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What Will Rate Volatility Mean for Small Businesses?

Posted on: February 17, 2014 By: Kevin Tavakoli

California business owners checking on their benefits packages have started to hear the term "rate volatility." In short, this term means that health care costs seem likely to continue to rise. Although the Affordable Care Act (ACA) aims to slow the cost curve, several factors are driving rate increases:

1) The new law requires health plans to offer substantially richer, and costlier, benefits.
2) Guaranteed coverage options and the end of pre-existing condition clauses will increase utilization.
3) Risk adjustment and subsidization rules that can increase health plan costs even if the plan has mostly healthy members.

As small businesses move into ACA-compliant plans, they will be able to offer employees plans with more benefits. In addition, people who found insurance unobtainable or unaffordable now have easier access to coverage. The cost of these improvements will be spread throughout the healthcare system. For the next few years, it seems those increased costs will continue to drive premiums higher. Of course, small business owners still have the ability to adjust employee contributions, copayments and deductibles in order to manage rate volatility.

Save-On Health Insurance Services can help guide Los Angeles-area employers through the transition to the Affordable Care Act. Learn more by contacting us.

Get To Know The Affordable Care Act Coverage Levels

Posted on: February 14, 2014 By: Kevin Tavakoli

Under the Affordable Care Act, health insurance plans come in four different levels. Coverage and range of benefits vary by level. However, the ACA requires that each level covers the same basic health benefits for everyone.

The bronze level, which is the lowest, offers coverage for 60 percent of health care costs. This level also has the lowest monthly premium cost.

The silver levels covers 70 percent of health care costs.

The gold level increases coverage to 80 percent of health care costs.

The platinum level, which is the highest, covers 90 percent of health care costs. As the highest level available, this one also has the highest monthly premium.

With each of these levels, the leftover percentage of costs is left to the enrollee to pay. As you move up a level, your cost-sharing percentage lowers but your monthly premium rises.

For more information on insurance coverage levels under the Affordable Care Act in the greater Los Angeles, California area, contact Save-On Health Insurance Services today.

What Health Insurance Exchanges Mean For Small Business Owners

Posted on: February 12, 2014 By: Kevin Tavakoli

Under the Affordable Care Act, all Americans must have health insurance coverage or face the consequences in the form of a tax penalty. As a result of this law, the ACA requires that states make health insurance exchange marketplaces available where health insurance coverage is available for individuals and small businesses.

In California, the small business marketplace is known as SHOP, or Small Business Health Options Program. This means that small business owners have two options when it comes providing insurance for employees. They can keep existing coverage or buy from the SHOP marketplace.

Small businesses benefit from using the marketplace as they may qualify for a tax credit to cover some of those employee health care costs. If a business has less than 25 full-time employees who make under a certain amount of money per year, then up to 50 percent of employee health care costs is available as a tax credit.

For more information on small business insurance options in the greater Los Angeles, California area, contact Save-On Health Insurance Services today.

Health Care Terms You Should Know

Posted on: February 10, 2014 By: Kevin Tavakoli

With the Affordable Care Act (ACA) in effect, here are some terms owners of small businesses need to know:

Exchange — the health insurance marketplace created by the ACA. Individuals, businesses and brokers can use the exchanges to review insurance options and purchase plans. Covered California is the local exchange.

Essential benefits — the ACA requires that all health plans offered on exchanges meet certain standards and offer a comprehensive set of benefits.

Levels of coverage — You may have heard of bronze, silver, gold and platinum plans. These levels represent the share of costs a health plan would cover for a typical member. Bronze plans start with 60 percent coverage, and the amount increases by 10 percent for each level. Platinum plans offer 90 percent coverage.

ACA taxes — the new law applies taxes to insurance premiums to cover the cost of insuring high-risk individuals and subsidies to individuals and employers.

Pay or play — the regulation that employers with more than 50 full-time equivalent employees must provide insurance or pay a fine for each FTE.

Save-On Health Insurance Services offers expert guidance to help Los Angeles-area employers navigate the new health care environment. Learn more by contacting us.

Foods to Eat That Can Make You Happy

Posted on: February 5, 2014 By: Kevin Tavakoli

Stay healthy and happy, California! According to Health.com, the foods in this diet can elevate your mood and can contribute to happiness all day long. 

  • Milk. Rich in Vitamin D, this can cause a surge in serotonin, the "happy hormone."
  • Navy beans. The magnesium in navy beans can combat the emotional effects of PMS.
  • Garbanzo beans. It’s the tryptophan in these tasty little beauties that is thought to brighten your emotional state. 
  • Walnuts. The omega 3S in walnuts can lift your mood!
  • Salmon. Vitamin B6 lifts your serotonin, and has omega 3S in it–the same thing in walnuts that makes them good for your spirits.
  • Saffron. This spice found commonly in Spanish dishes is thought to help alleviate depression. 
  • Shrimp. Like salmon, shrimp is known to supply B6, a serotonin-elevating agent.

A healthy diet can do more than lift your mood–it can give you the energy you need to lead to a happier, fuller life. It can also lead to lower medical bills and fewer health insurance co-pays. 

Have questions about health insurance and the Affordable Care Act? Looking for an affordable health insurance plan? Contact Save-on Health Insurance Services, serving the Los Angeles area.

Affordable Care Act Member Level Age Rating

Posted on: February 3, 2014 By: Kevin Tavakoli

The Affordable Care Act (ACA) changed the rating structure as of January 1, 2014 for health insurance carriers that offer policies to small businesses. Instead of rating health plans at the subscriber or employee age, they will be rated at the member’s age.

  • Children: All children ages 0 to 20, where all rates are the same.
  • Adults: Single-year age bands covering individuals between ages 21 to 63.
  • Older Adults: A single age band covering individuals age 64 and older, where all rates are the same.

Insurance carriers cannot charge their oldest customers more than three times what their youngest customers pay for their rates. This pricing structure is meant to make sure that rates are affordable for everyone, regardless of health status or age.

For subscribers with a policy that includes more than three dependent children under 21, the complete rate will include the fees for all covered adults and a maximum of three of the oldest covered children. Any additional dependent children will have a rate of $0.

For more information about the ACA, contact Save-On Health Insurance Services located in Los Angeles, California.

Healthy Tricks for a Better Night’s Sleep

Posted on: January 15, 2014 By: Kevin Tavakoli

If you’ve been feeling crabby lately, irritable, or simply worn down, you may be suffering from lack of sleep. According to the National Sleep Foundation, adults require 7 to 9 hours of sleep a day. Healthy sleep habits can have a significant impact on your quality of life. Stick with these tips and get a better night’s sleep.

Sleep on a schedule. Better sleep can be achieved by going to bed at the same time each night, including weekends, and waking up at the same time each morning.

Follow a bedtime ritual. Whether it’s taking a warm bath and reading a book, or listening to soft music with the lights dimmed, a before-bed ritual can help you become drowsy and ready for sleep.

Pay attention to what you eat. It can be difficult to sleep when you’re hungry or too full. Eat small, frequent meals throughout the day, and avoid stimulates before bed, such as nicotine and caffeine.

Make your room comfy. Get rid of any distractions, such as bright lights, and wear ear plugs if necessary to block out noises. Sleep on a comfortable mattress, and have comfy blankets and pillows readily available.

For more information about health insurance in the Los Angeles, California area, please contact Save-On Health Insurance Services, Inc.

Are You Self-Employed and Not Sure How the Affordable Care Act Affects You?

Posted on: January 13, 2014 By: Kevin Tavakoli

Self-employed is defined as someone who works for themselves on a regular basis and has no employees to speak of. If this sounds like you, you fall under this definition even if you subcontract work to others from time to time. 

It’s not easy being self-employed as it comes with plusses and minuses. One of those minuses is not being able to afford health care on your own, even before the Affordable Care Act came into being. Now with the act in place, you’re not too sure of your options, and even less sure of being able to afford a policy. But, you don’t want to run afoul of the IRS and pay a penalty, either.

You may be eligible to get coverage on the exchange and take advantage of the subsidy to get a plan that satisfies the act’s requirements. In the event you are unable to afford a policy under any circumstance, you are not without options. You can try to qualify for an exemption, or make a shared responsibility payment on your federal income tax return. But, you may not have to make this payment if you cannot afford insurance coverage at all.

If you are in the Los Angeles, California area and in need of insurance for personal or business purposes, contact Save-On Health Insurance Services, Inc. to speak to an agent and get quotes today!

Top factors to consider when selecting health plans

Posted on: January 10, 2014 By: Kevin Tavakoli

As new laws get passed our choices and availability of health plans change too. Under the new Affordable Care Reform Act, residents are able to select from new and different plans through Covered California.

There are many things to consider when shopping for a health plan. Compare health plans based on what is important to you. Here are some of the top factors to consider when shopping for a health plan.

  • Budget. Determine how much per month you can afford to spend on coverage.
  • Benefits offered. Determine if the amount of coverage is enough for all of your medical needs, including medications, dental, pregnancy, vision and any other specific disease or condition you have.
  • Doctor visits. Determine if you visit the doctor a lot or need regular prescriptions. If so, opt for a higher amount of coverage with low co-pays at the doctor’s office.
  • Annual income. Determine if your annual income will be enough after expenses to cover any out-of-pocket costs and deductibles.
  • Networks. If you already have a doctor, check to see which plans he accepts and if he is considered an in-network physician.

Take the time to review the different plans available and speak with a certified Covered California agent about the best options for you.

For more information about your health insurance services available in the Los Angeles, California area contact Save-On Health Insurance Services, Inc. today.

How Obamacare Defines a Small Business for Insurance Plans

Posted on: January 8, 2014 By: Kevin Tavakoli

Obamacare, otherwise known as the Affordable Care Act, created new rules for defining what exactly is a small business for purposes of insurance. It’s a little confusing because there is more than one definition in the act. Following is a breakdown of the differences that affect businesses of different sizes:

  • A business with fewer than 50 full-time equivalent employees are considered to be a small business for the purposes of the act. A full-time equivalent employee can consist of four employees working 10 hours a week each for a total of 40 hours. In essence, a business can have 100 employees, but if the sum total hours are less than 2,000 man-hours a week, the business is considered to be a small business.
  • Businesses with less than 25 full-time equivalent employees making yearly wages of less than $50,000, and providing health insurance, may be able to qualify for a health insurance tax credit of up to 35 percent, and up to 50 percent in 2014. In order to determine the average yearly wage, the sum total wages need to be added together, then divided by the amount of employees. 

Are you in the Los Angeles, California area and need an insurance policy for a specific need? Contact Save-On Health Insurance Services, Inc. today to speak to an agent!

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