October 13, 2013 5:06 pm EST

The Marketplace Is Open… To A Rough Start

As you have probably heard on the news, the Government website, Healthcare.gov, has had some problems getting up and running. The initial grand opening of the website on October 1st was met with errors and people having problems signing up.

One big problem when the website first opened up was that, “The exchange software that determines whether people get the subsidies was returning accurate determinations about two-thirds of the time late Friday, up from less than 50% earlier in the week, one person familiar with the development said.” Christopher Weaver, Timothy W. Martin, and Louise Radnofsky in The Wall Street Journal.” This basically means that they are fixing problems as fast as they can.

The deadline to be covered by Jan 1st, 2014 is Dec 15th, 2013.  Here is a useful chart that you can use to determine eligibility:

 Number of people in taxable family/household

If make less than this (400% (FPL) Federal Poverty Level) may qualify for a premium tax credit:

If make less than this (250% (FPL) Federal Poverty Level) may also qualify for reduced Silver Plan cost sharing:

1

$45,960

$28,725

2

$62,040

$38,775

3

$78,120

$48,825

4

$94,200

$58,875

5

$110,280

$68,925

6

$126,360

$78,975

7

$142,440

$89,025

8

$158,520

$99,075

There are 4 categories or plans that you will see when going to the Government website:

Bronze – Has the lowest monthly premiums, but only pays 60% of your healthcare costs. Pick this plan if you don’t expect a lot of medical bills.

Silver – pays 70% of your covered medical costs, but the premiums are higher than the Bronze plan.

Gold – pays 80% of your costs, with higher premiums than the Silver plan.

Platinum – pays 90% of your costs, but has the highest monthly premiums. It would make sense to pick this plan if you have a chronic health condition.

It’s still early before the Dec. 15th deadline to sign up to be covered by Jan 1st. More than likely, the bugs will be worked out way before the deadline.

 

October 3, 2013 1:51 pm EST

How does the Affordable Care Act affect Medicare?

A lot of questions about the Patient Protection and Affordable Care act have arisen before and after it became a law and one of them is. “How it will affect Medicare?” Here are a few things you should know:

1. You’re Protected Under Medicare

Medicare isn’t actually a part of the Health Insurance Marketplace that is being established by the new ACA law. A person with Medicare coverage would not have to go out and replace their Medicare coverage with Marketplace coverage. You would still have the same coverage under Medicare that you had before, and you don’t have to sign up for anything during the Open Enrollment period for the Marketplace that started on October 1st, 2013.

2. Preventative Services Will Cost You Less

You won’t be charged the Part B coinsurance or deductible for preventative services like colonoscopies and mammograms. You will also get a free yearly “Wellness” visit that includes a height, weight, and blood pressure check, a vision test, a body mass index calculation, and much more.

3. More Support For Your Doctor

Doctors have a lot of information thrown at them, and they have to make sure that they give you the right care. With new initiatives that support care coordination, the doctor you have can get more resources that will make sure that the treatment you receive is consistent and correct.

4. Brand-Name Drugs Will Also Cost You Less

If you’re in what the industry calls the Donut hole (Medicare Part D coverage gap limit), you will now receive a 50% discount when buying Part D brand-name prescription drugs. No need to worry about jumping through any hoops when you go in to your local pharmacy, the discount will happen automatically at the counter.

Additionally, the Donut hole is going to be closed completely by 2020.

5. The ACA Extends the Medicare Trust Fund

Due to the reductions of abuse, fraud, abuse, and Medicare costs, the Medicare Trust Fund has been extended through 2029. This extension of the Medicare Trust Fund will help with future savings on Medicare members premiums and coinsurance.

If you want to know more about Medicare, you can go here.

July 1, 2013 3:16 pm EST

Commercial Property Insurance

Commercial property insurance is is often thought of as homeowners insurance for your business. It is meant to protect any property, buildings, and equipment that belongs to the business. But what else does it cover? Commercial property insurance can cover a long list of things that can occur either naturally or intentionally. Here are some of most common things that can be covered..

  • Fire
  • Smoke
  • Wind
  • Hail
  • Flood
  • Civil Disobedience
  • Vandalism
  • Theft

Now this may seem like it is the same type of policy you would have on your home or other personal property. The difference is that with commercial property insurance you are covered for more than just the building and materials that were lost or damaged. All types of businesses that own property are at risk for several if not all of these dangers. Stop by our page to see different types of policies.

What is Covered?

If or when these one of these happens to you business it is clear you are covered for the property that was lost or damaged in the incident. Although it’s something that no one want to think about, lets say that your building burns down. The insurance company will pay to have the building rebuilt and replace all of the equipment that was lost. This is the first reason to have commercial property insurance. But for many small businesses the profit is the income for the owner as well as many of the employees. So even though your building is being rebuilt, this may take weeks or even months to be finished. During this time the company is not generating any money, yet all the bills still have to be paid, and the owner has no income coming in. This is where commercial property insurance is different. For the time that the business is not running, the insurance will cover any lost income or business interruption caused by the damage. It will also cover any company paperwork or money that was lost. This way the company will still have money coming in and will be able to pay bills and wages that needed to be payed.

June 7, 2013 7:56 pm EST

Fireworks on the River!

Join Us for Fun, Food & Fireworks on the Water!

Along the River Walk near 300 Stroh River Place via Jos Campau Street, in Detroit

June 24th – 5:30pm start (6:15 Depart and 11:00 pm Return)

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June 7, 2013 1:42 am EST

Welcome to The New Site!

Welcome to  our new website, please take your time to browse around.  We now offer a few new tools to make insurance decisions easier.  Some pages you may want to look at Continue reading