MBO Partners ACA Webinar Slides
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Transcript of MBO Partners ACA Webinar Slides
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The Affordable Care Act: What Independent Consultants Need to Know
Presented by Independent Worker Experts Gene Zaino and Dave Putt December 2013
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Presenters
Gene Zaino President and CEO
Dave Putt VP, Consultant and Client Services
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BOSS service slide
A Full Service
Business Operating System Solution
§ Your Online Business in the Cloud § Complete Corporate Infrastructure § Instant F500 Supplier Credentials § Expert Support § Business Administration § Contract Negotiation § Liability Coverage § Executive-style Benefits § Access Valuable Resources
We make it easy for self-employed professionals and their clients to
work together
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Webinar Controls The full screen icon"maximizes the"presentation area."
The chat box allows you to send a question to the presenter."
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Live Tweeting
Today’s Hashtag: #MBOWeb
Submit your Questions/Comments
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Agenda
Affordable Care Act
Coverage Options for Independents
Tax and Financial Impacts
MBO’s Approach to Healthcare for ICs
Predictions
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The Affordable Care Act Defined
Goal: To Increase the Number of American’s with a minimum level of health Insurance coverage
• Individual Mandate (effective 1-1-2014) – Must have health insurance or face a penalty
• Employer Mandate (effective 1-1-2015) – Provide health insurance to all full-time employees or face a penalty
• Public “Marketplace Exchange” – Created to find and choose insurance coverage – Impacts ICs private health insurance and medical HRAs
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Options for Independents to Acquire Insurance Independent consultants can obtain minimally qualifying coverage (the coverage required to avoid an IRS penalty) in a number of ways including:
§ The new Health Insurance Marketplace § Employer-sponsored plans (through a company
like MBO Partners or through a spouse or parent’s employer)
§ Government sponsored plan such as Medicaid § Individual or Family Health Plan
Looking for coverage?
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Public Marketplace Insurance Exchange
• Marketplace is intended to be a competitive online insurance shop which provides government-regulated and standardized health insurance plans
• Design is intended to help individuals and businesses compare and chose insurance options
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ü States can elect to have their own Marketplaces
ü Broad participation in health insurance is critical; allows expensive medical treatment costs to be spread across a large group instead of just a few
ü Links to all Marketplaces can be found at www.healthcare.gov
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Marketplace Insurance Plans • Plans are separated into categories based on the % of costs they
cover or “actuarial value”
• Categories are Bronze, , Gold, or Platinum
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Plan Type
Typical
Deductible
Typical
Coinsurance
Out- of- Pocket
Maximum Bronze
$5,000
30%
$6,350
Silver
$2,000
20%
$6,350
Gold
$0
20%
$6,350
Platinum
$0
10%
$6,350
Catastrophic Up to age 30
$6,350
$0
$6,350
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Tax Impacts of the ACA for ICs
• Premiums through the Marketplace are after-tax only – Tax credit for those with household income between 100% and
400% of the poverty line – Generally, subsidy immaterial once income surpasses $28K
• Private Individual Plan Premiums – May be deductible but have 7.5% AGI limitation
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Unintended Consequences and Nuances Affecting ICs
• Decline of Private Insurance Market – State specific
• Arbitrary Cancellation of Qualifying Plans – Despite extended deadline
• Spousal Penalty/Carve-out – Denial of access – Higher spousal premium
• Tax deductibility of premiums – Insurance bought on the marketplace vs. privately – Employer cannot pay pre-tax premium payment on plan bought on
the marketplace on behalf of an employee
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MBO’s Approach to Healthcare
• Provide Group Plan Coverage • Premiums are Pre-tax • No Spousal Penalties • Coupled with HRA up to $10,000 • Annually review insurance carrier to
ensure best rates
**MBO Associates are professionals whose primary occupation is an independent consultant.**
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Additional Benefits MBO Offers
• Retirement Planning • Business Administration – Personal business manager and online business center
• Tax Withholdings • Business Insurances
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Predictions
• Private Plans will go away if Marketplaces succeed
• Large employer plans are more attractive – more stable
• Continuing court cases on aspects of the ACA for years to come
• ICs will be forced into Marketplace or need large employer plans
• Exchanges will continue to struggle for the next few years
• Government subsidy to Insurers goes away and premiums rise
• Income Taxes will go up to fund the ACA program
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Additional Information on MBO Partners
• EMAIL us - [email protected]
• VISIT our website - www.mbopartners.com • FOLLOW us on Twitter - @mbopartners
• SIGN UP for our monthly newsletter -
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