I have been consulting Individuals and Corporations since 1991, and in those twenty two years I have never ever had so many inquires for Healthcare. Today being Sunday I received over 100 emails from folks here in Newport and surrounding area's asking me what it all means.
So here are a few Q & A's that were common:
Q
1. If I currently have a Health Insurance plan that I purchased prior to 2010 (Non Grandfathered plan) should I change into a new plan?
A. I would be very cautious into jumping ship into a new plan, remember you purchased that plan with a whole group of folks and those rates could ultimately be lower than these new plans because - new plans are not Medically underwritten and risk could increase premiums faster than your old plan. Be cautious.
Q
2. What will the penalty be if I do not purchase Insurance in 2014?
A. $95. or 1. percent of your income (whatever is greater) - believe it or not a huge percentage of folks that make over $100k choose not to carry healthcare - now they will be penalized 1000 bucks or more!
Q.
3. Who does ACA help most?
A. Those who fall between the incomes below:
Single: Under $15,857 Annual Income = Free Healthcare
Single: Income: $15587-$45,960 receive subsidy
Family of four: Income less than $32,500 = Free Healthcare
Family of four: income $32,500-$94,200= receive subsidy
Q.
4. When can I sign up? And when does coverage go into effect?
A. Sign up in October, Coverage begins January 01, 2014
Q.
5. I have coverage from a Small Employer plan, and my current plan sent me a letter saying I am no longer a valid company and my coverage will terminate.
A. Yes, carriers are dropping "mom & pop" shops under Obamacare they are not considered valid groups and those folks will be forced into (in most cases) paying much higher premiums.
Contact me here in Newport Beach,
Rudy
PPOHMO@aol.com
