Money for nothing and your healthcare for free…I want my subsidies
- ACA, Affordable Care Act, Dan McGrath, Filial Support Law, financial planning, Health, Health Costs, Health Insurance, Healthcare, Healthcare Costs, Long Term care, Medicaid Recovery Act, Medicare, Obamacare
“Money for nothing and your health care for free…”
Not exactly the line from the 1985 Dire Straits hit, but lately it seems to fit the mantra of many in the country, especially after the Affordable Care Act passed and everyone learned about “subsidies”.
“I want my, I want my, I want my subsidies…”
According to the ACA, and when our government decides to enforce our nation’s laws (keep in mind that the ACA passed in 2011 and was put on hold for a while), everyone must have health insurance or else. But for those who happened to be earning below certain specified amounts, they just may qualify for “money for nothing and health care for close to free”. The qualifications are outlined below: (more…)Read more
From the Fiduciary Rule to the myRA to the Government regulating Employer Retirement Plans
- Employer. Corporations, fiduciary, fiduciary rule, financial advisors, financial planning, Health, Health Care, Health Insurance, Healthcare, Retirement
In the past 6 months the federal government has already expanded the fiduciary rule, which states that a person controlling another person’s assets must place that person’s needs before them, along with designing the myRA, a retirement account for individuals that do not have access to an Employer Retirement Plan, i.e. a 401(k). (more…)Read more
The impact of your healthcare on your Social Security
- Fidelity Health Care, financial planning, Health, Health Care, Health Costs, Health Insurance, Healthcare, Healthcare Costs, Medicare, Retirement, Social Security
There is a lot of talk about planning for Social Security from the financial industry, which is great as people need to know how to generate the most amount of income possible in retirement at the lowest penalty, but the scary part: NO ONE IS PLANNING FOR HEALTHCARE COSTS.
Here is a breakdown of the impact that Medicare may have, if everything just stays the same, on an average couple in retirement:Read more
Should you plan for the cost of your healthcare – your Social Security benefit may depend on it
- Health, Health Care, Health Insurance, Healthcare, Medicare, Medicare Modernization Act, Retirement, Social Security, Taxes
The common sense answer would, obviously, be of course you should, but when the stats are tallied and the facts shown it would appear that the common sense answer is not being applied at all, and this may wind up costing you more in retirement than just your health.
According to Sun Life’s Flying Blind Survey less than 8% of all Americans have ever planned for the cost of their healthcare and this includes planning for Long-Term Care as well and the problem runs even deeper than just being a line item in your budget.
Why? The answer is simple, your health costs will consume a large portion of your Social Security benefit in retirement thanks to a rule change that automatically deducts certain premiums and any surcharges from your Social Security benefit.Read more
I saw this on NBC News last night…a Fair warning about Medicare
- Employee health insurance, financial advisors, financial planning, financial plans, Health, Health Care, Health Insurance, Healthcare, Medicare, Retirement
There is a video making the rounds through an email with the subject header being titled “Fair Warning… I saw this on NBC News last night”.
This email and the video is quickly becoming somewhat of instant phenomenon within the financial planning industry as it touches on how hospitals use the terms “Under Observation” and “In-Patient” and the impact that it may have on finances.Read more
Long-Term Care, the 5 year look back & Medicaid – Things may have changed for your children
- Filial, Filial Support Law, financial planning, Health, Health Care, Health Insurance, Healthcare, Long Term care, LTC, Nursing Homes, Retirement
Those that have followed or are planning on following the age old advice of hiding assets along with income to qualify for Medicaid in order to receive “free Long-Term Care” may want to sit down and read the fine print to the actual rules of Medicaid.
Things have surprisingly changed and what you don’t know will not only hurt you, but also others or more specifically your children.Read more
Planning for your parents retirement…you should be!
- ACA, Affordable Care Act, Fidelity Health Care, Filial, Filial Support Law, financial planning, financial plans, Health, Health Insurance, Healthcare, Medicaid, No Health Insurance, Obamacare, Pittas, Retirement, Retirement Planning
Ever hear of Filial Support Law?
The little unknown law on the books of 29 states that has the possibility to impact anyone who has a parent residing in them. Under this law each state can go after the families of people who have unpaid health costs which they accrued while being enrolled under Medicaid.Read more
What you don’t know about Obamacare will hurt you… The Cadillac Tax
- Cadillac Tax, Employee health insurance, Health, Health Care, Health Insurance, Healthcare, No Health Insurance, Obamacare, Taxes
Pages 729 through 736 lay the breathe taking groundwork of a new tax, the Cadillac Tax, that will impact not only you, but also your employer (this includes any of those defined as self employed too!).
This new tax, the Cadillac Tax, which is detailed on page 729 of the Affordable Care Act is a penalty on any employee who has excessive health coverage through employment in terms of a dollar amount and it will be imposed on:Read more
Why Health Insurers are canceling health plans due to Obamacare
As the Affordable Care Act (ACA) settles in it has been come increasingly clear that not everybody will be able to keep their plan. The reason why health insurers are canceling health plans, if one was to a little digging, is really simple.
Due the ACA or Obabacare there have been specific mandates in what is needed to be offered in every health plan in terms of what is provided as coverage and some of these specifics can found on pages 36 through 38 of the actual law (if somebody just read this before they voted to pass it things may have been different).Read more