| Issue: # 91 | January 23, 2013 |
 | | There is always next season |
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Greetings!
One of the biggest health insurance renewals of the year is April 1st for small businesses.
 | | Worcester Loves JetBlue |
Now is the time to start getting quotes. If we do not handle your health insurance then let us assist. Upon receipt of your renewal, you will have numbers in hand to compare.
JetBlue officials return to Worcester Airport (ORH) with the hope of flying to Florida next winter. They should know how to say "Worcester", click pciture to your right.
If you have a question, send an email to Bill or Vanessa today.
Bill Randell CLU,CHFC,
Vanessa Costa CLU,CHFC,
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Fair Share Contribution (FSC) & HIRD Form
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If you have 11 or more full-time equivalents, you are required to complete file a Fair Share Contribution (FSC) report by February 15th with the Massachusetts Department of Massachusetts Department of Workforce Development. If you have questions here is a great link .
Also for 2013, you need to get updated signatures on Health Insurance Responsibility Disclosure (HIRD) forms from employees, who are eligible for the health insurance but do NOT participate in the employer sponsored plan.
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Highest Health Insurance Rates in the Country
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A study released by the Commonwealth Fund in December reported Massachusetts has the highest health-insurance premiums in the nation for private, employer-sponsored plans.
The study found that the average Massachusetts family health plan had a premium of 16,953 in 2011, compared to a national average of $15,022. The average premium for a individual plan was $5,823, compared to $5,222 nationally. These figures represent increases of 72 percent and 67 percent, respectively, since 2003 - far greater increases than the national average.
Congratulation Masssachusetts!
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Penalties for not having health insurance in 2013
The Massachusetts Department of Revenue final rules stipulate that the maximum penalty this year for those with incomes that exceed 300% of the federal poverty level will be $106 for each month that an individual is not covered by health insurance, or $1,272 a year.
In 2012, the maximum penalty for noncompliance was $105 a month, or $1,260 a year.
Penalties for those with incomes that are less than 300% of the federal poverty level also will go up by $1 a month compared with 2012. The monthly 2013 penalty will be $20 for those with incomes between 150% to 200% of the federal poverty level, $39 a month for those with incomes between 200.1% and 250% of the federal poverty level and $59 a month for those with incomes between 250.1% and 300% of the federal poverty level.
Penalties do not apply for individuals whose incomes are less than 150% of the federal poverty level, which is $16,764 for an individual and $33,516 for a family of four. Those individuals are eligible for free health insurance coverage, with premiums paid by the state.
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