Posted by William Byrnes on November 6, 2013
The Affordable Care Act (ACA) mandate that will require employers with more than 50 full-time employees to provide health coverage for those employees or pay a penalty that can reach $3,000 per employee has many small business clients scrambling to plan for years ahead. Because independent contractors are not counted toward the 50-employee limit, some small business clients may be tempted to reclassify common law employees as independent contractors to avoid the mandate.
Read Professor William Byrnes and Robert Bloink’s analysis of the issues, challenges, pitfalls and solutions for addressing a business’ future in a world of Obama Care at > Think Advisor <
Posted in Compliance, Tax Policy | Tagged: ACA, Affordable Care Act, Business, independent contractor, Internal Revenue Service, Patient Protection and Affordable Care Act, Small business, United States | Leave a Comment »
Posted by William Byrnes on October 2, 2013
Your small business clients know that the health insurance exchanges set up under the Affordable Care Act (ACA) are coming—and soon—but they may not realize that they create significant benefits for employers in the form of dramatic cost savings above and beyond the current rules governing deductibility of premiums and eligibility for certain tax credits.
Beginning Nov. 1, small business clients will be eligible to sign up online for a specially created Small Business Health Options Program (the SHOP exchange), but clients are unlikely to have realized that the rules of the game have changed with the advent of SHOP.
Read William Byrnes and Robert Bloink’s analysis at Think Advisor
Posted in Compliance, Insurance | Tagged: Affordable Care Act, Business, Health insurance exchange, insurance, Obama Care, Patient Protection and Affordable Care Act, Small business, Tax credit | Leave a Comment »
Posted by William Byrnes on July 31, 2013
For your high net worth and upper middle class clients, Medicare planning has become a critical component of a well-executed retirement income plan.
New rules put into effect under the Patient Protection and Affordable Care Act (PPACA) can impact these clients’ retirement income planning in ways they might not yet realize by increasing their Medicare premiums proportionally as income increases. The new rules will expand the pool of clients to which these monthly increases will apply.
In today’s environment, it is more important than ever to consider Medicare premiums when planning for retirement expenses.
Medicare Income-Based Premiums … read my analysis at LifeHealthPro - http://www.lifehealthpro.com/2013/05/13/income-based-premiums-triple-medicare-costs-under
Posted in Retirement Planning, Wealth Management | Tagged: Affordable Care Act, Health care, Independent Payment Advisory Board, insurance, Medicare, Medicare Part D coverage gap, Patient Protection and Affordable Care Act, Retirement | Leave a Comment »
Posted by William Byrnes on August 31, 2011
Increased medical loss ratios (MLRs) are devastating health insurance producers’ balance sheets and driving agents out of the health insurance business. As of January, the Obama Administration’s Affordable Care Act increased the MLR requirement imposed on health insurance companies, forcing many carriers to reduce agent commissions by 25 percent or more.
The objective behind imposing MLRs is to ensure that consumers receive the full value of their premium dollars. This is accomplished by implementing a shift in how insurance carriers spend their money. Insurance carries are now required to spend premium dollars on direct medical services, rather than on administrative costs and profits. Under the new MLR program, insurers must spend 80 to 85 cents of every dollar on direct medical services. Insurers who fail to meet the MLR requirement must either adjust their premiums to account for any discrepancies, or refund excess premiums to consumers.
Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of health care reform in Advisor’s Journal, see Long-term Care Insurance Reform Act of 2010 (CC 10-46), Changes Affecting Large Employers in the 2010 Health Reform Law (CC 10-17), Changes Affecting Business in the 2010 Health Reform Law (CC 10-16), & Changes Affecting Individuals in the 2010 Health Reform Law (CC 10-15).
Posted in Wealth Management | Tagged: Affordable Care Act, Consumer, Employment, Health care, Health care reform, healthinsurance, insurance, United States | Leave a Comment »