ObamaCare Rates revealed in Nevada!

The Nevada Health Link has released what the pricing is going to look like for both silver and gold plans in Nevada. The rates are what it will cost to insure someone without any tax credits or subsidies. http://www.nevadahealthlink.com/individuals/proposed-2014-rates/
The interesting thing is there are only 4 carriers participating and they are all only offering HMO plans. So, if you have a doctor you really love and want to get the tax credits, you might want to think twice about getting those credits.
The silver level coverage is suppose to have a deductible of about $2,000 and not allow for your costs as an individual to exceed $6,400. The plan is suppose to pay approximately 70% of all medical expenses one would receive in a given year. The Gold level plan will cover about 80% and have about a $1,000 deductible. Since we don't have the exact plan designs yet, there is still much in the air about what they will be covering and how much copays will be.

The Nevada Health Link (name of the state exchange) will not be the only place to purchase health insurance. You will still have choices to purchase a plan just you have always had. The new plans carry the same guaranteed-issue rights, but will not carry with them any tax credits to help various income levels with the cost of premiums. You have a choice of working with a broker and deciding which plan fits you best. You may want to choose an HMO on the exchange where costs might be offset by a substantial amount, or you may want to pay a little more and gain a larger network of doctors. Whatever choice you make, you will be avoiding the possible fine (tax) for not having insurance, which is a whopping 1% of your income (or $95, whichever is greater).

2015 Employer extension

Before leaving my office yesterday I was emailed exciting news. The White House extended the employer mandate and fines that require businesses with 50+ employees to offer health insurance until 2015. Although it is not a full repeal (which I would love) it is a step in the right direction. For some companies, they don't offer health insurance because it isn't affordable to do so and for others it is because their employees just don't want to participate. Employers now have a choice and the personal responsibility will lie upon the individual as to whether or not they want to abide by the individual mandate. If an employer wants to continue to recruit or hire great employees, they will still offer coverage and won't have to be fearful as to whether or not they will be penalized for doing so. Their program can be optional and it can again be a tool and not a weapon.

The new healthcare law was a culmination of thought and debate for many years. It was unfortunately pushed through legislation at a time when one party had complete control to do so, not enabling further discussion and allowance of reality to set in. Thankfully the American people are starting to be heard and some changes are going to be put into place to allow for a better transition. I hope and pray that we truly do see some improvements to our system and that healthcare costs truly do decrease for all American citizens.

Tax Cash Fun

This time of year is always filled with either stress or delight. As companies close out their books and individuals file their taxes they feel the burden of the past year and question whether or not they paid enough or too much to the government. For some, there will be stress of paying an unexpected tax bill, while for others, a refund will be awarded.

So everyone knows we are on the same page- a refund isn’t necessarily a good thing and a tax bill isn’t bad. They just mean you either over-paid or under-paid the government. If you were like most w-2 employees, you probably paid the government your taxes according to your wages and if you gave to some charities and had some education or health write-offs you probably got to see a refund. If this is the case, you need to ask yourself “what will I do with it?”

This year my wife and I decided that our tax return will go to paying off the last of our debt. The temptation to spend the cash on fabulous gifts and toys is extremely tempting. I would love an indulgence into life of fun after being so strict the whole year. I think we all deserve a little reward for doing good deeds and being good tax payers. Being financially fit, however, requires a little bit of restraint. Set aside chunks of money from your return to allocate towards your goals. Know where the money is going. Pay down a debt or two and make sure you still allocate a small treat. You should always reward yourself, but be frugal.

Far too often people get depressed or let down when life doesn’t go their way. Diet programs get destroyed, bad habits return, and people lose hope when they work for a goal that is too far to touch I is out of reach. The small victories and rewards along the way remind you of the end goal and can keep you motivated. By having a small indulgence (maybe a movie night or purchase a new gadget) you can satisfy the natural tendency to enjoy money. By allocating resources accordingly you will make the strides needed and achieve your dreams.

Pre-existing conditions, the Nevada Health Exchange and more

I get calls constantly from people who have been misguided by the media. They think that the new healthcare reform has magicall changed health insurance and now that Obama won his second term that 'ObamaCare' is in full swing. Guess what?- it isn't. We have only seen the small stuff hit so far.

Pre-existing conditions: Thos of you who are un-insurable or have been declined coverage, there is still some hope right now, but not all doors are open just yet. You have the federal PCIP or high-risk pool available. If you've been without insurance for 6 months and been declined, you can get onto that program offered at PCIP.gov. Those who are still insured but want to save some money, can go ahead and apply for coverage with the carriers. All of the companies have the right to decline and rate you, but there have been some major changes. Humana, Anthem Blue Cross/Blue Shield, and Assurant have all started to lax their underwriting. If they previously declined you or maybe rated you high, you may now be eligible under their new guidelines.
Although it may start sooner, January 1, 2014 all carriers will be required to accept pre-existing conditions. My guess is that we will start to see dramatic rate increases by the carriers as that time approaches as they will be gearing up for more risk than ever. Come January, every citizen will be taxed if they don't have health insurance. Aetna has already announced that they will no longer give 12 month rate guarantees for new clients.
The Nevada State exchange is suppose to be the place everyone can shop for insurance and be able to keep rates within an affordable budget. Rates will be subsidized according to income. Although different income levels vary the percentage, for most they won't be paying more than 9.5% of their earnings towards the premiums. We only have one problem- No carrier in Nevada has decided they want to even participate in the exchange.
So if you are on the fence about health insurance, get off now and think about getting a plan while underwriting is loose and rates are fairly reasonable now. Best case- you pay less come January then everyone else or worse case you had health insurance this whole year and got to change it out Jan 1.

Upcoming UNLV Classes

UNLV Classes Taught by Nevada Benefits' Phil Randazzo

Never stop learning!

Phil Randazzo, founder of Nevada Benefits, teaches classes from time to time for the University of Nevada Las Vegas' Continuing Education Program.

Upcoming Classes:
 

Retirement Planning Today

Learn time-tested strategies that will help you make informed financial decisions. Whether your objective is to build a nest egg, protect your assets or preserve your lifestyle throughout retirement, this course will help you plan your future with confidence.

Learn about the many ways to save for retirement as well as the advantages and disadvantages of each. Discover how to save money on taxes, manage investment risks and protect your assets from potential long-term health-care expenses. Whether you plan to retire 20 years from now or have just recently retired this course will show you how to develop a personalized plan to achieve your retirement goals.

Dates/Times and Locations:

Session I: 131PF1117B
Tuesdays, February 26 through March 6, 2013, 6:30 PM - 9:30 PM
Palo Verde High School333 Pavilion Court Dr.
Las Vegas NV 89144

Session II: 131PF1117C
Thursdays, March 21-28, 2013, 6:30-9:30 PM
UNLV Paradise Campus, Room TBD  851 E Tropicana Ave.
Las Vegas, NV, 89119

Session III: C121PF1117ATuesdays, March 26 - April 2, 2013, 6:30 PM - 9:30 PMPalo Verde High School333 South Pavilion Center Drive
Las Vegas, NV 89144-4001

Retirement Planning Today

Plan for an active, worry-free retirement by exploring common lifestyle and financial questions faced by retirees. Guided by an experienced financial planner and a retirement tax expert, you will learn how to calculate IRS-required minimum distributions from your retirement plans and examine how investment returns are taxed. Coursework also investigates options for health care, long-term care, incapacity, and end-of-life decisions.

Dates/Times and Locations:

Session I: 131PF1116AThursdays, March 7-14, 2013 , 9:00 AM to 11:00 AM
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144

Session II: 131PF1116BTuesdays, March 12-19, 2013 , 1:00 PM to 3:00 PM
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144

You may register for a class online, call the school at 702.895.3394, call us at 702.258.1995 or email us today!

Lifetime Financial Fitness - Division of Workforce and Economic Development

Lifetime Financial Fitness - Division of Workforce and Economic Development

Financial fitness

In your company right now, over half of your workers are having troubles paying their current bills on time or at all. 25% are in financial doodoo (just can't pay them at all) and 80% of those are spending your time dealing it. 90% of your employees are dissatisfied with their financial situation. The department of defense supposedly loses about $1 billion in lost money dealing with employee money problems.

What can we do to change this?

Paying people more money doesn't translate to living better financially. Most people just get themselves into more financial trouble as their income rises.
Offering more employee benefits such as 401k, better insurance, etc doesn't necessarily give them any better financial backing. These things are nice and do give some financial padding, but fail to enact any real change.
Financial education and resources are the answer. By showing a vested interest in the financial well being of your employees creates more loyalty, enables autonomy, and allows for more personal choice. It doesn't force a change, but it does create awareness.

How much would spend on each employee for wellness programs? $40, $100, $200, $1,000, $10,000 a year?