Birkenstein Financial Associates Insurance Solutions for Life

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Presentation transcript:

Birkenstein Financial Associates Insurance Solutions for Life WWW.Birkensteinfinancial.com An Update on The Affordable Care Act (Obamacare)

Disclaimer To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax- related matter(s). Please consult your own advisors for tax or legal advice.

Birkenstein Financial Associates

Birkenstein Financial Associates Characteristics of ACA: Origin: Health care was in bad shape. Too many uninsured Increasing medical costs 23 MM covered- Individual vs Medicaid Coverage for Pre X Children through age 26 MEC- Mental Health, Pregnancy, ER, etc. Capped rising health care costs Low income helped with subsidies and Medicaid expansion Mandate Birkenstein Financial Associates

Birkenstein Financial Associates Some Negative Results, too: Many carriers pulled out of the market Premium increases PPO Networks reduced Group Coverage NOT as impacted! Mergers blocked by DOJ Aetna & Humana Anthem & Cigna Birkenstein Financial Associates

Birkenstein Financial Associates The Legislative Climate in Washington: Passing Legislation is like a chess game Proposed Tax Law needs ACA repeal 1st Reconciliation= No filibuster The catch: The Byrd Rule ACA repeal = $337B* Fox Business Birkenstein Financial Associates

The American Health Care Act Birkenstein Financial Associates Failed a few weeks ago Jimmy Kimmel Executive Order to IRS Penalty & higher premiums for delaying Subsidy based on age not income Repeal of ACA taxes Reduction in Medicaid Funding Higher premium for Pre X Fred Upton (R., Mich.) $8 B MECs change CBO Conclusion Birkenstein Financial Associates

Birkenstein Financial Associates Insurance Solutions for Life www.birkensteinfinancial.com (847)-461-6553