The Benefits, They are A-Changin’

Employers, having to find new ways to retain employees, keep them happy, and still maintain a profit, are changing the way they offer benefits at work.  Many employers, like UPS, GM, and others have made headlines over drastic measures.  While some on the right would like for you to believe that this is in response to The Affordable Care Act, it’s just as much to do with the rising tide in administering health care, and putting more of the responsibility on the employee.

It actually should have been called, “The Responsibility Care Act for Business”,

So, what are Employers doing?  Some, like Kroger, are paying only a fixed amount for certain prescription drugs or procedures, allowing the employee to shop around for the best value.  IBM is giving rebates to employees who adopt healthy lifestyles.  Other, smaller employers, are offering High Deductible Health Plans, and marrying them with Health Savings Accounts.  They are then educating their employees how to properly use these plans to more economically provide themselves with health care.

Austerity seems to reign supreme, as we look to the future of Employer Covered Healthcare.  It will actually get the employer out of the health insurance business, and back to concentrating on running their businesses, while letting the individuals have more control of their health care dollar.  Oddly enough, for all the bad press the Affordable Care Act is getting in this arena, this is one of the few, good, elements to arise from it.

If you own a small business, or work for one, and want more information on Employer Mandates, etc., call me at 404-551-5339 or email me at: bob@legacyfinancialpartner.com

“Shared Responsibility” Rule

Bottom Line: you (everyone) must have “minimal essential coverage” – MEC – or you will pay, not a penalty, not a tax, but your “shared responsibility” amount.  This, according to the MEC Rules, in Section 5000A of the Internal Revenue Code.

Officials are estimating that 36 million taxpayers will have to fill out MEC-related paperwork.  Unions and employees who are leased to PEO’s are exempt.  IRS officials also:

• Decide taxpayers should have to take responsibility for health penalties paid by any dependents, whether they live with them or not
• Suggest that, to keep things simple, people can get out of paying the penalty if they can show their dependents have coverage for at least one day per month for at least nine months out of the year.

Response from Tim Thornton, from (State withheld): I’m 44, unemployed, and on food stamps. My state did not expand Medicaid, any my income is so low, I do not qualify for subsidies.  In other words, this (ObamaCare) does not help me at all.  I’m not a female, pregnant, with an STD and on drugs.  Should I do drugs, contract an STD in order to get help?  

If you are confused, or like Tim, you feel your options are limited or ridiculous, feel free to contact me at 404-551-5339 or bob@legacyfinancialpartner.com.

“Are You F%#@*king Kidding Me?!”

For years now, I have religiously watched That Metal Show, and have enjoyed finding out what happened to, or what is happening to, all the great rock stars of yesteryear.  The segments of the show – from “What Happened To…” to “That Metal Show Picks” – reminded me of how great Rock n Roll really is.

But I have to throw up my middle finger, and exclaim, “Are You Kidding Me!”, just as Eddie Trunk does to the Rock and Roll Hall of Fame.  This time it is me doing it to Eddie, himself.

How can you claim to cover “ALL things, hard rock and heavy metal”, and not mention Grand Funk Railroad.  Not once!  Not as part of “Whatever Happened To”!  Not part of “Our Picks!” NOTHING!

Let’s take a look at who’s been on the show, while Mark, Don, and Mel have been EXCLUDED!

• Member of Rose Tattoo
• Members of Anvil
• Members of Cinderella
• Members of Black Sabbath
• Heart
• Members of StoneSour
• Members of Chickenfoot (Van Hagar)

Obviously, in New Jersey, GFR is on the Easy Listening rack, next to Tom Jones and Andy Williams.  They even have mentioned Fastway on the show. GIVE ME A BREAK!

For me, from here on out, it will be “most things hard rock and heavy metal” until Grand Funk Railroad gets some recognition.

Let’s look at their catalog, and see if there is anything that is NOT Hard Rock:

• Into The Sun
• Black Licorice
• Flight of The Phoenix
• Mean Mistreater
• Destitute and Losin’
• T.N.U.C.
• Are You Ready
• Paranoid
• Rock N Roll Soul
• I Come Tumblin’
• Time Machine
• Loneliness
• Great cover of Gimme Shelter

What is that!? Bubble Gum? Country? Bluegrass?

The only thing I can think of is that it is like ESPN and their knock on the Atlanta Braves.  For some reason GFR has done something, or not done something, that’s gotten under Eddie Trunk’s skin.  Other Hard Rock Groups slighted by Eddie and his boys:

• Triumph
• Within Temptation

I guess if they’re not going back out on tour as a 65 year old, and you can’t lie and say they “sound as good as they did” they are not worthy.

The Government Shutdown & Seniors

If you are a Medicare Beneficiary, or are working with one, and you go on the Medicare.gov site to explore your options for medical coverage/prescription drug coverage for 2014, you may see, “Due to the government shutdown, information on this website may not be up to date.”

If you ARE currently working with an Independent Insurance Agent, he/she will still be able to shop around for you, by contacting each Insurance provider individually, and obtaining the information needed.

If, however, you are NOT working with an Independent agent, there are two courses of action you may take:

1. get involved with an agent in your area
2. keep on trying the Medicare.gov website until you no longer see the message

Just a note: For those Medicare Beneficiaries who currently use a Medicare Advantage Plan, you are fortunate.  The government shut down will not affect you obtaining services, or remittance of payment for services rendered.  You see, by enrolling in a Medicare Advantage Plan and/or a Prescription Drug Plan, you have opted out of Medicare, and are allowing a private insurance provider to administer and finance your health care coverage.  YOU STILL RETAIN ALL RIGHTS OFFERED TO THOSE IN MEDICARE.

To keep up to date on both Medicare and the Affordable Care Act moving forward, please stay tuned to this blog, or feel free to follow me on Twitter @TheBobLevine, as well as contacting me @ 404-551-5339.  I am a licensed Life/Health Agent, operating in the State of Georgia, and a Consultant with Legacy Financial Partners, LLC.

Information For The Marketplace

Okay!

So, the big day has arrived, and you are ready to log on to the World Wide Web, and get some of your “subsidized” health care.  You haven’t been told anything, other than all you have to do is log on, sign up, and wait for this great, affordable care.  But, how do they determine how much subsidy you are entitled to?

It’s based on the information you enter in the online application.  When “reporting” for your household, you will need to provide the following information:

• Count yourself
• Count your spouse
• Count every child who lives with you, even if they earn enough money to file a tax return for themselves
• Count your unmarried partner who needs health insurance
• Count anyone you include as a dependent, even if they DON’T live with you
• Count anyone else under 21 you take care of and lives with you

Here’s what you DON’T include:

• Your unmarried partner, who doesn’t need health coverage and is not your dependent
• Your unmarried partner’s children, if they are not your dependents
• Your parents, who live with you, but who file their own tax returns and are NOT your dependents
• Other relatives who file their own tax returns and are not your dependents

You also have to estimate your household income.  This is part and parcel in determining how much of a subsidy you are entitled to.  Here is what goes into that Estimation:

• Wages
• Salaries
• Tips
• Net income from any self-employed business venture
• Unemployment compensation
• Social Security payments – including Disability – but NOT Supplemental Security Income
• This is inclusive of you, your spouse, and any dependents who earn enough to file a tax return

Here’s what NOT do include:

• Child Support
• Gifts
• SSI
• Veteran’s Disability Benefits
• Worker’s Compensation

Modified Adjusted Gross Income and Household Income:

When you fill out the Marketplace application, your estimated household income will be calculated using the information you provide. Your household income determines your eligibility for lower costs on Marketplace coverage.

Your household income is your modified adjusted gross income (MAGI) (joint MAGI if you’re married), plus the MAGI of your dependents who make enough money to have to file a tax return.

MAGI is generally your adjusted gross income plus any tax-exempt Social Security benefits (except for Supplemental Security Income (SSI), which is not counted), tax-exempt interest, and tax-exempt foreign income. You don’t have to figure out your household income or MAGI yourself when you fill out your application. It will be done for you with the income information you include on the application.

I am here to help anyone out, and I am Marketplace Certified, so we can work together, whether you feel you qualify for a subsidy or not.  Give me a call at 404-551-5339 or follow me on Twitter @TheBobLevine

Bob Levine
Consultant
Legacy Financial Partners, LLC
bob@legacyfinancialpartner.com