Things to know about Term Insurance

• Term Life Insurance is the most simple form of protection available
• When buying Term insurance, keep in mind when the policy ends and that term life policies have no cash values
• Premium is the least expensive compared to Permanent Insurance
Low Cost-Initially; Builds no equity; Coverage ends

Most Americans are unaware of the PPACA deadline

Another survey is out underscoring the ongoing confusion many are experiencing over the Patient Protection and Affordable Care Act while stressing the challenges the administration has in getting Americans signed up for coverage under the law. More than half of Americans (55%) still don't know that the deadline to sign up for health insurance under PPACA is March 31st, according to a Bankrate.com report released Monday. Confusion over the deadline was highest among the 18 to 29 age group, those who make less than $30,000 annually, and those without college degrees. About one in four Americans (24%) incorrectly think the deadline already passed on Jan 1st, and 11% think they have until Dec. 31st to sign up, a full nine months after the deadline. Though it's no secret Americans have been confused by the law's details, it's surprising so many aren''t sure of the deadline when those who miss it will pay a tax penalty under the law and be forced to wait until next year's open enrollment to get insurance - unless they experience a qualifying event such as marriage in the interim. In 2014, the penalty is $95 or 1% of a person's income, whichever is higher. That breaks down to if a person makes more than $9500 per year, their penalty could be higher-1% of their income for 2014. The penalty escalates in subsequent years. Further potentially hindering the law's success is the fact that many Americans aren't taking the deadline to sign up for Obamacare seriously. the survey found that 62% of Americans think the government will push the deadline back to a later date. "It's especially worrisome that young adults - who are the most likely to be uninsured - are the least informed abut the deadline and the most likely to think it will be moved" said Bankrate insurance analyst Doug Whiteman. "Obamacare's success hinges on young, healthy Americans signing up, so if they continue to procrastinate past the deadline, it could cause insurance premiums to increase." The survey also found that 33% of Americans feel more negative about PPACA than they did one year ago and only 12% feel more positive about it.

Narrow Networks, Lower Premiums

Narrow Networks, Lower Premiums: It’s no secret that the contours of health care in our country have been reshaped by the Affordable Care Act. And, whether or not you agree with that change might have a lot to do with where you fall along the political spectrum. But, while the kneejerk reaction may be to immediately focus on what’s gone wrong superficially, due consideration must be paid to what’s going on behind-the-scenes, and, more importantly, why something that looks bad on the surface, may in fact be good in the long-run. One such example is the concept of “narrow networks”. At first glance, the idea of placing limits on the doctors and hospitals available to health plan subscribers seems to fly in the face of one of the health care law’s stated promises. Rhetoric aside, however, upon further examination, experts have begun to make the case that less choice in a health plan typically leads to lower premiums. By only targeting providers that charge lower prices – without sacrificing proven outcomes – plans are able to bring down the costs of health care with no compromise to quality. Additionally, by limiting their networks, insurers gain the leverage they need to keep that focus on costs and quality. Though some believe that the ACA has caused this shift, there’s growing evidence that the law has only accelerated an existing trend – a trend, some put forth, that is characteristic of any well-functioning consumer market where a variety of choices with differing value propositions is made available at different price points.

ACA and employer shared responsibility

The Affordable Care Act requires that an employer with 50 or more full-time employees offer affordable and adequate health care coverage to its employees. For this purpose, full time means 30 hours or more per week on average, with the hours of employees working less than that aggregated into full-time equivalents. Employers that do not fulfill this obligation may be required to make a payment in lieu of meeting their responsibilities, which are described in what are called the employer shared responsibility provisions. An important question arises about how the hours of volunteer firefighters and other volunteer emergency responders should be taken into account in determining whether they are full-time employees and for counting toward the 50-employee threshold. Treasury is acting to ensure that emergency volunteer service is accorded appropriate treatment under the Affordable Care Act. Treasury and the IRS issued proposed regulations on the employer shared responsibility provisions (Section 4980H of the Tax Code) in December 2012 and invited public comments. Numerous comments were received from individuals and local fire and Emergency Medical Service departments that rely on volunteers. The comments generally suggested that the employer responsibility rules should not count volunteer hours of nominally compensated volunteer firefighters and emergency medical personnel in determining full-time employees (or full-time equivalents). In addition, Treasury heard from numerous members of Congress who expressed these same concerns on behalf of the volunteer emergency responders in their states and districts.