“The U.S. House of Representatives voted on July 17 to abolish the so-called “Cadillac tax” on employer-sponsored high-value health plans, set to take effect in 2022. If the Senate passes the measure and the president signs it into law, the threat employers have faced from the tax would disappear.
Posts Tagged ‘health savings account’
House Passes Health Care ‘Cadillac Tax’ Repeal Bill
Wednesday, July 24th, 2019Tags: affordable care, Affordable Care Act, Broker, employees, Employers, flexible spending account, health plan, health savings account, Schaumburg, short term insurance, Solon Mills, South Barrington, South Elgin, the affordable care act
Posted in Affordable Care Act, Obamacare | Comments Off on House Passes Health Care ‘Cadillac Tax’ Repeal Bill
New Tool to Contain Employer Healthcare Costs
Wednesday, July 24th, 2019“Background
Healthcare coverage became an employer-offered benefit during World War II as the result of the federal government’s wage and price controls[1]. Since that time, Medicare has become an important part of how healthcare is provided to individuals who reached the age of 65, who became disabled, or who were diagnosed with end stage renal disease. When Medicare entered the mix, a number of additional rules to protect those eligible for Medicare were also added to protect the Medicare system. Now, an employer seeking to contain health benefit costs must consider not only tax considerations, but Medicare and ERISA and other requirements. Thus, when the federal government agencies started designing a new way to facilitate the purchase of individual health insurance, they had to design around decades of rules, regulations, and policy considerations in the move back to a pre-World War II individual obligation to purchase health insurance to avoid violating the interim changes in legal requirements.
Tags: Bensenville, Defined Contribution, Government, health savings account, High deductible health plan, Mental Health, PPO, premiums, private exchange, South Barrington, United Healthcare, Village of Lakewood, Wicker Park, Woodridge
Posted in Health Insurance Cost | Comments Off on New Tool to Contain Employer Healthcare Costs
Health reimbursement arrangements for small employers
Friday, February 2nd, 2018“The IRS recently issued Notice 2017-67 to provide guidance on “qualified small employer health reimbursement arrangements” (qualified small employer HRAs) under Sec. 9831(d). Qualified small employer HRAs enable an eligible employer to reimburse employees for medical expenses, such as health insurance premiums, as defined under Sec. 213(d). Qualified small employer HRAs are solely employer-funded; employees cannot contribute to them. Payments from a qualified small employer HRA to an employee are not includible in the employee’s income, as long as the employee has obtained qualifying health insurance. An employer can establish a qualified small employer HRA for tax years beginning after Dec. 31, 2016. The guidance within Notice 2017-67 is effective for arrangement plan years beginning on or after Nov. 20, 2017.
Tags: ACA requirements, Affordable Care Act, group health plans, health insurance coverage, health savings account, requirements, Skokie, Sleepy Hollow, small businesses, small group, Solon Mills, South Barrington, South Elgin, special enrollment, Spring Grove, Sugar Grove, Tax
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When high deductibles cause even insured patients to postpone care
Friday, August 18th, 2017“In November 2015, Tina Heck was in her garage lifting 40-pound bags of wood pellets to fuel her heating stove, when something went very wrong with her back.
“The next day, I could barely walk,” said the 55-year-old who lives on an acre of land in Nevada City, Calif., 60 miles northeast of Sacramento. The cause: a bulging disc in her lower spine, which shoots pain down her leg and makes her back stiff.
Tags: Affordable Care Act, Albany Park, Alden, Algonquin, Andersonville, Arlington Heights, California healthline, health insurance reform, health savings account, ObamaCare
Posted in Affordable Care Act, Health Care .gov | Comments Off on When high deductibles cause even insured patients to postpone care
Insured Through Your Job? Medicaid? The ACA? Here’s What Could Change For You
Friday, March 24th, 2017“It’s even clearer now how much the GOP plan to replace the Affordable Care Act will change health insurance for just about everyone.
The nonpartisan Congressional Budget Office Monday released its estimates of the cost and impact of the House Republican plan known as the American Health Care Act. Chief among its findings is that the number of people without health insurance would increase by 14 million in 2018. By 2026, that figure would hit 24 million.
Tags: affordable care, Affordable Care Act, Government, health insurance, health savings account, medicaid coverage, Montgomery, Mooseheart, Mount Prospect, Naperville, Navigator, North West Suburbs, Northern Illinois, subsidies, the affordable care act
Posted in Health Insurance News | Comments Off on Insured Through Your Job? Medicaid? The ACA? Here’s What Could Change For You
House Republicans release long-awaited ObamaCare replacement bill
Wednesday, March 8th, 2017“House Republicans on Monday evening released the text of their long-awaited ObamaCare replacement bill, proposing to eliminate the various taxes and penalties tied to the original legislation while still preserving certain patient protections.
Aiming to deliver on their signature campaign promise after several election cycles trying to reclaim control of Washington, majority Republicans unveiled what they call the American Health Care Act. The sweeping legislation would repeal ObamaCare’s taxes along with the so-called individual and employer mandates – which imposed fines for not buying and offering insurance, respectively.
Tags: affordable care, affordable health insurance, Albany Park, Alden, Arlington Heights, Barrington, enrollment, health savings account, Medicaid, ObamaCare, Patient Protection, the affordable care act
Posted in Affordable Care Act, Obamacare | Comments Off on House Republicans release long-awaited ObamaCare replacement bill
Healthcare.gov CEO says insurance marketplace’s complexity argues for agents
Tuesday, January 26th, 2016According to The Advocate:
“The Affordable Care Act is confusing and complicated, which means that health insurance agents and brokers are needed to help consumers pick the best plans for them, Kevin Counihan, chief executive officer of Healthcare.gov, said Monday.
“It’s got plenty of opportunity to be made a little bit better,” Counihan said. “And I’m very hopeful and confident that as we get more adults in Congress that they’re all going to sit down, the two sides together, and they’re going to address some of these issues.”
Counihan spoke to about 20 brokers and agents at an event hosted in Baton Rouge by the Louisiana Association of Health Underwriters.
Tags: ACA, ACA requirements, advice, Advocate Heath Care, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Algonquin, Andersonville, Arlington Heights, Atena, aurora, barack obama, Barrington, Barrington Hills, Bartlett, Broker, Bucktown, buffalo grove, buying insurance, care reform legislation, Carpentersville, Cary, Changeing Health Care, Chicago, Chicagoland, Cook, Cook County, Costs, coverage plan, deductibles, Deer Park, DeKalb, DeKalb County, Downers Grove, DuPage, DuPage County, employer health insurance, enroll, enrollment, family plan, Fox Valley, Hampshire, Harvard, health, health care benefits, health care costs, health care law, health care reform, health care system, health exemption, health insurance, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, health savings account, healthcare reform, healthcare.gov, Humana, Huntley, IL, Illinois, Illinois Department of Insurance, Illinois health insurance exchange, individual, Insurance benefit consultant, insurance broker, insurance industry, insurance news, insurance plan, Insurance Reform, Kane, Kane County, Kendall, Kendall County, Lake, Lake County, Lake View, Logan Square, Marketplace, McHenery, McHenry, McHenry County, Navigator, new health care, New health insurance law ACA, North Aurora, North West Suburbs, Northern Illinois, Northwest Suburbs, notices, Obama care, ObamaCare, Obamacare regulation, open enrollment, PPO, Producer, Schaumburg, sign up, Skokie, South Barrington, state health insurance, state legislatures, the affordable care act, UnitedHealthcare, Villa Park, West Chicago, Wicker Park, Will, Will County, workplace
Posted in Affordable Care Act, Health Insurance News | Comments Off on Healthcare.gov CEO says insurance marketplace’s complexity argues for agents
Coming soon to your mailbox: An Obamacare tax form
Tuesday, January 26th, 2016According to The CT Mirror:
“Even if you don’t get your health insurance through Obamacare, you’re likely to get something related to the health law in the mail in the coming weeks: A new tax form.
The 1095-A form exchange customers will receive. Others will get different versions, depending on the source of their health care coverage.
Known as Form 1095, it’s part of the way the federal government verifies whether people are complying with the mandate that requires nearly all U.S. residents to have health care coverage. This year is the first time most people will be getting those forms, and officials are anticipating a fair amount of confusion. In part, that’s because what you need to do with that form depends on the type of coverage you had.
Here’s what you need to know. (more…)
Tags: 2015, 2016, ACA, ACA requirements, advice, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Alden, Algonquin, Andersonville, Bannockburn, barack obama, Barrington, Barrington Hills, Bartlett, Boulder Hill, Bucktown, budget cuts, buffalo grove, Bull Valley, buy health insurance, buying insurance, care reform legislation, Carpentersville, Cary, Changeing Health Care, Chicago, Chicagoland, Cook, Cook County, Costs, coverage plan, Crystal Lake, Darien, Deer Park, Deerfield, DeKalb, DeKalb County, Des Plaines, Downers Grove, DuPage, DuPage County, East Dundee, Elburn, Elmhurst, employer health insurance, enroll, enrollment, exchange, federal medicaid, Fox River Grove, Fox Valley, Geneva, Glen Ellyn, Government, government regulations, Hampshire, Harvard, health, health care benefits, health care costs, health care law, health care reform, health care system, health exemption, health insurance, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, health savings account, healthcare reform, healthcare.gov, Highland Park, Huntley, IL, Illinois, Illinois health insurance exchange, individual, individual health insurance, individual insurance, Individual Mandate, insurance, Insurance benefit consultant, insurance industry, insurance news, insurance plan, Insurance Reform, IRS, Kane, Kane County, Kendall, Kendall County, Lake County, Lakewood, Lincolnwood, Lombard, Maywood, McCullen Lake, McHenery, McHenry, McHenry County, Medicaid, Medicare, Montgomery, Naperville, new health care, New health insurance law ACA, North Aurora, North West Suburbs, Northern Illinois, Northlake, Northwest Suburbs, Oak Park, Obama care, ObamaCare, Obamacare regulation, open enrollment, Palatine, Park Ridge, Penalty, Pingree Grove, Prairie Grove, premiums, public exchange, Ringwood, Rolling Meadows, Roselle, Saint Charles, Schaumburg, sign up, Skokie, South Barrington, special enrollment, St. Charles, state health insurance, state legislatures, Stone Park, Supreme Court, supreme court decisions, Tax, taxpayer dollars, Tower Lakes, Villa Park, Wasco, West Chicago, West Dundee, Westchester, Wheaton, Wicker Park, Will, Will County, Wood Dale, Woodstock
Posted in Affordable Care Act, Health Insurance News, Heath Care Costs | Comments Off on Coming soon to your mailbox: An Obamacare tax form
Humana to Record 2016 Obamacare Shortfall, Membership Drops
Tuesday, January 26th, 2016According to Bloomberg Business:
“Humana Inc. is the latest insurer to run into trouble in Obamacare’s individual health-insurance markets.
The health insurer said that it probably won’t collect enough money to cover costs for some customers who bought individual plans, and will set aside what’s known as a premium deficiency reserve. The shortfall is for 2016 plans that comply with new rules under the Affordable Care Act, Louisville, Kentucky-based Humana said Friday.
UnitedHealth Group Inc., the biggest U.S. health insurer, said in November that it might stop participating in the Obamacare next year after taking losses. One analyst predicted that Humana would follow suit.
(more…)
Tags: 2015, 2016, ACA, ACA requirements, Advocate Heath Care, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Algonquin, Andersonville, Arlington Heights, Atena, aurora, barack obama, Barrington Hills, Bartlett, Batavia, BCBS, BCBSIL, Bucktown, budget cuts, buffalo grove, Bull Valley, buy health insurance, buying insurance, California healthline, cancer coverage, care reform legislation, Carol Stream, Carpentersville, Changeing Health Care, Chicago, Chicagoland, Cicero, College Grads, commerce clause of the constitution, Commonwealth Care Health Insurance, Cook, Cook County, Costs, coverage plan, Crystal Lake, Deerfield, DeKalb, DeKalb County, Des Plaines, Downers Grove, Dundee, DuPage, DuPage County, Elburn, enroll, enrollment, Fox River Grove, Fox Valley, Geneva, Gilberts, Glen Ellyn, government regulations, Hampshire, Harwood Heights, health, health care benefits, health care costs, health care law, health care reform, health care system, health exemption, health insurance, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, health savings account, healthcare reform, healthcare.gov, Herbron, Highland Park, Humana, Huntley, IL, Illinois, Illinois health insurance exchange, individual, individual health insurance, individual insurance, Individual Mandate, Individual Shared Responsibility, Individuals, Insurance benefit consultant, insurance broker, insurance industry, insurance news, insurance plan, Insurance Reform, Itasca, Kane, Kane County, Kendall, Kendall County, Lake County, Lake in the Hills, Lake View, Lakewood, Lincoln Park, Maple Park, Marengo, Marketplace, McCullen Lake, McHenery, McHenry, McHenry County, Naperville, new health care, New health insurance law ACA, Niles, North Aurora, North Barrington, North West Suburbs, Northwest Suburbs, Obama care, ObamaCare, Obamacare regulation, open enrollment, Palatine, Park Ridge, Producer, Riverwoods, Rolling Meadows, Schaumburg, self-insurance, single payer health care system, South Barrington, special enrollment, state health insurance, Streamwood, Sugar Grove, the affordable care act, Tower Lakes, Village of Lakewood, Warrenville, Wasco, West Chicago, Wicker Park, Wood Dale, young adults
Posted in Affordable Care Act, Health Insurance News, Individual Health Insurance | Comments Off on Humana to Record 2016 Obamacare Shortfall, Membership Drops
Feds tighten when people can enroll in Obamacare plans
Tuesday, January 26th, 2016According to USA Today:
“Bowing to pressure from insurers, federal officials on Tuesday tightened the conditions under which people can sign up for plans on the HealthCare.govexchange outside open enrollment.
The move by the Centers for Medicare and Medicaid Services comes after complaints by health insurers that it was too easy for people to wait until they were sick to sign up and to drop coverage after they got treatment. Earlier Tuesday, UnitedHealth announced a 19% drop in profit and downgraded its earnings forecast citing concerns about its Obamacare enrollment and the flexibility people had to change insurance plans. (more…)
Tags: 2016, ACA, ACA requirements, affordable care, Affordable Care Act, affordable health insurance, Albany Park, Andersonville, Arlington Heights, Barrington, Bartlett, BCBS, Berwyn, Blue Cross, Bucktown, budget cuts, buy health insurance, buying insurance, care reform legislation, Carpentersville, Changeing Health Care, Chicago, Chicagoland, Cicero, Cook, Cook County, Costs, coverage plan, Crystal Lake, Deer Park, Deerfield, DeKalb, DeKalb County, Desplaines, Dundee, DuPage, DuPage County, ebola, Elgin, Elmwood Park, enroll, enrollment, exchange, Forest Park, Fox River Grove, Fox Valley, Franklin Park, Geneva, Gilberts, Glen Ellyn, Glencoe, Glendale Heights, Government, government regulations, group rates, health, health care benefits, health care costs, health care law, health care reform, health care system, health insurance costs, health insurance coverage, Health insurance exchange, health insurance marketplace, health insurance premiums, health insurance reform, Health Marketplace, health plan, health programs, health reform, health savings account, healthcare reform, healthcare.gov, High deductible health plan, Hinsdale, Holiday Hills, Huntley, IL, Illinois, Illinois Department of Insurance, Illinois health insurance exchange, individual health insurance, individual insurance, insurance, Insurance benefit consultant, insurance industry, insurance news, insurance plan, Insurance Reform, Kane, Kane County, Kendall, Kendall County, Lake County, Lake in the Hills, Lake View, Lakewood, Lincolnwood, Logan Square, Maple Park, Marengo, Massachusetts, McCullom Lake, McHenery, McHenry, McHenry County, Medicaid, medical expenses, Medicare, new health care, New health insurance law ACA, North Aurora, North Barrington, North West Suburbs, Northern Illinois, Northlake, Northwest Suburbs, Oak Park, Oakbrook Terrace, Obama care, ObamaCare, Obamacare regulation, open enrollment, Palatine, Park Ridge, Penalty, Prairie Grove, Ringwood, Riverwoods, Roselle, Saint Charles, Schaumburg, sign up, Skokie, Sleepy Hollow, South Barrington, South Elgin, special enrollment, St. Charles, state health insurance, Streamwood, Sugar Grove, Tax, the affordable care act, timeline, Trout Valley, Villa Park, Village of Lakewood, Warrenville, Wasco, West Chicago, West Dundee, Wheaton, Will, Winfield, Wood Dale, Woodridge, Woodstock, young adults, young people
Posted in Affordable Care Act, Health Insurance News, Open Enrollment | Comments Off on Feds tighten when people can enroll in Obamacare plans
