AFFORDABLE [uh-fawr-duh-buhl] adj.

According to dictionary.com, affordable means, “believed to be within one’s financial means.” Obviously the politicians in Washington took this definition literally when they passed the Affordable Care Act.

According to an article in Forbes this past week, individual health insurance premiums will increase by an average of 41% across the country. Offering subsidies to a small subset of Americans to help offset substantially higher rates for everyone else doesn’t make sense.  However by this definition, all they needed to do was to make health insurance within one’s financial means.  And as of yesterday we know at least 5 have enrolled so far.

The Manhattan Institute put together an excellent interactive map that shows pre and post ObamaCare rates for each state:

Manhattan Institute - Know Your Rates

Manhattan Institute – Know Your Rates

There are winners and losers in ObamaCare.

Winners: unhealthy people that were forced into expensive state pool guaranteed issue health plans that can now get any plan they choose without proof of insurability
Winners: low wage earners that qualify for expanded Medicaid or a substantial premium subsidy (and actually make it through healthcare.gov)

Losers: everyone else

I guess it all depends on what your definition of the word “Affordable” is…

IMG_121012095075172

N. Scott Borden on Planning To Prosper 10-15-13

I was a guest on Andrew Scianna’s talk radio show this morning:

We discussed the disastrous first two weeks of ObamaCare and how many physicians are choosing to go Direct Pay.

Here is the Jon Stewart interview with Kathleen Sebelius we shared at the beginning of the interview:

For up-to-date ObamaCare information and calculators visit www.MyObamaCareCalculator.com

MyObamaCareCalculator.com

MyObamaCareCalculator.com

ObamaCare is HERE!

ObamaCare Day 1

ObamaCare is here…
The healthcare landscape has changed.

Dave Ramsey's ELP

Dave Ramsey’s ELP

As Dave Ramsey’s Endorsed Local Provider (ELP), our goal is to make you aware of these changes.
We have tools available to help answer your questions:
You have more options available now than you will have next year.
MyObamaCareCalculator.com

MyObamaCareCalculator.com

For an individual / family PRE-OBAMACARE QUOTE, click on your state:

Alabama                             Montana
Alaska                                 Nebraska
Arizona                               Nevada
Arkansas                            New Hampshire
California                            New Jersey
Colorado                            New Mexico
Connecticut                        New York
Delaware                            North Carolina
Florida                                North Dakota
Georgia                              Ohio
Hawaii                                Oklahoma
Idaho                                  Oregon
Illinois                                  Pennsylvania
Indiana                                Rhode Island
Iowa                                   South Carolina
Kansas                                South Dakota
Kentucky                            Tennessee
Louisiana                            Texas
Maine                                 Utah
Maryland                            Vermont
Massachusetts                   Virginia
Michigan                             Washington
Minnesota                          West Virginia
Mississippi                          Wisconsin
Missouri                             Wyoming

Obama-Car

Obama-Car Volt

While talking about healthcare reform with my wife, our teenage son started asking questions. We tried to answer him in a way he could understand, but we just weren’t getting through. Health insurance is a foreign language to him. However he is dreaming about which car he will soon purchase. So we introduced ObamaCare to him by way of the Affordable Car Act… a.k.a. Obama-Car:

Obama says his reforms will include additional mandated essential health benefits AND reduce health insurance costs by $2500 per family. That’s simply impossible. That would be like requiring all 2014 cars to be either hybrid or fully electric (more energy efficient), include run-flat tires with electronic low-pressure warnings (better fuel economy), HID headlights (better night vision), GPS (less fuel wasted getting lost), and satellite radio (because it sounds good) at a lower price.

Yes, these OPTIONS are nice if you have the money to pay for them, but they should remain OPTIONS, not REQUIREMENTS.

Instead of a Chevy Cruze starting at $17,000 the new Obama-Car compliant version (such as the Chevy Volt) would be priced around $34,000.

Obama claims these new cars will only be paid in full by the “millionaires and billionaires” because anyone making less than 400% of the poverty level will have some (or all) of their car subsidized by the government.

Now let’s talk about used cars…

obama-car

Let’s say you like your existing car.  As long as you owned it before March 23, 2010, you would be allowed to keep it. You cannot make any changes to it or it would no longer be “grandfathered” and you would be forced into buying a new Obama-Car next year or pay a penalty.

If it doesn’t get good enough gas mileage or include all the new Obama-Car required Overpriced Bureaucratically Authorized Mandated Add-ons (OBAMA), then you would also be penalized.

Our son is glad Obama-Car doesn’t exist. He can save his own money to purchase any car he chooses… as long as Dad (not Obama) approves of it!

Dislaimer:  This article was never meant to suggest Obama-Car legislation is needed or should ever become law.

Prepare For ObamaCare

Dear Nancy Pelosi,

After 3+ years and 20,000+ pages of additional clarifications…
WE STILL DON’T UNDERSTAND WHAT’S IN IT!

Senate Minority Leader Mitch McConnell (R-KY) points up at ObamaCare
Senate Minority Leader Mitch McConnell (R-KY) points up at ObamaCare

ObamaCare Calculators

MyObamaCareCalculator.com

MyObamaCareCalculator.com

Yes, the Affordable Care Act (ObamaCare) is upon us. As of now (August 2013) there are still way more questions than answers.

Should I keep my existing plan or get a new EXCHANGE plan?

Should employees & their dependents remain on employer group plan or get their own individual policy?

Will I qualify for a subsidy?

We have assembled several calculators available today that can help make preparing for 2014 much easier.

Although the employer mandate has been postponed until 2015, the individual mandate still applies.  Anyone not covered by Minimum Essential Coverage next year could be subject to a penalty tax of the greater of $95 per uninsured or 1% of household over the filing threshold:

INDIVIDUAL PENALTY TAX CALCULATOR

All new health insurance plans will be guaranteed issue and required to include essential health benefits which will greatly increase premiums.  The Public Exchanges (both state and federal) are to be open in October.  People making less than 400% of poverty level could be eligible for subsidized health insurance plans if they are purchased on the State / Federal Exchanges. It is estimated that 26 million should be eligible for these subsidies, however only 6 million are estimated to enroll in 2014. Here is a calculator to see if you would be eligible for a subsidy:

INDIVIDUAL / FAMILY SUBSIDY CALCULATOR

Small businesses with less than 25 employees that earn less than $50,000 average annual salary and pay at least 50% of their health insurance premiums could also qualify for a small business tax credit.  For 2014 the tax credit is only available if the plan is purchased through the Small Business Health Options Program (SHOP) Marketplace:

SMALL BUSINESS HEALTH INSURANCE TAX CREDIT CALCULATOR

Don’t wait until it’s too late.  If you are relatively healthy, you could save money by applying now BEFORE all plans are guaranteed issue and are weighed down with expensive government mandated benefits next year.

INSTANT ONLINE HEALTH INSURANCE QUOTE

Or you can call an independent health insurance agent at 913-432-2732.

Although the employer mandate has been delayed 12 months, businesses are still concerned about how to minimize (or eliminate) their exposure in 2015. This calculator helps calculate how many full time equivalent (FTE) employees you have and what your potential penalty might be if/when the employer mandate is reinstated:

EMPLOYER MANDATE CALCULATOR

And finally, for those of you with seven minutes to spare, here are the YouToons simplifying ObamaCare:

Pay, Play, or NONE OF THE ABOVE

PAY, PLAY or…

none-of-the-above-428x181

July 3, 2013
N. Scott Borden

The Obama administration shocked the business community yesterday by issuing a one year waiver on the penalty tax (thank you SCOTUS for clarifying this) on employers with over 50 full-time equivalent (FTE) who don’t meet certain ObamaCare mandated health insurance guidelines for employees.  This has been called a shrewd move since this provision is very unpopular and there are 21 Democratic Senate seats up for grabs in next year’s midterm election.  Businesses have been concerned about being forced to purchase health insurance for all full-time employees (Play) or being fined up to $3000 per employee if they don’t (Pay).  But now they have a third option… NONE OF THE ABOVE.

Most employers already offer group health insurance.  They want to make sure their employees can obtain affordable health insurance regardless of any pre-existing conditions.   They typically subsidize the premiums for employees and families.  This is an enormous drain on their time and bottom line.  Many employers are reluctant to hire new employees since every FTE could come with a penalty tax which has stagnated expansion and increased unemployment.  But the Obama administration has inadvertently provided a deficit exploding solution many employers are bound to take advantage of.

By delaying this one piece of ObamaCare while moving forward with the exchanges, employers will be able to choose to drop their group health insurance plans without the fear of paying a penalty tax.  Why should an employer pay for health insurance when the government will subsidize individuals and families on the exchanges that make up to 400% of the poverty level?  That means a family of four can be making $90,000 per year and have the government paying some of the premium instead of the employer.  Why would employers waste countless hours struggling with health insurance decisions when the employees can go to the exchanges and pick their own plan?  And all health insurance plans will be guaranteed issue in 2014, so any pre-existing conditions will be covered.

So once again we have the Law of Unintended Consequences (ObamaCare Edition) playing out right in front of us.  Political expediency says unpopular provisions should be implemented in non-election years.  Experts were predicting a very small number of employers would drop their health insurance and let their employees obtain subsidized health insurance on the exchanges.  Not only will the consequences of this delay tactic be a reduction in penalties taxes, but also an exponential increase in the number of employers that will choose “NONE OF THE ABOVE” next year and allow their employees to obtain government subsidized health insurance.

And where will that money come from?

 

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