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More Information about Caffrey Insurance Solutions | |
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Tax Credits |
 This applies to small businesses that have fewer than 25 full-time employees with an average annual wage below $50,000.
If this is true and you pay at least 50% of the cost of the employees' healthcare, you may be eligible to claim a tax credit of 35% of the premium!
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For More Information |
These sites provide more information on the new laws discussed in this newsletter.
Dependents to age 26
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Best Broker in the East Bay | |
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Testimonial |
"Thank you for helping me obtain health insurance coverage.
Without your help, the process would be overwhelming. Your thorough attention to the details, prompt communications and follow-through allow me to know that the application will be completely reviewed by you before being submitted.
What a relief this is for me. I hope more people can learn about the invaluable service you offer."
In gratitude,
Alisa Rose Seidlitz
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Greetings!
I always have an Ask Lynn item in my newsletter--this is generally based on questions that come from my clients that I think have implications for others. In this newsletter, there are going to be many Ask Lynn items. Please don't hesitate to call me. There's a lot going on this month and many of the details can be confusing.
September 23, 2010 marks the implementation of the first of the healthcare reform laws. I'll use this issue to highlight them and to offer links to sites with more details. Before I do, I'll pose a question that is probably on your mind.
Will I pay less for my health insurance coverage--or more?
It will take a while for this to shake out. Reform legislation mandates new benefits be added to all policies, even those currently in place--and these are predicted to add up to 5% to costs.
However, since more businesses and individuals will be entering the insurance buying pool, it is hoped that the larger number and perhaps healthier makeup will serve to reduce costs. Also, the new Health Insurance Exchanges will encourage more competition among the carriers. |
| New Healthcare Law Particulars | |
For individuals, each carrier is handling this differently. Please call me or the carrier to find out.
For groups, it will be implemented on the anniversary following September 23, although some carriers are allowing those who would normally age off to remain on the plan. Again, it's good to check.
Preventive Care will be covered at 100% with no deductibles.
 This will be true for all new plans and those renewing after September 23. There will be no more lifetime or annual maximum limits on essential benefits. There are no preexisting condition limitations for children under 19, although they can still be denied or rated higher. Finally, coverages can't be rescinded except for fraud.This last one is interesting. We've all heard stories of people being accepted, having a bad illness or accident, and only then having their applications reviewed again to see if there is a reason they would have been declined if more information about them had been known.
An example would be failure to disclose a sinus infection or a flu which has no bearing on the current claim and simply slipped the person's mind. Formerly, the insurance company may have cancelled coverage retroactively due to "failure to disclose a condition". Fortunately, this practice will no longer be legal, as it is not "fraud", only an oversight. It's a good thing. |
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Grandfathering: Hanging onto Your Existing Insurance Plan | |
One of President Obama's directives includes your being able to keep your health plan if you like it, known as "grandfathering" it.
The advantages are that it will keep you from having to comply with mandated benefits. The disadvantage is it's very difficult to sustain. If you change insurance companies, deductibles, out-of-pocket maximums or even a copay by more than $5, you lose the grandfathered status. |
| About Lynn | |
Lynn Caffrey and Caffrey Insurance Solutions is an employee benefits brokerage firm that provides insurance expertise for small companies (fewer than 50 employees) and individuals seeking Individual coverage.
Caffrey Insurance works with you to find the best insurance benefits that provide the best value, tailored to the unique needs of your company.
California license information
Individual: 0557451
336 Lenox Avenue, Oakland, CA, 94610 |
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