Deerfield Private Client – HealthCare

Welcome to the “Deerfield Advisor ObamaCare Compliance & HealthCare Updates Blog”. Our aim with this blog is to help keep you fully informed on all things ObamaCare Compliance and Health Care related. We want you to be fully informed so you can make smart choices and wise decisions in this very important topic. So, enjoy, and please don’t hesitate to call us if you’d like to have a conversation about this or anything else that’s on your mind.

The Deerfield Team

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Employer Shared Responsibility requirements for 2015 and beyond – Additional information on safe harbors

On Feb. 10, the final regulations for the Employer Shared Responsibility provisions (also referred to as the “employer mandate”) under the Affordable Care Act were released by the Internal Revenue Service and Department of the Treasury.   Continue reading…

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ObamaCare Implementation

ObamaCare implementation is fast approaching. Folks are wondering how their health insurance will change come January 1, 2014 when the law commences officially.  October 1 starts open enrollment on the Exchanges established by the Patient Protection and Affordable Care Act (PPACA) or ObamaCare. The PPACA established these Exchanges, also referred to as “marketplaces,” nationwide.  Continue reading…

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DOL Issues Guidance on Employer Notification Requirements

On May 8, 2013, the U.S. Department of Labor (DOL) published 2013-02 Technical Release
to provide employers guidance on the provision of the Patient Protection and Affordable Care Act (PPACA) that requires employee notification of health care insurance coverage options. Only employers that employ one or more individuals and who are engaged in, or produce goods for interstate commerce are subject to FLSA requirements. Continue reading…

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ACA Implementation & Excepted Benefits

On February 13, 2015, the Departments of Labor, Health and Human Services, and the Treasury (the “Departments”) issued Part X111 of their FAQs about ACA implementation. This FAQ addresses the confusion about weather supplemental health insurance products that provide a single benefit qualify as excepted benefits, which are excluded from the ACA’s requirements.Q: Can health insurance coverage that supplements group health coverage by providing additional categories of benefits, be characterized as supplemental excepted benefits?  Continue reading…

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ACA New Reporting Requirements 

The Affordable Care Act requires all applicable large employers to report health coverage information for 2015. These employers need to provide Form 1095-C to employees and file Form 1095-C and Form 1094-C with the IRS in early 2016. Preparing these forms requires tracking monthly information about your employees and the health care coverage offered them, if any. Continue reading…

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obccminibannerV3Critical Illness Insurance II

In terms of U.S. individuals that file for bankruptcy each year, 60% involve medical illness issues, and over 75% were insured by traditional health insurance when the illness began. Traditional health insurance is important but financial gaps still exist because of the co-insurance & deductible constraints embedded in these policies. Securing coverage through critical illness insurance is one way to fill those gaps. Continue reading…

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obccminibannerV3Critical Illness Insurance: What It Is and Whether Employees Need It

Simply having health insurance does not guarantee that an emergency health situation won’t cripple your or an employee’s finances. Critical illness costs an average of $35,500, largely in lost wages. Of the over 60% of U.S. bankruptcies involving medical problems, over 75% of people were insured when the illness started. Continue reading…

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obccminibannerV3A Practical Guide to HSAs

If you’ve been following our series, you know that a Health Savings Account is a tax-advantaged, IRA-like creation designed for people covered under a High-Deductible Health Plan. If you also found out that you are eligible for an HSA and like its many benefits, it may be time to open an account. But how do you go about it? Continue reading…

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Is an HSA Right for You?

Despite its unique triple tax advantage, over one third of those eligible for a health savings account do not have one.  Since the average 65-year-old married couple will need well over $200,000 in healthcare expenses during retirement, it’s worth considering whether opening an HSA is right for you. Of course, an HSA is not the only way to save money for retirement or immediate healthcare costs. What advantages does an HSA have over other savings accounts? Are you able to open one? Should you? Continue reading…

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HSAs : An Introduction

Not many people know about the benefits of health savings accounts, a relatively new addition to the healthcare menu. With premium healthcare costs during retirement for the average couple recently estimated at over $260,000, starting a tax-advantaged savings account for health expenses now may make the future less formidable. Continue reading…

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HSA Plans for Business – Why You May Want to Consider it

With all of the recent media hype regarding federal health insurance reform and the state of the health insurance industry, I’m sure by now you have heard the term HSA. You may be wondering: What does this mean? How does it apply to me as a busi- ness owner? Let me explain. HSA stands for Health Savings Account. It is a form of consumer directed health coverage which pairs a high-deductible health plan with a tax-free savings account for medical expenses.  Continue reading…

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Time is Running Out to Secure Health Insurance

Open enrollment, that period when a person is allowed to sign up for health insurance under the new health care law otherwise known as Obamacare, ends March 31, 2014. If you enroll by then you could have coverage in force for an effective date of April 1, 2014. If you haven’t enrolled in coverage by then, you are probably out of luck in regards to obtaining health coverage the rest of this year. Continue reading…

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Open Enrollment & ACA Penalty Tax

You only get three months to decide. November 15, 2014, marked the beginning of open enrollment to secure a health insurance policy for 2015. If you haven’t purchased one yet, you may want to start thinking about it. After February 15, 2015, it will be too late unless you experience what’s called a qualifying life event. Continue reading…

 

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ObamaCare Compliance:

Employer Shared Responsibility requirements for 2015 and Beyond – Additional Information on Safe Habors

ObamaCare Implementation

DOL Issues Guidance on Employer Notification Requirements

ACA Implementation & Excepted Benefits

ACA New Reporting Requirements

HealthCare Updates:

Critical Illness Insurance: What It Is and Whether Employees Need It

HSA: A Practical Guide to HSAs

HSA: Is an HSA Right for You?

HSA: Plans for Business-Why You May Want To Consider It

Time is Running Out!

Open Enrollment & ACA Penalty Tax