A growing trend in both individual and employer sponsored healthcare, using a health savings account (HSA), is a great option for some. HSA accounts are bank accounts that are paired with a high deductible health plan (HDHP), and are primarily used to pay for medical expenses. One of the chief advantages is that this money…
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Beginning January 1, 2014, individuals and employees of small businesses will have access to insurance coverage through the Affordable Care Act’s (ACA) health insurance exchanges (Exchanges), which are also known as Health Insurance Marketplaces. Open enrollment under the Exchanges will begin on Oct. 1, 2013. The ACA requires employers to provide all new hires and current employees with a written…
Medicaid is the United States’ health insurance program for low income individuals and families. Although states have the right to make specific rules regarding eligibility and income thresholds, the following groups of low income people are now eligible for Medicaid in most states: Children Pregnant women Parents of young children Disabled people receiving Social Security…
The Colorado Division of Insurance has released the final rates and plans that will go into effect on January 1, 2014. Open enrollment begins on October 1, 2013 and runs through March 31, 2014. Plans are split into 4 tiers. Bronze plans will cover 60% of costs paid by the plan; silver plans cover 70%,…
Although the employer mandate has been delayed for a year, other important changes are coming for large group employers (over 50 employees). Certain taxes and fees may affect large businesses as a result of the Affordable Care Act. Anthem has put together a guide to help employers make sure they know what’s coming, and what…
The Affordable Care Act enacts that individuals under a certain income threshold will be eligible to receive Advanced Premium Tax Credits to help offset the cost of health insurance coverage, starting January 2014. They will be paid from the federal government directly to insurance companies. At the end of each year, reconciliation between an individual’s…
It’s been recently announced that Equifax Workforce Solutions, a division of Equifax, Inc., has been hired by the Obama administration to verify income for those applying for subsidies within the federal healthcare exchange. This action is believed to be a result of skepticism about basing billions of dollars’ worth of premium subsidies on the honor…
As far as health insurance is concerned, a large group employer is defined as more than 50 full-time equivalent employees (FTEs). As for how to determine if you have 50 or more FTEs, check out this post. Large businesses will have 3 basic health care options come 2014: Offer employees a fully insured or ASO…
How to calculate average number of employees per month for health care mandate
If a business is considered “small,” it is not required to offer a health care plan. For large companies of more than 50 full time equivalent employees (FTE’s), offering coverage is mandated to avoid paying steep penalties. A full time worker is defined as someone who works more than 30 hours per week. However, part-time…
Anyone who’s ever dealt with the terminal illness of a loved one understands the emotional, physical, and often financial stress a family takes on during an exceedingly difficult time. Tough decisions must be made by all, but are these choices really in the best interest of the family, or the dying person? Shockingly, 1/4 of…