Business Owner on Health Care: “I’m Confused”
CNBC Correspondent
Madelyn Alfano is no dummy. This native of Hoboken has spent the last 25 years building up a successful chain of restaurants in Los Angeles called Maria’s Italian Kitchen. She’s President of the LA chapter of the California Restaurant Association.
But ask her what she’s supposed to do next to expand healthcare coverage from 50 fulltime employees to all 400 of her workers, and she draws a blank. “I just read a 30-page summary of what the healthcare bill is supposed to do and mean,” she says. “And I read it again. I read it two times, I was so confused.” She knows that within four years she will need to provide coverage, but she has a lot of questions. For example, if she has a part-time waiter who works a second job at another restaurant, “Who pays for that?” She’s also concerned that she’ll be paying workers comp, sick days, general liability, AND healthcare. “Something’s gotta give.”
The situation has her pausing expansion plans.
Alfano is just one of many business owners now trying to figure out what’s next. Here’s more of what she had to say.
The new healthcare law also mandates that any restaurant chain with at least 20 outlets must supply calorie information to customers. Alfano says that’s already the law in California, and the restaurant association supports this. But she’s worried she might get sued. Here she explains why:
Finally, the restaurant industry has been one of the hardest hit businesses in this recession. Madelyn Alfano explains how she managed to turn a profit and not lay off a single employee.
The people we work with are saving an average of $2,208/year on their health insurance premiums without sacrificing benefits. You owe it to yourself to find out how a HSA can benefit you. Contact us today at 602-510-7507 or info@iqhsa.com. To receive quotes for individual/family health insurance in Arizona click here.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
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House And Senate Conferees Will Have To Reconcile Two Bills
- Abortion: The House version includes stricter language designed to prohibit the use of federal funds for abortion coverage, except in cases of rape, incest or when the mother’s life is in danger. That helped appease House conservatives, but abortion was even more of a make-or-break issue in the Senate, so that chamber’s slightly milder language could win out.
- Taxes: The House and Senate bills would fund health reform in entirely different ways. The House bill would tax individuals making more than $500,000 a year and families making more than $1 million. The Senate bill would tax so-called “Cadillac” or high-cost health plans – an idea opposed by labor unions and many House Democrats. The Senate version would also impose annual fees on health insurers starting at $2 billion in 2011 and going up to $10 billion in 2017.
- Public plan: The House bill includes a government-run plan that progressives fought hard to include. Instead of a government-run plan, the Senate version would instruct the federal Office of Personnel Management to contract with private insurers to offer at least two national health plans for individuals and small businesses. One of those plans would have to be nonprofit. Conventional wisdom says the final, combined bill will not include a public plan, but House leaders could seek other tweaks in exchange for dropping the idea. Possibilities include increasing federal subsidies to help low- and middle-income people afford coverage, creating a single, national insurance exchange instead of one in each state, or introducing those exchanges earlier – in 2013, a year earlier than the Senate bill stipulates.
- Medicare Advantage:Each bill would cut funding for the Medicare Advantage program, but the amount differs substantially. The House bill includes cuts of $170 billion over ten years. The Senate bill would trim reimbursements by $118 billion over the same ten-year period. We didn’t mention the potential impact on Health Savings Accounts (HSA) because it is unclear what if anything will change with the final bill. As stated previously, two components of health care in this country that work are Medicare Advantage and Health Savings Accounts. Ironically these are two programs on the chopping block of both pieces of legislation. Very unfortunate how we have come to accept mediocrity in this Great Country.
For more, check out these side-by-side comparisons from the New York Times and Wall Street Journal.
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IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
Health Care Reform Bills Impact HSA’s
Is your HSA being impacted?
Congress will soon vote on health care reform legislation that could harm the more than 8 million Americans who have a health savings account (HSA) and restrict those who want to purchase HSA coverage in the future.
Starting this week, the House of Representatives will begin debate on the Affordable Health Care for America Act, and the Senate is expected to finish work on its version of health care reform shortly.
Both the House and Senate bills make major changes that would impact people with HSAs:
- Both bills mandate benefit levels for most health plans that could eliminate HSAs as an option.
- Both bills prohibit you from using any money in your HSAs to buy over-the-counter drugs such as allergy medications that you now get without a prescription.
- The Senate bill may place a tax on high-value health plans, so-called “Cadillac” plans, by taxing the cost of such coverage, including employer contributions to your HSA.
- Both bills raise the penalty for the use of HSA dollars for non-qualified medical expenses from 10% to 20% of the reimbursement.
It is important that you take the time to contact your members of Congress and let them know that you depend on your HSA for affordable coverage and the flexibility to set aside tax-free dollars to pay for your health care expenses.
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Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
Two Steps To More Affordable Health Insurance
There’s no need to wait around on Uncle Sam-he can’t help you anyway. Only you know what’s best for you and your family.
Read entire article by Dave Ramsey.
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
HSA Tool For Employers And Their Employees
STREETWISE HSA is a great tool for employers and their employees to maximize the benefits of Health Savings Accounts (HSA). Click on the logo above and check out all of the tools and information available. Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you. IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance. © IQ Financial Group, llc.
Arizona Department Of Insurance
The mission of the Arizona Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and encourages economic development. Click to be directed to AZDOI.
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
My Health Reform
Humana has put together My Health Reform to provide information and a place for you to make your voice heard. There are some great easy to understand videos and other information on the topic. Check it out!
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
Why Am I Getting A Rate Increase?
The fact is rates on health insurance policies increase. Even if you have not had any claims the rates on your individual/family insurance policy can increase. Insurance carriers increase rates based on the claims experience of the entire block of policies underwritten at the time your coverage began.
If the block of policies you are a part of has had above average claims over the previous 12 months you will receive an above average rate increase. If the block of policies you are a part of has had average to below average claims over the previous 12 months your increase will be lower than average to no increase at all.
At IQ HSA we assist our clients with the appropriate way of handling the increases they receive and managing their plan from year to year.
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.
Healthcare Blue Book
The Healthcare Blue Book offers a number of free resources to help you learn how to be an informed consumer, and enable you to make good decisions for your health and pocketbook. You may choose to learn more about how to understand and document your medical needs, how to use the Healthcare Blue Book to find a fair price, how to ask your healthcare provider about getting the best possible price or how to understand and use your insurance benefits.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance. © IQ Financial Group, llc.
When Visiting the doctor
When you do have to visit a doctor or other health care professional, make sure you talk with him or her about how to make the most of your HSA and keep these tips in mind:
- Always present your medical plan identification card.
- Be sure to notify the provider’s office that you do not have a co-payment.
- Discuss your plan with your doctor so he or she knows you are making health-wise and cost-conscious choices for your health care.
- If your plan covers preventive care at 100% or a copay, remind the office so they code your visit correctly when submitting the claim.
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