What happens if my income changes after I receive an Insurance Subsidy?

Question: If I'm unemployed a the beginning of the year and sign up for health insurance, I will probally get a subsidy because my income will be low. What happens when I get a job later in the year and start earning a good salary? Will I have to pay the money back? Answer: Yes, you may have to pay some of that money back, but the amount you'd owe will most likely be capped. Each individuals circumstances are different, but here's how it might work in a typical situation. When you apply for health insurance on the state's exchange, or marketplace or thru an independent agent, you will be asked about your income. If you're collecting $300 a week in unemployment benefits, you'd probably qualify for a premium credit and out of pocket subsidy. You can choose your credit paid directly to the Insurance Company which will reduce your monthly premiums. The government will send that amount directly to the insurer. Let's say that you land a job in July with a $60,000 annual salary, but it doesn't offer health insurance. At that point, you'd need to inform the marketplace about your change in circumstance. "The key is to reach out immediately when things change," says Brian Haile, senior vice president for tax policy at Jackson Hewitt Tax Service. At your new salary, you'd no longer qualify for a premium tax credit, and you'd have to pay the full premium. At tax time, the government will reconcile the amount that you received in tax credits against your income for the year, in our example, roughly $38,000 including six months of salary and six months of unemployment insurance. If the amount you received in tax credits is higher than it should have been based on your annual income, you'll have to pay back the difference. But under the law your liability is limited if your income is less than 400 percent of the federal poverty level. Someone like you with income between 300 and 400 percent of poverty ($34,470 to $45,960 in 2013) would be liable to repay no more than $1,250.

About Medicare Open Enrollment

Are you happy with your current Medicare Plan? If you are happy with your Meidicare plan, you do not need to take action during Medicare Open Enrollment. You do no have to sign up for Medicare each year, however, if you would like to make changes to your Medicare plan, Medicare Open Enrollment is the time to make those changes, Visit www.medicare.gov for more information about open enrollment. Know the differences between enrollment periods. Medicare's Open Enrollment period (October 15, 2013 to December 7, 2013) is different from the enrollment period for the Affordable Care Act, also known as "Obamacare". If you are enrolled in a Medicare plan, you do not need to take action during "Obamacare" enrollment (October 1, 2013 to March 31, 2014). It is illegal for a person to knowingly sell "Obamacare" plans to those on Medicare. If you're unsure, call for help If you have additional questions about the Medicare Enrollment Period, you call call me at (740) 654-4055.

Family Member Eligibility for Premium Credits

Question:
In 2014 will an employee's non-working spouse be eligible for a premium credit or subsidies on the Exchange if
1) the employee's employer does not offer medical coverage to employee's spouse or
2) the employer offers medical coverage to the employee spouse's but does not pay for any portion of the premium for such spouse's coverage?

Answer:
Under Treasury Regulations Section 1.36B-2(c)(3)(v)(A)(2), an eligible employer-sponsored plan will be affordable for related individuals (family members) if the cost of self-only coverage does not exceed 9.5% of the employee's household income.
In other words, for purposes of determining whether family members are eligible for premium tax credits, the cost of family coverage is no taken into account-all that matters is whether the cost of self-only coverage is affordable to the employee.

Therefore, if an employer offers coverage to the employee's spouse, but does not pay for any part of his or her premium, he or she will not be eligible for credits and subsidies if the coverage offered to the employee is affordable.

If an employer does not offer coverage to the employee's spouse, he or she would be eligible for credits and subsidies depending on the family's household income.

Round 2 of ObamaCare Enrollment Delayed

The Obama administration plans to delay the start of next year's ObamaCAre enrollment period, a move pitched as a way to give consumers and insurance companies more time to study their options-but which also conveniently pushes the second round of enrollment past the 2014 midterm elections. 
The decision does not affect those trying to enroll this year, despite the myriad problems with the launch of the law and HealthCare.gov.  It only affects those who will sign up late next year for 2015 coverage. 
This move will allow consumers to start signing up on Nov 15, 2014 as opposed to Oct 15.  Enrollment will last until Jan 15, 2015 instead of Dec. 7th.
By pushing off next year's enrollment period, the administration coveniently pushes off the possibility of any ObamaCare hicccups until after the midterm elections.  Some of the biggest critics of the current roll out have been Democrats up for reelection next year.

Final Rules on Workplace Wellness Programs

The Affordable Care Act (ACA) includes provisions to encourage the use of wellness programs related to group health coverage. Effective for plan years beginning on or after Jan. 1, 2014, ACA adopts the existing HIPAA nondiscrimination requirements for health-contingent wellness programs, while also increasing the maximum reward that can be offered under these programs. On May 29, 2013, the Departments of Labor, Health and Human Services and the Treasury (Departments) released final regulations that implement ACA’s nondiscrimination requirements for wellness programs. The final regulations clarify and reorganize the rules outlined in previous proposed regulations. They are intended to ensure that every individual participating in a wellness program can receive the full amount of any reward or incentive, regardless of any health factor. Specifically, the final regulations:  Formally adopt the proposed nondiscrimination rules for health-contingent wellness programs, such as giving individuals an opportunity to qualify for the reward each year and providing an alternative standard or waiver for individuals with health conditions;  Divide health-contingent wellness programs into two categories: activity-only wellness programs and outcome-based wellness programs; and  Increase the permissible reward for meeting a health-related standard to 30 percent of the total cost of employee-only coverage (or 50 percent, if the program is designed to prevent or reduce tobacco use). The regulations apply to both grandfathered and non-grandfathered group health plans and group health insurance coverage for plan years beginning on or after Jan. 1, 2014.

Obamacare Mandate YouTube

ACA "Obamacare" Mandate Under the Affordable Care Act you are required to Purchase health insurance for 2014. You may be eligible for a advanced federal premium subsidy which will be paid to the insurer you choose To offset the total monthly premium for your insurance you may also be eligible for a cost sharing subsidy to pay expenses required by your new health plan. View Vidio: http://youtu.be/AU7rgN7DEXw www.millerlewishemahelp.com

What is the Medicare Plan Star Rating

"Stars" is a Center for Medicare and Medicaid Services (CMS) program to improve quality for Medicare Advantage members. This program measurers how well plans perform on over 50 measurers. Medicare uses information from member satisfaction surveys, plans, and health care providers to give overall performance star ratings to plans. A plan can get a rating between 1 and 5 stars. a 5-star rating is considered excellent. These ratings help you compare plans based on quality and performance. The ratings are updated each fall and can change each year.