As we edge closer to 3rd quarter 2013, Brokers/Agents are being fed daily with updates, bills, and articles regarding the reform of health coverage set to take place 1/1/2014. Mosaic Employee Benefits, LLC has decided to play a key role and continue its participation in the group and individual medical insurance markets whereas many brokers have decided to cut the cord.
Not all is set in stone, some of the below information is subject to change. After countless webinars, wholesaler meetings, and web articles here are some of the facts starting to take shape:
- October 1, 2013 the exchanges, public and private, will be open for enrollment. The possibility of an Agent providing you assistance is most likely.
- Similar to Medicare, the exchanges will have an open enrollment period.
- Above $47,000 individual or $97,000 family you will be expected to enroll in one of the "Metal Plans" bronze, silver, gold, platinum or pay a tax/fine. Anything under you may be eligible for assistance on premium.
-Though it's called the Affordable Care Act, premiums are expected to rise 30%-80% with the young professionals feeling most of the pain. The new premiums for Metal Plans will be age banded.
-Bronze (60%), Silver (70%), Gold (80%), Platinum (90%)...these are not coinsurance's as we assume with the current plan models. These percentages represent the combined collective out of pocket exposure for an individual or family, co-pays included.
-If you do not acquire a policy and are not exempt from insurance through one of the qualifications, you are subject to pay a fine. (visit our homepage www.mosaicemployeebenefits.com to see if you qualify as exempt)
*the above information is provided to you by HR360.com and various carriers in the health insurance market. All statements are subject to change according to Fed or State laws
New Rules/Laws are being released on a daily basis. Business Owners/Self Employed and Individual Policy holders, planning ahead and discussing with an agent about your unique situation is a must. Windows of opportunity do exist to delay your participation with the exchanges until December 28, 2014 if certain conditions apply. This may mean renewing or accepting a new policy between April and December of 2013 (keep your current benefits and premium through Dec 28, 2014). Contact us and see how to qualify.
Eric M. O'Brien
Mosaic Employee Benefits, LLC
Vice President / Benefits Consultant
614.431.4302
eric@mosaicemployeebenefits.com
"Guiding Individuals and Businesses Through Times of Change"
