Assurant Scales Back

 

Due to recent developments, as of January 10, 2014, Assurant Health will no longer be able to market their 12-month Short Term Medical option in Alaska, Florida and Georgia. They will remove this plan option from their systems on Friday, January 10. In the meantime, agents can no longer sell the 12-month option in these states. Assurant is evaluating when they will be able to re-launch a 12 month option in these states.

Customers who purchased and were issued 12-month Short Term Medical plans in these states can keep their plans.
Please note the 6-month Short Term Medical plan option is still available in all three affected states.

Just another fallout from the Affordable Care Act. 

 

Out of Time, Warner?

I got a call Thursday, December 5th, at 6:30 pm.  It was Warner, and he wanted to know about Prescription Drug Coverage for those on Medicare.  So, I explained to him the out-of-pocket costs, the donut hole, and how insurance companies “tier” their medications to save money.

I also explained that if he was interested in a Prescription Drug Plan I was offering, he had to make a decision soon.  You see, December 7th was fast approaching, and that was the end of the season for making changes to Medicare coverage.  What he said next I did NOT expect.

Warner was on 16 medications – which was not too far off the reservation for an 80 year old – and has never taken out a Prescription Drug Plan since he was eligible some 5 1/2 years ago.  It was at that point my jaw dropped and I believe I no longer had clean underwear.  You see, Warner was on a Prescription Assistance Plan, aka a PAP, and was only paying $500 per year for his medications.  The good news was that this had been in place for the past 15 years – Warner’s entire time on Medicare.

The bad news: Warner had never been told of the Late Penalty for not selecting a Prescription Drug Plan once he was eligible.

I then had to break it to Warner that the drug plan we had been discussing, which covered ALL of his medication, would have an additional $34.25 added to it, just because he never had a drug plan before.  That meant that every month he would pay, in premiums alone $135.75 just to have drug coverage.  This did not include his deductible, cost-sharing, donut hole amounts, etc.

To make matters worse, time to enroll, if that is what he wanted to do, was running out.  Oh, and the Pharmacy Assistance Plan notified him that, if he did get a Prescription Drug Plan, he would be kicked off the assistance.  They would be making their decision whether to keep him on the assistance or not January 1.

This put Warner between a rock and a hard place: 1. if he took the Prescription Drug Plan, and was still eligible for the assistance, he would incur all those additional costs, and not be eligible for the assistance again 2. if he doesn’t take the drug plan, and then loses the assistance January 1, he has NO coverage, and can not get the drug plan until next year.

How do you think the story ends?

I am an Independent Insurance Agent, licensed in the state of Georgia.  If you need guidance for Life Insurance, Medicare, or Long Term Care needs, please contact me at 404-551-5339 or email me at bob@legacyfinancialpartner.com

Bob Levine
Legacy Financial Partners, LLC
404-551-5339
bob@legacyfinancialpartner.com
http://www.equilife.com/boblevine
@TheBobLevine

Want To Get A Presidential Appointment? Become A Community Organizer!

Dr. Vivek Murthy (pictured above), a community organizer and proponent/chief writer of Obamacare, has just been appointed Surgeon General of the U.S.S.A.  This is the latest in appointments by President Obama, that prove that if you support Obamacare, you are a shoe-in for an extremely high powered office.

Now, to Dr. Murthy’s credit, he is a very accomplished individual.  A Yale and Harvard Grad, and one of the founding members of Trial Networks, a cloud based platform for pharmaceuticals and biotech trials, as well as Epernicus, LLC, Dr. Murthy is no slouch!

Being a fellow community organizer, and carrying the kool aid for Obamacare, one has to wonder what will be coming from the Surgeon General’s office in years to come.  As it stands now, everyone has to have 10 Essential Health Benefits in their health plan, whether they want/need it or not.  What’s next?

We will watch and report, my comrades…

Writing Checks Our Kids Can’t Cash

Remember the suggestion to allow people to keep their “sub-standard” healthcare coverage if they want to?  The response was, “No, absolutely not!  We have better plans, and you MUST pick one by December 15th.”    But then again, we were told, “If you like your plan, you can keep it.  If you like your doctor, you can keep him/her.”  When that truth unraveled, and there was nowhere left to run or hide from the truth, we finally got, “OK, you can keep your health plan.  Even the substandard ones.”

Well, it’s easier said than done.  You see, insurance companies have to file approved plans with the states, who then, in turn, get approval from the government, who then, in turn, tell the insurance companies what has to be in the plans.  This all took many months to get in order.  Just because the president recants, doesn’t mean we can close the barn door after the horses are out.

There are still plans that are out there, called 2013 plans.  If you enroll in one, with an effective date of December 27th or earlier, than you can keep that plan until the same date of 2014.  For those that have received cancellation letters, it’s a big question mark as to whether the insurance companies can/will rescind the cancellation.  And, if they do, will it be done in time?

No one has the answer.

I urge you to talk with an independent insurance agent, not a navigator, to keep abreast of what to do.  Insurance Agents have the training, and the relationship with the insurance companies, to keep you up to date on what is going on.  Remember, just because it sounds good on TV, doesn’t mean it can be done.

One thing is true.  Insurance companies will be vilified for this.  The President will tell everyone that he said one thing – that being that you can keep your insurance – but that the insurance companies, in their greed, have chosen not to make good on that promise.  He will not make the public aware of the filing procedure that must be done.  These, of course, being the same insurance companies who, by President Obama’s words, kicked people off the “sub-standard” plans that they were on.

I wish the president would make up his mind.  Are the insurance companies wrong for kicking people off the plans, or are they wrong for not keeping them on the plans?  It’s easier to write the check.  It’s another story to be able to cash it.

I am always available for free consultations regarding your healthcare, Life Insurance, or Medicare coverage.  Please give me a call at 404-551-5339. Or, email me at bob@legacyfinancialpartner.com.

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.

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

Navigators Enrolling over 11 Thousand People in 90 Days

The Energy and Commerce Committee estimate that, with two weeks to go before ObamaCare becomes law, Navigators – those people off the street, who don’t know anything about healthcare – are going to enroll 577,700 people in 90 days.  There are already 50 Navigators, so 577,700 / 50 = 11,554.  That comes out to be approximately 13 applications PER DAY.

That means there are 577,700 people who trust someone off the street with their healthcare decision.

Insurance Agents, such as myself, are getting Certified to sell in the Marketplace, as well as staying with Private Insurance coverage, which will be available as well.

I guess it comes as no surprise.  People have been trusting other non-Insurance Licensed individuals, such as Clark Howard and others with their Financial and Health Care decisions. So, it’s not too much of a stretch that Navigators would make a very nice living.  Navigators will be paid $28 – $43 per hour, and don’t have to carry any Error and Omissions coverage.  If you select a plan that does NOT suit your needs, based on their explanation – OH WELL!

Working with a licensed insurance agent, who is also Certified to Sell in the Marketplace, will ensure you are working with someone who 1) knows the ins and outs of healthcare, and 2) has your best interest at heart.

To find out more, please visit my blog (www.lfpartner.wordpress.com), follow me on Twitter (@TheBobLevine), or give me a call at 404-551-5339.

Bob Levine
bob@legacyfinancialpartner.com

How Long Term Care Can Save Your Follicles

Talk to anyone dealing with an elderly parent, and this is what you will see.  Whether it is making doctor appointments, finding medication lists, scheduling home care providers, or simply making sure they are okay because they haven’t been heard from in a while.

We call these people “The Sandwich Generation”, because they are sandwiched between taking care of their own kids, and taking care of their parents.  The problem is the meat in the sandwich (the health and well-being of the one doing all this caregiving) is getting sliced thinner and thinner.  As a matter of fact, “Caring for The Caregiver” is fast becoming an ever increasing topic in the mental health community.

Many in the “Sandwich Generation” constantly report that they feel like “pulling their hair out” over dealing with Insurance Companies, Home Health Agencies, and governmental bodies, just to get quality care for mom and dad.  It shouldn’t have to be this hard, right?!

One of the benefits of having a Long Term Care insurance plan in place is the comfort of knowing that a Care Coordinator is there, working for you, to ensure everything is run smoothly and without consternation.  This allows your children to go on living their lives, while not having to orchestrate running yours.

They key idea here is “dignity”.  How much dignity would there be, if your child knew everything about you, and had to treat YOU like a child?  So, save your dignity – and your follicles – and let’s talk about putting in place a plan of care for you.

Bob Levine
404-551-5339