Aetna, Coventry, United and Cigna have all pulled out of the Florida Marketplace. There’s only a few left participating. In other states, there is only one Insurance carrier. Yet in other States, the marketplace is working excellently. The range of demographic variability changes from one county to the next and from one state to the next. Seems like there’s no uniformity across the board. The attached article goes into much detail explaining the advantages, disadvantages of Obamacare. It took Medicare a few years to get it’s act together and now it’s one of the most stable government run health insurance programs in the world. As an agent, I can see that the Insurance companies are launching new types of insurance products that are outside the arena of traditional major medical health insurance. The signs are obvious and our system is changing. Change can be painful, especially on the pocketbook. So, be patient as our society emerges from the cocoon of what was familiar and comfortable for many decades.
Finally, a law to protect my clients from balance billing as a result of not having control of surgeons and other hospital physicians billing them as out-of-network providers. This consumer protection law is long overdue…..
— Neil Primack (@NeilPrimack) April 15, 2016
Not only have health insurance premiums doubled over the past 2-3 years, deductibles keep getting higher.
Is this really a sustainable model? the article here says it’s not.
The Latest Problem under the Affordable Care Act: Deductibles via drumup.io https://t.co/Xl0KH9vfYH
— Neil Primack (@NeilPrimack) April 12, 2016
When you apply for coverage in the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim for the tax year, using information you provide about your family composition and projected household income. Based upon that estimate, you can decide if you want to have all, some, or none of your estimated credit paid in advance directly to your insurance company to be applied to your monthly premiums.
If you choose to have all or some of your credit paid in advance, you will be required to reconcile on your income tax return the amount of advance payments that the government sent on your behalf with the premium tax credit that you may claim based on your actual household income and family size.
If you do not opt for advance credit payments or the Marketplace determines that you were not eligible for advance payments at the time of enrollment, you may be eligible to claim the credit when you file your tax return for the year, which will either lower the amount of taxes owed on that return or increase your refund.
Learn more about the Health Insurance Premium Tax Credit at: www.healthcare.gov
Neil Primack – Your South Florida & West Palm Beach Health Insurance and Medicare Supplement Expert