Preparing for the Fourth Quarter

Tanya L. Burns, LUTCF, RHU, LTCP

Tanya L. Burns, LUTCF, RHU, LTCP

By Tanya L. Burns, LUTCF, RHU, LTCP
Tanya L. Burns and Associates, Inc.

Article submitted by Tanya L. Burns, LUTCF, RHU, LTCP, to share a health insurance update. If you’d like to submit an article, email Kelly Sawyer at cflmgma@gmail.com.

IMPORTANT DATES TO REMEMBER

MEDICARE ANNUAL OPEN ENROLLMENT

October 15 – December 7
Medicare Beneficiaries able to elect, change or cancel coverage. New Benefits
Chosen effective January 1, 2017.

ACA ANNUAL OPEN ENROLLMENT

November 1, 2016 thru January 31, 2017.
Individual health insurance available for purchase both ON and OFF Marketplace. Outside of an Individual experiencing a “Qualifying” Loss of Coverage Event” – this is the ONLY opportunity to purchase Individual Health Insurance until the next ACA Annual Open Enrollment in November, 2017. NOTE: As of this writing, United Healthcare, Humana and Most Recently Aetna will NOT be offering Individual Health Insurance thru the Marketplace in Florida.

ACA REPORTING DATES FOR 2016

WHO: An employer, who during the preceding calendar year employed an Average of at least 50 full-time or full-time equivalent employees (FTEs).
WHAT: Completing the required forms (1094 C and 1095 C)
WHEN: January 31, 2017: Deadline for providing all employees with 1095-C forms and information on health coverage offered. February 28, 2017: Paper filing deadline for submitting 1094-C forms (including 1095-C) to the IRS. March 31, 2017: Electronic filing deadline for submitting 1094-C Forms (including 1095-C) to the IRS.
NOTE: We have partnered with a firm who specializes in handling these filings.

SAFE HARBOR 401 (k) NEW PLAN SET UP

October 1, 2016. Safe Harbor 401 (k) Plans help business owners and Highly Compensated Employees to contribute the Maximum amount of their annual income into a tax-deferred retirement account. They also automatically satisfy Government-Required non-discrimination compliance tests – thereby eliminating the need for Annual Compliance Testing.

WASHINGTON UPDATE

From National Association of Health Underwriters (NAHU)

It is My Sincere Desire to provide FULL DISCLOSURE by sharing the latest news from The Hill in DC.. Shown below is how NAHU is working behalf of all its Broker Members to help our clients thru this challenging time in Healthcare. Thank You for allowing me to share “from the heart”.

A Note from NAHU Executive Vice President and CEO Janet Trautwein

I know many of you are following the news reports of very high premium increases and that you are experiencing this with your clients. When combined with the reports of carriers leaving the exchanges, you may wonder whether there will be anything left for your clients who are eligible for premium tax credits and therefore need to purchase coverage through the exchange. You may also be worried that if all of the carriers leave the exchange, the exchanges may turn to a public plan option or some other type of government-run coverage.

Putting together a public option or some other government run option is not a short-term option for our immediate problem of carriers leaving the exchange. The most immediate solution would be one we’ve been asking for from day one – allow carriers in the individual market outside of the exchange to be used for premium tax credits. Since credits are already paid directly to carriers anyway, there is no reason why this very simple option would not be the very first choice if there were no longer carriers offering coverage inside of the exchange. Please be assured that we will push very hard for this type of private-market solution and will push back very hard against any efforts toward a new public health insurance plan.

Some of you may also have been watching the news about changes in the pharmaceutical markets, which have been going on for some time. The newest of these is the controversy surrounding the Epipen cost increases. We want to remind you that we are very engaged in doing everything possible to rein in the cost of healthcare, which is the real driver of health insurance premium increases, and that we do not condone anti-competitive behavior.

NAHU will continue to be a major force in health policy and positive changes to bring down the cost of health insurance coverage. We are working on this in your behalf and will not give up under any circumstances. Thanks very much for your membership in NAHU and your dedication to your clients.

2016-09-08T17:18:06+00:00