Posts Tagged ‘INSURANCE’
Boston Insurance Exchange Building , Preferred Stock Certificate / circa 1940
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General Exchange Insurance Policy 1936 Chevrolet Sedan
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BS PHOTO bpc-849 Insurance & Exchange Building
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Starting in 2014, people like Malik will be able to buy coverage in the Health Insurance Marketplace. Open enrollment begins on October 1, 2013. Get ready! S…
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Boston Insurance Exchange Building , Preferred Stock Certificate / circa 1940
| | $25.00 (0 Bids) End Date: Monday May-27-2013 8:41:20 PDT Bid now | Add to watch list |
General Exchange Insurance Policy 1936 Chevrolet Sedan
| | $13.47 End Date: Saturday Jun-22-2013 0:42:39 PDT Buy It Now for only: $13.47 Buy It Now | Add to watch list |
BS PHOTO bpc-849 Insurance & Exchange Building
| | $14.99 End Date: Saturday Jun-15-2013 11:40:58 PDT Buy It Now for only: $14.99 Buy It Now | Add to watch list |
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Subscribe Now: http://www.youtube.com/subscription_center?add_user=ehowfinance Watch More: http://www.youtube.com/ehowfinance A medical insurance biller serv…
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Republican lawmakers Ron Young, Andy Thompson, Matt Huffman and others offer comments on HB 91, the “Health Care Freedom Act,” which would block insurance companies from operating in the state if they accept federal affordable care act-related tax credits and subsidies, which could result in penalties against employers.
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Park City, Utah (PRWEB) February 27, 2013
Today, Zane Benefits, Inc. published new information on the medical insurance premium tax credit. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement arrangements.
According to Zane Benefits website, starting in 2014, individuals and families can take a new medical premium tax credit to help them afford health insurance coverage purchased through a state-based Health Insurance Marketplace. On May 18, 2012, the Treasury Department and the IRS issued final regulations which provide guidance for individuals who enroll in qualified health plans through Exchanges and claim the premium tax credit, and for Exchanges that make qualified health plans available to individuals and employers.
What are the eligibility requirements?
Household income must be between 100% and 400% of the federal poverty level (FPL).
Covered individuals must be enrolled in a qualified health plan through a Health Insurance Marketplace.
Covered individuals must be legally present in the United States and not incarcerated.
Covered individuals must not be eligible for other qualifying coverage, such as Medicare, Medicaid, or affordable employer-sponsored insurance.
How much is the tax credit?
According to Zane Benefits website, the credit amount is generally equal to the difference between the premium for the benchmark plan and the taxpayers expected contribution.
The expected contribution is a specified percentage of the taxpayers household income. The percentage increases as income increases, from 2% of income for families at 100% of the FPL to 9.5% of income for families at 400% of FPL. The benchmark plan is the second-lowest-cost plan that would cover the family at the silver level of coverage.
Are there any special rules?
According to Zane Benefits website, yes. The credit is advanceable (i.e. advance payments are made directly to the insurance company on the familys behalf). The advance payments are then reconciled against the amount of the familys actual premium tax credit, as calculated on the familys federal income tax return.
Click here to read full article.
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About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform (“ZaneHRA”) for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.
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Health Insurance Exchanges Under the Patient Protection and Affordable Care Act (ACA)
The fundamental purpose of a health insurance exchange is to provide a structured marketplace for the sale and purchase of health insurance. The authority and responsibilities of an exchange may vary, depending on statutory or other requirements for its establishment and structure. The Patient Protection and Affordable Care Act (ACA, P.L. 111-148, as amended) requires health insurance exchanges to be established in every state by January 1, 2014. ACA provides certain requirements for the establishment of exchanges, while leaving other choices to be made by the states.
Qualified individuals and small businesses will be able to purchase private health insurance through exchanges. Issuers selling health insurance plans through an exchange will have to follow certain rules, such as meeting the private market reform requirements in ACA. While the fundamental purpose of the exchanges will be to facilitate the offer and purchase of health insurance, nothing in the law prohibits qualified individuals, qualified employers, and insurance carriers from participating in the health insurance market outside of exchanges. Moreover, ACA explicitly states that enrollment in exchanges is voluntary and no individual may be compelled to enroll in exchange coverage.
Exchanges may be established either by the state itself as a “state exchange” or by the Secretary of Health and Human Services (HHS) as a “federally-facilitated exchange.” A federally-facilitated exchange may be operated solely by the federal government, or it may be operated by the federal government in conjunction with the state, as a “partnership” exchange. All exchanges are required to carry out many of the same functions and adhere to many of the same standards, although there are important differences between the types of exchanges. States had to declare their intentions to establish their own exchange no later than December 14, 2012; to date, 17 states and D.C. have received conditional approval from HHS to operate a state exchange. States interested in pursuing a partnership exchange must declare their intentions no later than February 15, 2013.
ACA and regulations require exchanges to carry out a number of different functions. The primary functions relate to determining eligibility and enrolling individuals in appropriate plans, plan management, consumer assistance and accountability, and financial management. ACA gives various federal agencies, primarily HHS, responsibilities relating to the general operation of exchanges. Federal agencies are generally responsible for promulgating regulations, creating criteria and systems, and awarding grants to states to help them create and implement exchanges.
A state that is approved to operate its own exchange has a number of operational decisions to make, including decisions related to organizational structure (governmental agency or a nonprofit entity); types of exchanges (separate individual and Small Business Health Options Program (SHOP) exchanges, or a merged exchange); collaboration (a state may independently operate an exchange or enter into contracts with other states); service area (a state may establish one or more subsidiary exchanges in the state if each exchange serves a geographically distinct area and meets certain size requirements); contracted services (an exchange may contract with certain entities to carry out one or more responsibilities of the exchange); and governance (governing board and standards of conduct).
In general, health plans offered through exchanges will provide comprehensive coverage and meet all applicable private market reforms specified in ACA. Most exchange plans will provide coverage for “essential health benefits,” at minimum; be subject to certain limits on cost-sharing, including out-of-pocket costs; and meet one of four levels of plan generosity based on actuarial value. To make exchange coverage more affordable, certain individuals will receive premium assistance [...]
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Boston Insurance Exchange Building , Preferred Stock Certificate / circa 1940
| | $25.00 (0 Bids) End Date: Monday May-27-2013 8:41:20 PDT Bid now | Add to watch list |
General Exchange Insurance Policy 1936 Chevrolet Sedan
| | $13.47 End Date: Saturday Jun-22-2013 0:42:39 PDT Buy It Now for only: $13.47 Buy It Now | Add to watch list |
BS PHOTO bpc-849 Insurance & Exchange Building
| | $14.99 End Date: Saturday Jun-15-2013 11:40:58 PDT Buy It Now for only: $14.99 Buy It Now | Add to watch list |
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Health Insurance Premium Credits in the Patient Protection and Affordable Care Act (ACA)
New federal tax credits were authorized in the Patient Protection and Affordable Care Act (ACA, P.L. 111-148, as amended), to help certain individuals pay for health insurance coverage, beginning in 2014.
ACA requires “American Health Benefit Exchanges” to be established in every state by January 1, 2014, either by the state itself or by the Secretary of Health and Human Services (HHS). Exchanges will not be insurers, but will provide eligible individuals and small businesses with access to private health insurance plans. Generally, the plans offered through the exchanges will provide comprehensive coverage and meet all ACA market reforms, as applicable. One of the requirements that most exchange plans must meet is to provide a certain level of coverage generosity based on actuarial value. Each level of coverage generosity is designated according to a precious metal and corresponds to a specific actuarial value: Bronze (actuarial value of 60%), Silver (70%), Gold (80%), and Platinum (90%).
To make exchange coverage more affordable, certain individuals will receive premium assistance in the form of federal tax credits. The premium credit will be an advanceable, refundable tax credit, meaning taxpayers need not wait until the end of the tax year in order to benefit from the credit, and may claim the full credit amount even if they have little or no federal income tax liability. Although the premium credits will not be available until 2014, the illustrations provided in this report are based on current federal poverty levels, to reflect how the estimated premium credit amounts compare to current income levels.
Under ACA, the amount received in premium credits is based on income tax returns. These amounts are reconciled in the next year and can result in overpayment of premium credits if income increases, which must be repaid to the federal government. ACA limited the amount of required repayments. Since the enactment of ACA, these limits have been increased in order to raise revenues for other legislative initiatives (e.g., P.L. 111-309 and P.L. 112-9). Most recently, on June 7, 2012, the House passed H.R. 436, the Health Care Cost Reduction Act of 2012, which includes a measure that would remove all limits on repayment, making individuals fully liable for the full amount of any premium credit overpayment.
Relative affordability of health insurance premiums individuals and families might face within health insurance exchanges will likely vary from exchange to exchange based on a host of factors, including enrollees’ age, the varying prices paid by plans for medical goods and services, the breadth of the provider network, the provisions regarding how out-of-network care is paid for (or not), and the use of tools by the plan to reduce health care utilization (e.g., prior authorization for certain tests). Examples provided in the Appendix of this report depict a range by which premiums might reasonably be expected to vary based on enrollees’ age, and variation in medical costs across geographic areas, for purposes of illustration only. Actual premiums will likely vary among health insurance exchanges based on a wide range of factors other than those depicted in this report.
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