Health Insurance and the Affordable Care Act

The webinar will start at 11 Central Time (Noon Eastern Time).
Until then, you will not hear audio.
Health Insurance and the
Affordable Care Act: What
REALTORS® Can Do Today
Hosted by REALTOR® Magazine
December 12, 2013 | 11:00am CST
Introductions
•
Stacey Moncrieff
Vice President, Business-to-Business Communications and moderator for the webinar
•
Marcia Salkin
NAR Managing Director of Legislative Policy
•
Kristin Maurelia
NAR Managing Director of Strategic Alliances and NAR’s REALTOR Benefits® Program
•
Shannon Kennedy
President, SASid, Inc. – the administrator for NAR’s REALTORS® Insurance
Marketplace, a REALTOR Benefits® Program partner
– with Sharon Abney, Operations Manager, SASid, Inc.
Health Reform Legislation
• Official Title - The Patient Protection and Affordable Care Act
• “The Affordable Care Act”, the “ACA” or “Obamacare”
• Signed into law in 2010
• Phased implementation - largest changes effective in 2014
Five Major Components of the ACA
• The Individual Mandate
• New Insurance Regulations That Make Obtaining Coverage Easier
and Limit Premium Charges
• New Insurance Exchange Marketplaces Available for Shopping for
Coverage
• Premium Affordability Credits Available to Low and Moderate
Income Households
• Penalties for Failure to Have ACA-compliant Insurance
The Individual Mandate
• Individuals Are Required to Have Health Insurance Coverage
• Individual, employer-provided, or public programs
• Minimal Essential Benefits and Coverage Limits
• There are Exceptions to the Mandate:
• Lack of an Affordable Option
• Religious Objections
• Eligible for expanded Medicaid, but living in a state that has chosen not to
expand Medicaid eligibility
• Federally-Recognized Native American Tribes
• Incentives –Premium Assistance Credits and Penalties
But I’ve Never Been Able to Qualify
for Health Insurance
New National Underwriting and Rating Rules Mean:
o You Can’t Be Turned Down
o No Preexisting Condition Exclusions Allowed
o No Annual or Lifetime Limits Allowed
o Policy Pricing Limited to 4 Variables
 Age
 Type of Plan Purchased
 Tobacco Usage
 Local Cost of Services
State Exchanges - The New Insurance
Marketplaces
• Exchanges - the New Alternative Insurance Marketplaces
• Each State Has an Exchange
 State-created exchanges vs Healthcare.gov, the “federal exchange”
 Healthcare.gov’s stormy rollout
 Performance vastly improved
• Exchange Policies - Private Insurance Policies, Not Public Plans
Premium Assistance for Individuals Without
Employer Coverage
• Advanced Premium Tax Credits
o Reduce the cost of premiums
o Only available for policies offered on the state Exchanges
• Eligibility Depends On Family Income And Size
o Eligibility – households with incomes up to 400% of the federal poverty
level (FPL)
o The lower the household income, the greater the premium credit
Premium Credits for Individuals Without
Employer Coverage (cont.)
• Question: 400% FPL – Just how much is that?
Answer: More than you think.
• Example: 400% of the 2013 FPL equaled
o
o
o
o
$45,960 for individuals
$62,040 for a household of 2
$78,120 for a household of 3
$94,200 for a household of 4
How Big a Premium Credit
Will My Family Qualify For?
•
•
•
•
Calculating a Household’s Subsidy is Dependent on Household
Characteristics and is a Complex Calculation
Best to Use an Online Calculator Available on Reputable Websites
– Healthcare.gov has complete information on premium
credits:
https://www.healthcare.gov/how-can-i-get-an-estimate-of-costs-andsavings-on-marketplace-health-insurance/
– A calculator is available at the Kaiser Family Foundation’s
website:
http://kff.org/interactive/subsidy-calculator/
What Happens if I Don’t Have
Acceptable Coverage?
•
There are Penalties for Failing to Obtain Acceptable Coverage
•
The Amount of the Penalty is the Greater of
1) a flat-dollar amount for each uninsured person in household; or
2) a percentage of household income.
• In 2014 –
1) $95/uninsured person, or
2) 1% of household income
• Annual Penalty Not Unlimited and is Capped.
• Penalty for Individuals Who Fail to
Obtain Acceptable Coverage
• Penalty Totals Depend upon Household Characteristics:
o Number of individuals living in the household
o Adults vs children
o Household income and sources of income
 Best to use a calculator on the Exchange or one of a number of
credible health reform websites to estimate penalties.
Key Dates
•
October 1, 2013
Open enrollment for health insurance starts in the online exchanges.
•
January 1, 2014
New exchange healthcare insurance coverage begin.
•
March 31, 2014
Final day of 2014 open enrollment period for health insurance plans offered through the
exchanges and last day to apply for coverage in order to avoid penalties.
Where To Go for More Info
•
Federal Healthcare.org Website & State Exchange Portal
https://www.healthcare.gov/
•
Kaiser Family Foundation Fact Sheets
http://kff.org/health-reform/fact-sheet/obamacare-and-you/
•
Kaiser Family Foundation FAQS
http://kff.org/health-reform/faq/health-reform-frequently-asked-questions/
•
Kaiser Health News – Insure Your Health
http://www.kaiserhealthnews.org/Topics/Insuring-Your-Health.aspx
Useful Online FAQ’s
•
IRS FAQ on the Individual Mandate
http://www.irs.gov/uac/Questions-and-Answers-on-the-Individual-SharedResponsibility-Provision
•
State-by-State Information on the Exchanges - Kaiser Family Foundation
http://kff.org/state-health-exchange-profiles/
•
ACA Implementation Timeline - Kaiser Family Foundation
http://kff.org/interactive/implementation-timeline/
Realtor Benefits® Program Current Partners
NEW!
Multi Merchant Card
Learn more at www.REALTOR.org/RealtorBenefits
Realtors® Insurance Marketplace
The Advantage of Working with SASid
Complimentary
consultative services
for NAR members
Licensed Agents will help you understand and purchase health insurance that meets the mandates
of the Affordable Care Act.
– Private Health Exchange – Online quotes and enrollment, including additional options
not found on the Public Health Exchange.
– Public Health Exchange – Our licensed agents are Federal Marketplace Certified.
WELCOME!
www.RealtorsInsuranceMarketplace.com
Health Insurance Quote Request
•
Product Summary pages
•
Need NRDS ID to access quotes
•
Household income question to
estimate qualification for
premium credit (optional)
The Quoting
Request Form
•
Easy to use and fast to complete
•
Need NRDS ID
•
Household income question is
to estimate qualification for
Premium credit (optional)
Will I Get a
Tax Premium Credit?
•
If the combined income for EVERYONE in
your household falls between the amounts
listed in Column A and Column B, you may
qualify for a tax premium credit to help you
save money on your premiums in 2014.
•
These amounts are based on 2013 numbers
and are likely to be slightly higher in 2014.
•
You must shop via the Public health insurance exchange in order to take advantage of a tax subsidy.
Medicaid
•
You may qualify for Medicaid if the combined income for EVERYONE in your household is lower
than Column A. SASid representatives can help you learn more about this option, and links to online
information will be provided to you.
Marketplace
Summary Page
•
Provides a snapshot of the products
which are available to you.
•
Can easily browse insurance
offerings and enroll online.
Members Health Insurance Exchange
•
Choose your date of coverage and then
view rates.
•
Fully underwritten insurance plans are
available now. QHP’s (Qualified Health
Plans under the Affordable Care Act) are
available with start dates as of January 1.
Members Health Insurance Exchange
•
Private Health Insurance Exchange
•
Filter by company, premium range,
deductible, and more
•
Plans are Guaranteed Acceptance with
January 1st effective dates.
•
Application process is approximately
20 minutes.
Public Health Insurance Exchange
•
•
•
•
SASid’s licensed insurance agents are Federal Marketplace Certified and can help you
enroll and select a plan through government exchanges
Plans are Guaranteed Issue (cannot be denied due to preexisting conditions)
If you qualify and wish to receive a government subsidy to offset the cost of your
premium you must shop via a government exchange
Application process is approximately 60-90 minutes
Where To Go For More Information
•
REALTOR.org Health Insurance topic page – Information on the ACA as it pertains to
REALTORS®
http://www.realtor.org/topics/health-insurance
•
REALTORS® Insurance Marketplace – A one-stop insurance shopping site just for members of
the National Association of REALTORS® / Phone: 877-267-3752
http://www.realtorsinsurancemarketplace.com
•
Federal Healthcare.org website – Easy to understand format and provides access to the
Individual and Small Employer Exchanges
https://www.healthcare.gov/
•
Kaiser Family Foundation FAQS – Most common questions
http://kff.org/health-reform/faq/health-reform-frequently-asked-questions/
•
Kaiser Health News – Insure Your Health
http://www.kaiserhealthnews.org/Topics/Insuring-Your-Health.aspx