Understanding the Afordable Care Act

Open enrollment for the New York State Health Exchange begins October 1, 2013. Coverage begins January 1, 2014. The Health Insurance Marketplace will help you get affordable health insurance that meets your needs and fits your budget. The Affordable Care Act has made it possible to get lower cost insurance even if you have a pre-existing condition. Specially trained Navigators will be available to assist you in enrolling starting in October. New York State residents must enroll through the New York Health Benefit Exchange at http://www.healthbenefitexchange.ny.gov/.

You can get help enrolling by calling (585) 325-2525 or online via web chat at www.healthcare.gov or www.cuidadosalud.gov. In October you can get in person help from a Navigator. On the exchange, you can compare plan choices based on price, provider network, or quality score. Before selecting a plan, insure that your current physicians are a part of the plan and that all of your medications are included in the formulary.

All health insurance options will offer a comprehensive array of services. Preventative services will be offered at no cost to you. You will not be denied health insurance on the basis of a pre-existing medical condition.

If you earn less than $45,960 as an individual or $94,200 for a family of 4, you may be eligible for financial assistance to make coverage affordable. A Family of four with less than $24,000 in income, will receive Medicaid. Individuals opting out of the Program will receive a $95 penalty. The President has delayed the enforcement of the mandate for large employers for 12 months. In most states, if your income is between $24,000 and $96,000 you will quality for a subsidy.

There are four levels of coverage being offered: Bronze, Silver, Gold, and Platinum. In order to qualify for the tax credits, you must be in enrolled in at least a Silver Plan. Bronze plans will not receive tax credits.

Lifetime Financial Group will host a FREE Seminar to cover details of the Affordable Care Act. Click here for details and to register.

© Carmen Coleman, President and CEO

Lifetime Financial Group, LLC
30 W. Broad Street, Suite 300

Rochester, NY 14614

(585)325-2525 

Four Health Insurance Options for the Self Employed

Self-employment is an important career choice for many people. But with this choice comes the need to provide your own health insurance, which can be a formidable expense. The new health care legislation signed into law by President Obama should make it easier for individuals to purchase health insurance. Until all its provisions take effect, if you are self employed and are seeking health care coverage, here are four options.

1. Join your spouse's plan. If you have a spouse or partner who is or can be enrolled in an employer-sponsored plan, joining his or her plan is usually the simplest and least expensive way to maintain coverage. Nearly all employer-based plans offer coverage to spouses and children, and many provide coverage to domestic partners as well.
2. Look into COBRA coverage. If you formerly worked for an organization that employed 20 or more people and made a group health plan available to employees, you may be able to obtain medical coverage through the federal Consolidated Omnibus Budget Reconciliation Act, known as COBRA. COBRA requires employers to make available to departing employees the option of continuing membership in an employer-sponsored group medical plan at the employee's expense. You can continue your health insurance under COBRA for yourself and your dependents for 18 months, during which time you can search for the best option as a self-employed person.
3. Check out high-deductible plans. Another option is to enroll in a high-deductible health plan (HDHP) and fund a health savings account (HSA). As the name suggests, high-deductible health plans involve a high deductible or threshold, a minimum of $1,200 for an individual and $2,400 for a family in 2011, below which you must pay all costs. In essence, a high-deductible policy provides coverage for catastrophic situations but not for regular doctor visits and routine care. Such plans can involve complex cost-sharing arrangements in which certain procedures or visits are covered only in part. When considering this option, factor in not only monthly premiums but also the costs of partial out-of-pocket payment for different procedures. Combining an HDHP with a tax-free health savings account can also save you in taxes. You deposit pre-tax dollars into your HSA, and use that money to pay medical expenses that aren't reimbursed by your health insurance.
4. Investigate coverage through a professional association. A more cost-efficient option may be to enroll in a group plan through a professional association or union. Check with any affiliations you may have (or inquire about any you can join) and ask about group rates for members.

When shopping for the right plan, make sure to compare premiums, coverage, deductibles, and copays. Also keep in mind that after you turn 65, you may be eligible for Medicare, even if you remain self-employed.
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© Carmen Coleman, President and CEO

Lifetime Financial Group, LLC
30 W. Broad Street, Suite 300

Rochester, NY 14614

(585)325-2525 

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