New Health Insurance Law 101.

[Nawlinsguy]

Originally posted this in "General " but it was suggested it is better on this topic/area. Sorry. Anyway, here it is again


..I feel this is a good basic article about how the new health insurance law will work. Found the links at bottom of this article very helpful also. Answered a lot of questions for me. There is also some insight into the "health insurance exchanges" and how they may be used.

Health care reform bill 101: Who gets subsidized insurance? / The Christian Science Monitor - CSMonitor.com

 

[G.Gordon]

Sounds like there will be some financial divorces for those sicker/non-working spouses. Take me and my wife. She is expensive to insure. I could divorce her, pay her a salary under the limit and she'd get a subsidy for her insurance therefore reducing the increased tax burden this bill will add to our business.

 

[Russ]

From the link above....

"The formula is pretty complicated. Basically, though, people who make three or four times the poverty level would get enough federal money so that they would not have to pay more than about 10 percent of their income for a decent health insurance package."................


So if it's a husband and wife......husband and/or wife works....family income is say...$50,000 a year....the cost of health insurance is $417 a month(10% of income divided by 12 months).

If it's a husband and wife only and they make over 60 grand a year, they pay the full cost.

I think quite a few will pay the penalty.

.................................................................................


From reading further into the link above.....

"But what if you work for an employer who does offer health insurance? You're not shopping for policies on the individual market. At least, not yet. Can you still get a subsidy?
Excellent questions. Glad you asked.
Yes, if you make less money than the poverty cutoff level, you would still be eligible for aid. The federal government will in essence guarantee that you do not have to pay more than 9.8 percent of your income for your share of health insurance costs.
There's something of a catch there, however. The main way the feds would ensure this is to steer you, too, into this new exchange. Your employer would give you a voucher equal to the amount of money it contributes to your policy. Then you'd dive in there and shop for plans with all the self-employed people.".....


Can you say bye-bye agents? Looks like it to me, unless you're above the FPL.

 

[taterpeeler]

Can you say bye-bye agents? Looks like it to me, unless you're above the FPL.

I do not market or sell policies to anyone below the FPL. i sell major med co pay plans, broke people cant afford those.

the amount of my biz that makes up FPL people is so so little and with the pick up of GI, lets roll... it will make up for it.

Again, we will be fine. I think BETTER!!

I guess if you sell limited benny policies like right start and all that it implies then you are f'ed... but not me....



Here is how this will lay down.... u purchase a policy in the exchange... where the subsidy exist u will get paid a fee per app, but i think you will have to be an employee of the exchange... sell outside the exchange, commission %.

this is no differrent than the hig risk pool in texas, we get 50 bucks selling a risk plan which i never write unless i am selling the rest of the family an indy policy. when this came out agents were scared to death about it... I did not miss a lick...

 

[Russ]

I do not market or sell policies to anyone below the FPL. i sell major med co pay plans, broke people cant afford those.

the amount of my biz that makes up FPL people is so so little and with the pick up of GI, lets roll... it will make up for it.

Again, we will be fine. I think BETTER!!

I guess if you sell limited benny policies like right start and all that it implies then you are f'ed... but not me....



Here is how this will lay down.... u purchase a policy in the exchange... where the subsidy exist u will get paid a fee per app, but i think you will have to be an employee of the exchange... sell outside the exchange, commission %.

this is no differrent than the hig risk pool in texas, we get 50 bucks selling a risk plan which i never write unless i am selling the rest of the family an indy policy. when this came out agents were scared to death about it... I did not miss a lick...

I misspoke in my previous post. What I said is...."Can you say bye-bye agents? Looks like it to me, unless you're above the FPL.".....

I should have said...unless you're 401% or more above the FPL.