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Trumpcare open enrollment period in Minnesota has yet to be announced but will likely have a 3 month period similar to Obamacare which opened up on Nov 1, 2016 through Jan 31st, 2017. Missing the deadline without getting coverage may not cause a tax penalty has its one of the items that Trumpcare may remove. Click Here to get a free health insurance quote. If you miss the open enrollment period you may still be able to apply and get coverage if you meet certain criterion.
Since the Affordable Care Act is currently the law of the land, it means that you need to have insurance coverage. If you do not have private coverage or coverage through your employer, you will need to make sure that you look into the options through Obamacare. Those who do not get coverage will have to pay a penalty. This year, the penalty for children without coverage is $387.50 and the penalty for adults without coverage is $695. Naturally, you do not want to have to pay the fee, so it’s time to start looking at the options available. However, when Trumpcare does take effect the penalty may be removed.
With Trumpcare the goal will be to provide the consumer with a large variety of carriers to choose from with the hope that more competition will drive the prices down.
Finding a Trumpcare Plan In Minnesota – If you are looking currently for an Obamacare plan you will want to go to the online health insurance marketplace. Even if you aren’t quite ready to enroll, you can compare the plans and the prices to start looking for the one that is right for you and your family. Once Trumpcare takes effect there may no longer be a online marketplace. Instead you may need to go through the actual insurance companies in your state. But this is still to be determined.
Under Obamacare you need to do is to sort through the different tiers, which are based on precious metals. They have bronze, silver, gold, and platinum. Plans in the Bronze tier have lower premiums each month but higher out of pocket costs. As the preciousness of the metal increases, the plans will have higher monthly premiums and lower out of pocket costs. The Platinum plans will take care of 90% of the healthcare costs. Again with the new coming Trumpcare the names and options may change.
Similarly under the new Trumpcare plans will have different features and different scopes of coverage. The benefits may include hospitalization, outpatient care, emergency service, maternity and newborn care, mental health services and treatment for addiction, rehabilitative services and devices, prescription meds, lab services, pediatric services, and preventative services. Click Here to get a free health insurance quote..
Trumpcare Minnesota Plans & Networks
Now that it is a requirement to have insurance coverage in the country, residents of Texas are starting to look at the various options they have available. If they do not get coverage during the open enrollment, which is from November 1, 2016 to January 31, 2017, they will have to pay penalty on their taxes. The current penalty is $695 for an adult and $387.50 for children who do not have coverage. If you are covered through an employer’s plan or through a private plan, you will not have to get Obamacare.
Those who are just getting started with Obamacare will need to understand the basics of how the system works and what plans they have available. First, when you start to look at plans, you will notice that they are separated into different precious metal tiers.
The Precious Metal Tiers – The metal tiers are a quick way to understand how much the plans in the tier will cover, and it can give you a better idea of what the cost will be. They have several different levels – bronze, silver, gold, and platinum. At the lower end of the spectrum is Bronze. The plans that fall into this category tend to have low monthly premiums, but they have higher out of pocket costs. For those who do not have to go to the doctor’s office very often and who are generally in good health, this could be a good option. (note: when Trumpcare takes over this may or may not be applicable. )
As the metal tiers progress, the amount of the monthly premiums go up and the amount of the out of pocket costs go down. The plans at the top of the spectrum, those that are in the Platinum tier have the highest of the premium payments, but they will cover about 90% of the out of pocket costs. Those who have health problems and who are on prescriptions may find that this is the best option for them.
However, even though there are different tiers of plans, and each of the plans may have different features, all will provide the patient with the essential benefits. These benefits include outpatient services, trips to the emergency room, treatment in the hospital, maternity care, care for newborns, mental health services, addiction treatment, prescription drugs, rehabilitative services and devices, lab services, pediatric services, and preventative services.
What Carriers Are Offering Trumpcare – This is currently an open question. The expectation is that there will be many. Currently, there are different companies offering healthcare plans that conform to Obamacare and that are available through the exchange. The companies offering plans include Aetna, All Savers, Allegian, AmBetter, Blue Cross Blue Shield of Texas, CHRISTUS Health, Cigna, Community First, Community Health Choice, FirstCare, Human, IdealCare, Insurance Company of Scott & White, Molina, Oscar, Prominence Health First, Scott & White Health Plan, and United Healthcare.
Choose the Right Plan – Every family is different, and there is no plan that is right for everyone. When you are looking for a plan, take the time to go through the plans that are in the tier that you can afford and find the one that will work the best for you and your family’s needs. Click Here to get a free health insurance quote.
Minnesota Trumpcare Financial Assistance
Although Trumpcare promises to be a good solution for residents so they can get healthcare coverage it still remains to bee seen if the costs go down. Many feel that the cost of coverage is too much with Obamacare. They worry that they will not be able to afford the coverage, and that they will have to pay the penalty for not having insurance. Fortunately, there are a number of options for financial assistance that can make obtaining the needed coverage much easier and more affordable depending on your state. Let’s look at some of the options that residents of Texas will have.
Texas CHIP – The Children’s Health Insurance Program in Texas is a plan that’s made for those families who make too much money for Medicaid and who do not make enough money to pay for private insurance. In some cases, the people using the program have jobs that have insurance that does not extend to their children. As with other financial assistance programs, the family will need to qualify based on the size of the household and the amount of income. A family of four that has an income of less then $47,700, will qualify for the program.
Minnesota Trumpcare impact on Taxes
With the end of Obamacare coming soon, many residents are wondering just how it is going to affect them when they file their taxes this year. Many are also curious as to whether they will be able to get tax credits that can help them to pay for their insurance coverage. While there are some differences to your taxes, you will find that everything will likely still remain similar to last year. Its next year when Trumpcare may take its full effect and only then will the true impact of taxes will be known.
What Are Tax Credits and Can You Get Them? – One of the most frequently asked questions is about tax credits and how you can use them. Because the cost of insurance, even after the Affordable Care Act, can be expensive, many people worried that they would not be able to pay for the mandatory coverage. With the addition of tax credits, it can make things easier.
Depending on the amount of income for your household and the number of people who are on the insurance, you can get tax subsidies. The amount that you get will be more if you have a lower income or a large number of people in the home on the insurance. When you apply for your coverage, you will find out how much you can receive.
Once you get your tax credits, you will be able to use them in one of two different ways. Some people like to hold onto the credits and use them at the end of the year when they file their taxes. They will then apply them to the taxes, which will lower the amount of money they owe. If they do not owe taxes, then they will get a larger refund thanks to the tax credits.
Most people will use the tax credits immediately. They are applied directly to your premiums, and it will lower the monthly cost of your insurance. This makes it much easier for people to afford the coverage they need. In some cases, people will be able to move up to a better quality plan since they have a large discount on the cost.
Common Application Mistakes on TrumpCare
Although we don’t yet have a copy of what the new Trumpcare application will contain we can tell you that the current application forms are relatively easy to fill out and understand, but there are still some issues that people are having with the forms, which cause them to be rejected or to take longer to go through the approval process. Once you understand where people are making the most mistakes, it will become easier for you to avoid them.
The People on the Application – Who should you include on your application? This is a big question that has caused confusion for residents in many states. Many believe that they need to include everyone who lives in the household, which is not always the case. You need to include everyone who needs to be on the insurance, such as you, your spouse or partner, and your dependent children. If you claim someone on your taxes, then you will want to include their information on the application.
However, this doesn’t mean that you need to include everyone in the house. For example, if you have a parent living with you and they are not a dependent, or a roommate, you would not include them. If you did, it would throw off the household income and the number of people considered for the tax credits.
When you are adding information, make sure that you have all of the information correct, such as the dates of birth. Everything needs to be accurate on the form, so make sure that you double-check everything before you submit it.
Your Income – In addition to the people on the application, you also need to report your household income accurately. This is so the government can determine how much you should be able to get in tax credits. Those who have lower incomes and a larger number of people in the house will have more tax credits. Make sure that you are not underreporting your income as a way to try to get more tax credits. This is against the law, and the IRS will certainly find out the discrepancy.
Missing the Deadline – Another one of the biggest problems that people have with the application is not realizing when the deadline to apply is. This year, residents have from November 1, 2016 to January 31, 2017 to fill out and return their application. If they do not make this deadline during the open enrollment, they will not be able to get coverage unless they qualify for special enrollment. To quality, you will need to have a certain event happen in your life, such as getting married, moving to the state, or having a child. Without coverage, you will be subject to penalties if you do not get private coverage. (Penalties may be cancelled with Trumpcare but for now you should assume it will remain the same) Understanding the Obamacare application and double-checking everything before you submit can help to make it easier to get it passed through the first time.
Trumpcare Minnesota Impact on Small Business
Enrollment and Tax Credit for Small Business – When business owners heard about Obamacare, they were naturally concerned. They knew that there would be a mandate that required them to provide coverage for employees, and many small businesses were worried. Fortunately, if a company has less than 50 employees, they do not have to provide coverage for their employees if they can’t or if they do not want to. However, many small businesses might want to enroll, as it can offer some nice benefits in many circumstances. With the advent of Trumpcare the expectations is for an even friendlier law for small business.
Why Offer Coverage for Employees? – If you are able to offer coverage for your employees, it can provide them with more of an incentive to stay with your company. You can help to keep your employees healthy, and that can make them more productive overall. In addition, companies that offer coverage tend to have a better chance at recruiting high quality workers.
Applying for Coverage – If you have 50 or fewer full time equivalent employees, you will be able to shop for coverage through the Small Business Health Options Program, or SHOP. It is located through the Healthcare.gov site. You can look at all of the different plans and see the features they offer, as well as their prices. You can also compare them to one another to get a better idea of which one would work the best for your employees.
Take the time to look at all of the plans that are available so you understand what they cover in addition to the essential benefits. You may also want to speak with your employees to get a better idea of the type of coverage that they could use, and whether they would like you to provide insurance for their families as well. Understanding what your employees need will make it easier to choose the right plan.
Obamacare Vrs. Trumpcare
While its too early to give a fair comparison as Trumpcare is not yet in effect. Here are some of the unique features of Obamacare:
The Healthcare System – The state was opposed to Obamacare when it was introduced, and instead of creating their own health insurance exchange for their residents, as many other states did, they choose to use the federal exchange. However, last year, there were two bills introduced to try to get the state to create their own exchange. The bill did not make it out of committee though, and it appears they will stay with the federal exchange.
Still, hundreds of thousands of people will be moving from their PPO plans to HMOs this year, and if you already have insurance through the exchange, this could affect you. During the open enrollment period, you should check to see what changes might be coming to your current plan and see if there are any other plans out there that might be a better fit for you. For more information on the unique aspects of Obamcare Texas click here.
Changes for Obamacare in 2017
Are you a US resident that needs to enroll in Obamacare this year? Whether you just moved to the state, you are finally getting coverage, or you lost a job that once provided coverage, now is the time to start looking at your options. However, it’s a good idea to learn what’s new this year for Obamacare in the state. While there have not been too many changes, there have been enough that you will want to take note of them.
The Increase in the Rates and the Loss of PPO – Many of the carriers in the state will no longer be offering PPOs as a part of their plans because they have been costing them too much money. The companies have found that they were paying out more in claims than they were collecting from premiums, and this was causing them to bleed money. They have had to remove their PPO options and only offer HMO options. This is not true of all of the carriers and all parts of Texas, but it is becoming more prominent, and it is something that you should be aware of when you are choosing a plan this year.
They feel that the HMO plans will be better for their bottom line. In addition, many of the carriers have raised their rates this year. The overall average increase for the state is 5.1%. Some companies though have a very high increase. For example, the increase of the average premium at the Insurance Company of Scott & White is 34%. Others actually have a decrease. Molina, for example, will have a decrease of 6.7%.
The available carriers in the state include Aetna, All Savers, Allegian, AmBetter, Blue Cross Blue Shield of Texas, CHRISTUS Health, Cigna, Community First, Community Health Choice, FirstCare, Human, IdealCare, Insurance Company of Scott & White, Molina, Oscar, Prominence Health First, Scott & White Health Plan, and United Healthcare.
Checking Your Plan – If you already have a plan and it auto renewed (as most do), that doesn’t mean that you need to stick with the plan. Given the increase in rates, it could be financially draining if you do. What you need to do is choose a different plan during the open enrollment period from November 1, 2016 to January 31, 2017. Click Here to get a free health insurance quote. You can also call the phone number below.