Question of the day: "Healthcare reform penalty"

A client of mine asked me what is the deal with the health care penalty they're discussing. Will I be penalized for not taking out a health care plan in 2014?

Answer -

Starting in 2014 all U.S. citizens and legal residents will have to have health insurance, or what is known as qualifying health coverage, which includes coverage through your job, a government plan (such as Medicaid, Medicare, Veterans Administration, and the Armed Services), or a health plan you have purchased on your own.

If you don’t have health insurance, you will pay a tax penalty that will be phased in starting in 2014 with a fine of $95. In 2015, the penalty will increase to $325, and in 2016 to $695 or a percentage of your taxable income. After 2016, your penalty will be increased every year according to the changes in the cost of living.

Are Exemptions or Help Available?
You may be eligible for an exemption or you may be able to get help paying for health insurance it if your income is low.

Exemptions will be granted for the following:

•you have a financial hardship
•you have a genuine religious objection
•you are an American Indian
•you have been without health coverage for less than three months
•you are an undocumented immigrant
•you are in prison
•the lowest cost health plan available in your area exceeds 8% of your income

Needymeds has patient assistance programs

http://www.needymeds.org/

Diseased based medication programs for those uninsured or under-insured who meet the guidelines.

New Website Launched

Check out my new website

www.yestohealthinsurance.com

Kentucky's children Open enrollment dates

Children in Kentucky can get individual health plans regardless of pre-existing conditions during open enrollment period in January.

Companies participating in the open enrollment are Aetna Life Insurance Company, American Republic Insurance Company, Anthem Health Plans of Kentucky, Assurant Health/Time Insurance Company, Golden Rule Insurance Company, Humana Health Plan Inc. and Assurant Health/John Alden Life Insurance Company.

During January, insurers selling in the commonwealth's individual health insurance market must offer a policy to any Kentuckian under the age of 19 and may not deny coverage due to an applicant's pre-existing health condition.

http://www.14wfie.com/story/13796400/kentucky-companies-must-offer-childrens-health-insurance

NeedyMeds to the rescue!

After I posted my last blog about the woman who needed prescription drugs and couldn't get it either through a private insurer or medicaid, I received this letter from the President of Needymeds.org - Thanks Mr Sagall for your response. This will help alot of people and not just in Ohio.

I read your blog post of 12/27/10 and thought you and your readers might want to know about NeedyMeds and the help we can offer.

NeedyMeds is a national non-profit that has information on programs that help people who can't afford their medications and health care costs. We have data on over 4000 programs and over 11,000 free/low-cost/sliding-scale clinics. All our data is free, easy to access, and updated regularly. Our website is visited by 13,000-14,000 people most workdays.

We offer a free drug discount card that's accepted at nearly 60,000 pharmacies. Anyone can use the card regardless of income level, insurance status, age or residency. The card offers a discount ranging from nothing to 75% on prescription drugs, over-the-counter drugs and medical supplies when written on a prescription form, and pet prescription drugs purchased at a pharmacy. The average savings is 50%. The card is free and there is no registration process or cost. The card can be downloaded from our website or obtained by sending us a self-address stamped envelope.

Rich Sagall, MD
President
www.needymeds.org


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Drug Card question

Question today:

I live in Ohio and was declined for insurance by all of your companies listed and I'm in desperate need of finding any type of drug coverage. Can you help?

Answer:

Yes, there is a free discount card for Ohio residents only. Click on the link below. You can save up to 75% of drug costs with this card and it's free.

http://www.ohiodrugcard.com/index.php

Plan strategies

I've had quite a few different scenarios come up this week about health care and I wanted to share it with each of you.

1. Did you know if you have a high deductible plan you can purchase a critical illness or cash cancer plan which can pay out a cash benefit to you in increments of $25,000, $50,000 or $100,000 if you had a catastrophic event. The prices are very affordable. Similar to term life but this is a gap to your current insurance. Can you imagine how helpful this would be if you had cancer and you received a cash payout like this? Would pay for your insurance deductible and out of pockets plus pay your bills for the rest of the year.

2. The New Ohio Risk pool plan through Medical Mutual will cover pre-existing conditions. Must be without insurance for 6 months. Rates are very good. It's a model for the new health care reform.

3. Humana eligibility for Short term plans is 64 1/2 years old. Most companies won't cover short terms after 63.

4. Assurant's affordable health access plan will cover all individuals or families regardless of height and weight issues. And it's very affordable.

5. If your rates go up because of health care reform consider a high deductible and take out a gap rider (plans which make cash payouts in event of catastrophic event) It will save you money and you'll have less exposure than your previous plan. Everyone's concerned about high deductibles but new gap plans are giving people more peace of mind.

Have a great weekend all.