Benefits Buzz
Flexible Benefit Service LLC (Flex), the exclusive operator of the InsureXSolutions® private insurance exchange, would like to take a moment to mention last week’s exciting new partnership with the largest broad-based business association in Illinois, the Illinois Chamber of Commerce.
The new Illinois Chamber Benefits Exchange, powered by InsureXSolutions provides small employers the opportunity to control costs and lay a foundation for their employees to obtain affordable health insurance.
Individuals are required to project their income for 2014 to determine the maximum subsidy that may be available to them through a public exchange to help reduce their insurance premiums.
If it turns out that an individual projected their income incorrectly, and the premium subsidy they received was too much, then the individual will have to pay back a portion or the entire subsidy amount when they file their federal income tax return.
By this time most of us are starting to become familiar with the subsidies that are available to eligible individuals that enroll in coverage through the Health Insurance Marketplace, also known as the Exchange. Many of us have also heard the phrase:
“If your household income is within 400% of the Federal Poverty Level you may qualify for a subsidy in the Exchange.”
This seems simple to understand on the surface, but this statement is packed with terms that require further definition. We’ve put together a summary to help you understand some of the key pieces of information within this statement.
The InsureXSolutions® private insurance exchange, operated by Flexible Benefit Service LLC (Flex), has launched new resources which can be found at insurexsolutions.com.
There is no need to wait.
The 2014 Medicare Annual Enrollment Period (AEP) is just one week away and there is a lot of confusion among seniors in regards to their benefits. With all of the news and other programs focusing on driving people to the Public Exchanges that are now open for business, it is easy to understand why.
The individual mandate requirement of the Affordable Care Act (ACA) has everyone clamoring to find out how it applies to them so communication to senior clients is very important.
The Center for Medicare & Medicaid Services (CMS) released proposed regulations about a new Basic Health Program that will be available starting in 2015. The Basic Health Program will be a lower cost alternative for people that cannot afford health plans in the insurance exchanges, such as those people that fall just outside of Medicaid eligibility.
