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Products, Experience, Service | June 2013 |
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Welcome to the June issue of the Laughlin Insurance Agency Newsletter. Thank you to all of our customers, vendors and partners.
We continue to offer a large volume of programs and services mainly related to health insurance, life insurance, disability income protection plans, dental programs, and a variety of administrative and compliance services.
There has been an increased interest in short-term medical plans, higher deductible health plans, economical pharmacy coverage and Medicare Advantage programs. Health Reimbursement Accounts and multi-choice plans have also been more popular among group health plan policyholders.
We are receiving more questions about the Affordable Care Act and it's many provisions. We welcome your questions and look forward to serving you in the changing marketplace. Thank you for your business,
Paris Laughlin, Agent
Laughlin Insurance, Inc.
Benefit specialist since 1994 |
| Health Reform and Legislative Update | |
Federal Health Reform;
Many provisions of the Affordable Care Act have become commonplace and more changes are coming soon. 2014 provisions include the individual mandate, the employer mandate, health insurance marketplaces, premium subsidies, tax credits, fees, assessments, and much more. We are ready to help you plan for the new year now. Contact us with your Health Reform questions. Below are some featured links related to health reform:
Legislative Information related to health insurance;
There are many changing laws related to health insurance. Check out the resources below for more information.
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| Health Insurance Marketplaces |
Cover Oregon and Washington Health Plan Finder are the two nearby health insurance marketplaces that become available January 1, 2014. The marketplaces will provide health insurance options for individuals and small employers. Favorable tax treatment including premium subsidies and tax credits will only be available for plans purchased in the marketplaces. The programs will also allow small employers more choice of carriers and options within one group health insurance plan. We will be formally affiliated with each marketplace, so be sure to contact us early to learn about the new options and cost savings opportunities the marketplaces promise for qualified individuals and small employers.
There will be numerous new health insurance carriers coming to Oregon and Washington. These new plans may be available in or out of the exchanges. I have reviewed the rate filings for these out of state carriers and determined that the new plans are not expected to be competitive with the carriers that have served the area for many years. You can review carrier rate at Oregon Health Rates. Smoker and non-smoker rates are expected starting in 2014. |
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Premium Subsidies and Tax Credits | |
We have seen health insurance premium subsidies and tax credits for many years. Eligibility for subsidy/tax credit programs are typically determined by your family income, age, and number of dependents. The Affordable Care Act provides for health insurance premium subsidies and tax credits for individuals who have a combined family income from 133% to 400% of the federal poverty level. Many small employers are also eligible for the Small Employer Health Insurance Tax Credit. We can help you or you determine eligibility for subsidy and tax credits, or you can calculate your own subsidies and tax credits at Cover Oregon.
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| News for Employers | |
Employers will have new responsibilities, opportunities, and challenges under the Affordable Care Act and legislative changes.
Small employers with fewer than 50 employees are not required to provide health insurance in the new marketplace, but will likely find advantages of doing so. The Health Insurance Marketplaces (exchanges) will allow more plan options for small employers and the 50% small employer health insurance tax credit will also be an incentive for many employers.
Large employers with more than 50 employees at 30 hours per week or equivalents will be required to provide health insurance for their regular 30 hour staff. These employers can purchase a basic medical and pharmacy program and split the single employee rate. We have identified minimum compliant programs that are affordable and expected to meet the Affordable Care Act requirements for plan design and employee affordability. With this basic package, large employers can comply with the law, avoid fees and penalties and help employees obtain affordable health plan coverage.
There are a number of employer requirements under the Affordable Care Act. Some of the requirements have started and new requirements will begin in 2014. Some important requirements are listed below.
- Employers must notify employees about the Health Insurance Marketplaces by October 1, 2013. We have the technical release and model notice available at your request. Request material here.
- Employers must provide employees with a Summary of Benefits and Coverage with a Universal Glossary of Insurance Terms. This material is required to be provided to you by your health insurance company
- Eligibility waiting periods of more than 90 days will be banned
- Plans must limit out-of-pocket costs to $6,400 for a single coverage and $12,800 for family coverage effective in 2014
- Small employer plans must limit deductibles to $2,000 for single coverage and $4,000 for family coverage beginning in 2014
- More information can be found on our Health Reform web page
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| Long Term Health Insurance Planning | |
Health Insurance will soon be required and guaranteed for all. Limitations on pre-existing conditions will be banned. This will allow us to finally offer long term health insurance planning with reliable and affordable options. Contact us today to review your current options, and new solutions for 2014.
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