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Tom Licciardello, CFP
Cristina Licciardello
Your Trusted Financial Advisors | |
We don't predict the future, we help our clients prepare for it. |
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Planning for Success
From the Desk of Tom Licciardello, CFP
Here Comes the Affordable Care Act...are you ready?
We are now entering the third full year of the Patient Protection and Affordable Care Act (ACA), colloquially known as ObamaCare.
Even for those of us in Massachusetts the impact will be profound. Though ACA was, in many ways, modeled after the health care initiative we have adopted, and even though we can now boast a more than 98% insured rate, changes in the way will do health care business will impact each of us....some positive, some not so much.
If you are an employer, there will be new reporting requirements, rates will be calculated in a different way, and some plan designs may have to be changed.
If you are an employee, there will be changes for you as well. If you are retired and on a Medicare Supplement, there are implications for you, too.
Make no mistake, the rules changes and their implications are complex, and in many cases still not fully understood by industry experts. This is an evolving situation. But there is a bright side.
First, we've been through this before. We made it through Massachusetts Health Care reform despite the warnings that the sky would fall. We'll get through the implementation of ACA.
Secondly, we at LFS/CCC have the resources to keep you informed and prepared with factual information that you will need to know. There is a lot of erroneous information being circulated...we'll get you the "real deal".
As part of that promise, you'll find in this newsletter the first of many more to come articles from one of our premier partners, Harvard Pilgrim Health Care. |
The Patient Protection and Affordable Care Act
 Mapping Its Impact on Your Business and Employees
Taking the Long View
2013 marks the beginning of the third full year of the Patient Protection and Affordable Care Act (ACA). Over the course of the next several years, the pace of ACA-related changes will accelerate. We want to take the opportunity to look ahead and clarify, at a high level, the ways the new law will affect employers.
It is important to note that the federal agencies charged with implementing the ACA (i.e., the Departments of the Treasury, Health and Human Services and Labor) are still developing regulations and will continue to do so at least until 2014, making it difficult to discuss key provisions with specificity. States may also interpret the law's provisions differently until there is clear guidance from federal agencies. The federal Web site, www.healthcare.gov, is a good starting point for up-to-date news on health care reform. In the meantime, we hope that this guide will provide an overview of what you can expect in the coming years.
Read the full report - The ACA and You |
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The Future is Now: MA Attorney General's report on Health Care Cost Trends, Cost Drivers and What Has Happened in MA since Health Reform
From my professional colleague, Jeff Hogan at Rogers Benefit Group, here are his comments regarding the recent report from Attorney General, Martha Coakley on the driving forces of healt care expenses:
This week Massachusetts Attorney General Martha Coakley published the third edition of "Examination of Health Care Cost Trends and Cost Drivers". (Attached here.) The results of this report are a must read for benefits professionals, providers, plan sponsors and payers involved in the health system. I highly recommend that you share it with your contemporaries. This is a scary summary based upon the results of six years of health reform in Massachusetts. This isn't prognostication; it is real empirical evidence.
For the last six years we've argued in this space that "as goes Massachusetts - so goes the nation" as it relates to healthcare. PPACA was modeled on Romneycare. While MA has achieved nearly universal coverage; its healthcare cost basis is nearly 30% higher than the national average. The state passed recent legislation attempting to set global caps on healthcare costs. Most don't believe that these will work and this evaluation empirically points to the fact that pricing and incentives are systemically misaligned.
This report points to where the rest of the country will be going shortly to deal with the mandates of PPACA. In Massachusetts, employers have moved in droves to high deductible health plans, self funded medical plans and narrow networks. Here is the proof. Hopefully, this report inspires a wakeup call for many who seem to be waiting for the next shoe to drop. |
On a Personal Note:
The Best Part of the Day
April 15th started of as a beautiful morning to run a great marathon. Circumstances later that day would forever cloud the 117th running of the Boston Marathon.
What we all need to remember is that there was, in fact, a marathon that still needs to be celebrated. I though you might like to see the photos I shot at the start of the race, the best part of the day. The Boston Marathon Start |
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Did You Know?
As a fee based financial advisor we can:
- Help you define your most important financial goals based upon your core values
- Create a strategy to help you navigate the financial choices that will help you reach your goals
- Provide ongoing review of your plan to assure that you stay on track
- We can advise on the correct use of financial instruments such as no load mutual funds and ETF funds.
In addition to health insurance, our Benefits division can help your company with:
- 401k plans
- Employee paid payroll deduction benefits
- Group Life, Disability, and Dental Plans
We can advise you on, and find the best rates for:
- Term Life Insurance
- Long Term Care Insurance
- Long Term Disability Insurance
Through our network of Qualified Advisors affiliated with our ProNet Group, we can refer you to the best advisors in the following areas:
- Estate Planning Attorney
- Real Estate Attorney
- Employment Law
- Third Party Administrator
- Certified Business Evaluations Expert
- Property Casualty Agent
- Accountant
- Banker
- Mortgage Broker
Let us know if we can help!
When conditions become volatile and confusing, there is no more important time to have a Trusted Financial Advisor to help guide you. Please remember that you have unrestricted access to us. Call, email, or text any time! |
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Do you have an idea for the next newsletter? Is there an issue you'd like to hear more about? Is there someone you'd like to add to the newsletter list? Let us know!
Sincerely,
Tom Licciardello, CFP Crissy Licciardello Licciardello Financial Services Compass Capital Corporation |
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