Health Insurance Premiums to increase

I was reading this article from the Wall Street Journal this morning, that said premiums for individuals purchasing health insurance could rise as much as 116%.  If I’m looking at the premium that my family of 3 pays, that is substantial.  Plus, you know when business expenses go up, they have to charge more to their customers, that my friends is a vicious circle.

2013 Medicare Annual Election Period

The 2013 Medicare Annual Election Period starts on Monday October 15 and runs through December 7th.  This is a great time to do a “check up” on your benefits to make sure the new plans are going to fit your needs.  If you would like help, let me know 509-927-9200.

Healthcare Law

With regards to the healthcare law, how specifically will it affect you personally?

2013 HSA Contribution Limits

2013 HSA Contribution Limits

The IRS has recently announced the new contribution limits for HSA’s (Health Savings Accounts).

HSA contribution limits: 

  • Individuals (self-only coverage) – $3,250 (up $150 from 2012)
  • Family coverage – $6,450 (up $200 from 2012)

HDHP minimum required deductibles:

  • $1,250 for self-only coverage
  • $2,500 for family coverage

Out-of-pocket maximum:

(Out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums)

  • $6,250 for self-only coverage
  • $12,500 for family coverage

Under guidelines implemented in the Patient Protection and Affordable Care Act, over-the-counter drugs may only be reimbursed if they have a prescription. If a policyholder uses an HSA to pay for items or services that aren’t qualified medical expenses, the tax penalty is 20 percent of the HSA distribution.

Surprising Long Term Care Insurance Statistic

Surprising Long Term Care Insurance Statistic

In a recent report from the American Association for Long Term Care insurance, it states that in 2011 $6.6 billion (6,600,000,000.00) were paid out in claims to 200,000 people.

If all the claims were equal (which we know were not) that would be $33,000.00 per person on claim.

Now not everyone goes on to long term care claim (just like not everyone has a car accident), but if you do go into a facility whether nursing home or assisted living, or you need someone to come to the house, how do you plan on paying that?  Let’s use the number of $33,000 per year (some are higher some will be lower), what will that do to your savings account, your retirement, do your kids have enough to pay for it?

I know it’s a lot of questions, but something that you should at least think about. You should contact me for a quote specific for your situation.

Also did you know when it comes to purchasing long term care insurance that you can write off a portion of it?  I have copied this directly from the IRS website.

Qualified long-term care premiums up to the amounts shown below.
Age 40 or under – $340.00
Age 41 to 50 – $640.00
Age 51 to 60 – $1,270.00
Age 61 to 70 – $3,390.00
Age 71 or over – $4,240.00

Again Contact me with questions.

Holy Family ER and Premera BC

 I was reading this news story on Krem about Holy Family ER docs not being contracted or “In Network” for Premera Blue Cross.  Please keep in mind that this just affects the ER docs and not the rest of the hospital.  Also “typically speaking” these sorts of things happen and are usually resolved over time.

If you have questions about your current coverage or are looking to get new coverage, I am more then willing to help you with those decisions.  Just Contact Me.