colorado Health Insurance Exchange User Fees
The Washington Post is reporting that the Feds are proposing a 3.5 percent fee on insurers who want to participate in new health care markets (this would include the Colorado health insurance exchange). The fee is to cover administrative costs of the new markets, which were designed to be self-supporting. Like most administrative and/or regulatory costs…
Should I just drop group health insurance and offer an HRA instead?
In an effort to dodge some of the rules and challenges that are part of Health Care Reform, some “slick” sales organizations are encouraging Colorado employers to just “get out the health insurance game” and offer a Health Reimbursement Arrangement (HRA) instead. Here is one of the marketing e-mails that we just received. Their pitch sounds…
Am I eligible for the Advanced Premium Tax Credit?
Starting in 2014 you may be eligible for the “Advanced Premium Tax Credit” (which was created as part of the Affordable Care Act). If youare eligible, this could substantially reduce the cost of your Colorado health insurance plan. In order to determine your eligibility for these tax credits, consider these questions: 1. Are you eligible for…