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From top carriers

The proposed GOP healthcare plan and what it means for the ACA

Until Congress passes the proposed American Health Care Act, the current rules and regulation regarding the ACA remain in place. This means that the following aspects of the ACA must still be complied with for the duration.

Some of the rules and regulations that must still be followed include, but are not limited to:

  • Anti-discrimination rules related to transgender benefit protections and their enforcement
  • Individual and employer mandates and fines/taxes for non-compliance
  • Market reform mandates and IRS tax enforcement from large employers whose self-insured group plans do not satisfy market reform rules
  • Reporting obligations/IRS tax enforcement of dues from large companies failing to accurately and in a timely manner report coverage offered to workers/dependents

The rising opposition to the proposed American Health Care Act, is likely going to cause a delay in the ability for the Act to pass through the House and Senate. Many voices of opposition are voicing their concerns that rushing through this healthcare act and not allowing it to be properly vetted will have the potential to adversely affect many Americans.

The next few months or years are likely to be confusing and frustrating. Insurance agents, brokers and carriers are going to be doing their best to stay on top of the latest changes.

Posted on Friday, March 31st, 2017. Filed under Health Insurance.

How the executive order affects larger employers?

Late January, President Trump signed a healthcare executive order that could impact employers, even if it did not specifically mention them.

The executive order instructed federal agencies to, “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement that would impose a fiscal burden,” on states, health care providers or individuals. The order can undo individual mandates to purchase insurance and other mandates placed on employers, like providing full-time employees with coverage.

The employer mandates may be regarded as a fiscal burden, according to the wording of the executive order. The employer mandate may become questionable if there is no tax on individuals who do not have minimum essential health insurance.

Nonetheless, it is advisable for all employers to continue complying with the established rules by the ACA until the GOP proposed American Health Care Act (or another act) is implemented.

The transition from the ACA to the proposed American Healthcare Act may be painful and prolonged. Stay on top of what is happening in the industry and understand your existing health coverage to be able to evaluate what may replace it.

Posted on Monday, March 27th, 2017. Filed under Health Insurance.

Trump Health Care May be Different

According to president-elect Donald Trump, there is a pressing need for free market reforms in the health care industry. It appears from campaign speeches and recent media interviews that in order to create a free market for health care Obamacare may be repealed.

Mr. Trump has suggested this will happen on day one of his administration taking office. Although he has stated he would seek a total repeal of all aspects of Obamacare, recent media coverage suggests he has taken a slightly different stance on the matter and may agree to retain some aspects of it, such as extending health care coverage to students.

Mr. Trump has stated that by adhering to free market principles his government intends to restore economic freedom and certainty to Americans. He plans to make health care affordable, improve the quality of care available and broaden access to health care.

Health care under a Trump administration may allegedly be accomplished by:

• Congress repealing all or parts of Obamacare. No one should be forced to buy insurance.
• Modifying existing laws inhibiting the sale of health insurance across state lines. Full competition in the industry drives prices down.
• Permit Americans to deduct health insurance premium from tax returns.
• Review Medicaid basic options to allow those who want health insurance to access it.
• Permit Americans to use Health Savings Accounts (HSAs), ensuring they are tax-free and allowed to accumulate.
• Mandate price transparency for all medical professionals, particularly physicians, clinics and hospitals. Americans should be allowed to shop for the best price for procedures, exams or any medical procedure.
• Stop-grant Medicaid to states. State governments can manage Medicaid administration without federal interference. States will be offered incentives to reduce waste and eliminate fraud.
• Remove free market barriers for drug makers that offer reliable, less expensive and safe products. Americans should have more options open to them and be allowed access to less expensive, imported, dependable and safe drugs.

Posted on Monday, December 12th, 2016. Filed under Health Insurance.
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