2014 HSA Maximums Released

[Yagents]

Every carrier rep that I've spoken to states they will be paying brokers. So, for any carrier thinking of doing otherwise, will be dropped like a Tater quail.
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Back on topic with HSA's, breaking news...........

CCIIO: HSA plans are still possible | LifeHealthPro

This is funny. Oh, thank you CMS !! (tongue in cheek)


So for those eligible for cost sharing subsidies, they will allow these beneficiaries to waive their cost sharing subsidies, so they can open and fund an HSA. What's funny, is nobody in their right mind would do this, as the subsidies will be more than any tax deduction benefit they would receive from an HSA since they are already in a low tax bracket.


Or, am I missing something?

 

[RayNY]

You're not missing anything. In a prior CMS release they said something along the lines of high deductible/catastrophic plans being available in the marketplace to qualified (i.e. healthy, young, low income) people, with a "tax penalty". The loss of APTC's seems like a penalty to me...

"One question in the batch refers to a conflict between HSA plan design rules -- which are supposed to make consumers who get routine sick care feel pain in the wallet..."

See, we were told that it was supposed to be an affordable plan eligible for a tax-advantaged savings account to help pay for out of pocket expense, promoting smarter use, covering catastrophic costs, and helping bring down the cost of healthcare because there is "some skin in the game".

I had no clue it was just there to hurt their wallets for pursuing routine care.

 

[timsip]

For those that are worried that agents won't be paid starting in 2014, I just got off the phone with my contact at Assurant. I was assured that agents will still be key to them and we will be paid. The percentage will likely go down (he didn't say by how much), but we will still get paid. Keep in mind premiums are likely to go up by at least 100%. Also, if you have a sound strategy or two, volume will erase any doubt of a living income. Some are expecting to be too busy writing new business to worry about the few percentage points lost. If you do well enough, you will be too busy through lock in 2014 counting your money to care about the lost percentage points. You would be smart to educate yourself about the supplementals with your carriers...everyone likes a dental plan, you know.

 

[HealthGuy]

Tim : Your comment will release the dental naysayers who have never sold one and tell the rest of us that all dental sucks and it can't be a nice add on for a family Their loss and our sale !

 

[RayNY]

Tim, that's good to hear. Lets cross our fingers for a good percentage and hope that not every state follows NY with the dental marketplace. Invitation for Health Insurer and Dental Plan Participation in the New York Health Benefit Exchange | New York Health Benefit Exchange

 

[timsip]

Be that as it may, we still don't know what the reduction will be. I think it's safe to say that most of us have enough experience that we can easily switch to another market pretty easily (Med Supps, life, flipping burgers) if this strategy that carriers are working on is a slap in the face. I hope that it isn't, but I am prepared if it is. I get that they have to meet MLR, but I have to meet my wife when I get home and if we aren't getting paid enough, it's their loss, not mine. I was looking for a job when I got into insurance, I can be looking for a job if this craps out too.

I have been without a penny before and now I am on top of my game. If I have to start over somewhere else, that doesn't scare me. I can climb that mountain too.