This document provides information about eligibility and subsidies available under the Affordable Care Act (Obamacare). It explains that individuals may qualify for tax credits to lower premium costs depending on income level. It also details how cost-sharing subsidies can further reduce out-of-pocket costs for deductibles, copays, and coinsurance for those purchasing silver plans. The document provides tables outlining the premium and cost-sharing subsidies available based on family size and annual income. It directs users to additional information if they need help understanding their eligibility and subsidy amounts.
- The document is a summary of an individual's Social Security statement, providing estimates of retirement, disability, family and survivor benefits.
- The estimated retirement benefit at full retirement age (67) is $1,198 per month, or $1,494 per month if working until age 70. The benefit would be $829 per month if claiming at age 62.
- The statement also includes the individual's lifetime earnings history and taxes paid into Social Security.
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
Social Security Savvy: How to Help Clients Maximize Retirement IncomeJulie Cheney Stewart
Deciding when and how to take Social Security is a critical aspect of any retirement plan and may be different for each client. Learn how to become Social Security savvy. Also, learn how:
-Determine your clients' full retirement age
-Estimate their SS income
-Weigh the trade-offs between early income & delayed higher income
-How to supplement SS benefits
-Understand new SS changes for 2016
The document is a newsletter from Cedar Point Financial Services providing information on various financial topics. It discusses how the tax cuts and jobs act substantially increased standard deduction amounts and made changes to itemized deductions. It notes that fewer taxpayers will be able to reduce their taxes by itemizing deductions as a result. It also provides an overview of critical illness insurance, which pays a lump sum if an individual is diagnosed with certain serious illnesses to help cover medical and living expenses. Key details about coverage, costs, and policy provisions are outlined.
This document provides information about when to start claiming Social Security retirement benefits. It discusses that 35 years of earnings is the magic number used to calculate benefits, and that working longer can increase your monthly payment. Taking benefits as early as age 62 is possible but will result in reduced monthly payments. Waiting until full retirement age or age 70 can significantly increase your lifetime benefits. Factors like taxes, earnings limits, and spousal benefits must also be considered when deciding when to start receiving Social Security.
This document describes the Transamerica Retirement Income Plus variable annuity. It offers lifetime withdrawals with rates between 4-6.5% depending on age. The annuity simplifies retirement planning by reducing choices to investment selection and contribution amount. It aims to grow and protect retirement income through features like annual compounding when withdrawals are not taken. The annuity addresses challenges retirees face like rising lifespans, declining pensions, and low interest rates.
A married couple can lose $250,000 in Social Security benefits over their lifetime if they use the wrong claiming strategy. While most people think they should claim benefits as early as possible at age 62, waiting until full retirement age of 66 or 70 can result in higher monthly benefits. The document discusses several common myths about Social Security, such as that the program is going broke or that income from benefits is completely tax-free. It provides the realities of the current financial status of Social Security and rules regarding taxation of benefits. The summary aims to help readers understand important rules and strategies when planning for Social Security income during retirement.
This document discusses Social Security filing strategies for married couples. It provides the full retirement ages for those born between 1943 and 1960. It then compares two filing strategies - filing individually at age 62 for reduced lifetime benefits, versus one spouse filing and suspending at full retirement age so the other can receive spousal benefits until age 70, resulting in higher lifetime cumulative benefits. The document emphasizes the importance of understanding all options before deciding on a filing strategy.
- The document is a summary of an individual's Social Security statement, providing estimates of retirement, disability, family and survivor benefits.
- The estimated retirement benefit at full retirement age (67) is $1,198 per month, or $1,494 per month if working until age 70. The benefit would be $829 per month if claiming at age 62.
- The statement also includes the individual's lifetime earnings history and taxes paid into Social Security.
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
Social Security Savvy: How to Help Clients Maximize Retirement IncomeJulie Cheney Stewart
Deciding when and how to take Social Security is a critical aspect of any retirement plan and may be different for each client. Learn how to become Social Security savvy. Also, learn how:
-Determine your clients' full retirement age
-Estimate their SS income
-Weigh the trade-offs between early income & delayed higher income
-How to supplement SS benefits
-Understand new SS changes for 2016
The document is a newsletter from Cedar Point Financial Services providing information on various financial topics. It discusses how the tax cuts and jobs act substantially increased standard deduction amounts and made changes to itemized deductions. It notes that fewer taxpayers will be able to reduce their taxes by itemizing deductions as a result. It also provides an overview of critical illness insurance, which pays a lump sum if an individual is diagnosed with certain serious illnesses to help cover medical and living expenses. Key details about coverage, costs, and policy provisions are outlined.
This document provides information about when to start claiming Social Security retirement benefits. It discusses that 35 years of earnings is the magic number used to calculate benefits, and that working longer can increase your monthly payment. Taking benefits as early as age 62 is possible but will result in reduced monthly payments. Waiting until full retirement age or age 70 can significantly increase your lifetime benefits. Factors like taxes, earnings limits, and spousal benefits must also be considered when deciding when to start receiving Social Security.
This document describes the Transamerica Retirement Income Plus variable annuity. It offers lifetime withdrawals with rates between 4-6.5% depending on age. The annuity simplifies retirement planning by reducing choices to investment selection and contribution amount. It aims to grow and protect retirement income through features like annual compounding when withdrawals are not taken. The annuity addresses challenges retirees face like rising lifespans, declining pensions, and low interest rates.
A married couple can lose $250,000 in Social Security benefits over their lifetime if they use the wrong claiming strategy. While most people think they should claim benefits as early as possible at age 62, waiting until full retirement age of 66 or 70 can result in higher monthly benefits. The document discusses several common myths about Social Security, such as that the program is going broke or that income from benefits is completely tax-free. It provides the realities of the current financial status of Social Security and rules regarding taxation of benefits. The summary aims to help readers understand important rules and strategies when planning for Social Security income during retirement.
This document discusses Social Security filing strategies for married couples. It provides the full retirement ages for those born between 1943 and 1960. It then compares two filing strategies - filing individually at age 62 for reduced lifetime benefits, versus one spouse filing and suspending at full retirement age so the other can receive spousal benefits until age 70, resulting in higher lifetime cumulative benefits. The document emphasizes the importance of understanding all options before deciding on a filing strategy.
- Baby boomers have embraced Social Security and are focused on maximizing their benefits from the system. There are three ways to increase Social Security benefits: cost-of-living adjustments, earning more, and delaying when benefits are claimed. Delaying benefits until age 70 provides the highest total lifetime benefits. An example is provided showing that a maximum earner could receive over $1.3 million more total by claiming at 70 instead of 62.
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
Social Security benefits can be claimed as early as age 62 but the benefit amount will be reduced compared to claiming later. The full retirement age varies from 66-67 depending on birth year. Waiting until age 70 provides the maximum monthly benefit. A person's benefit is based on their 35 highest earning years. Working longer than 35 years or delaying benefits can increase the monthly amount. Spousal and survivor benefits are also available but may be reduced or lost if claimed early or the recipient remarries before a certain age.
Four Things Women Need to Know About Social SecurityDolf Dunn
This document discusses four key things women need to know about Social Security benefits. It summarizes that Social Security provides retirement, disability, and survivor benefits that can help women and their families. It outlines how benefits are calculated based on work credits and earnings history. Retirement benefits amount depends on age claimed, from as early as 62 at a reduced rate or delayed past full retirement age for higher payments. The document advises women to consider Social Security an important retirement income source given longer lifespans and provides tips on using online tools to estimate benefits.
This document provides a guide to avoiding common mistakes in retirement financial planning. It discusses underestimating life expectancy, relying on being able to work longer than planned, neglecting healthcare costs, accepting low investment returns, failing to monitor withdrawal rates, and not getting a second opinion on your financial plan. It then provides more details on generating retirement income, sources of guaranteed retirement income, protecting assets with various types of insurance, other retirement considerations like housing and healthcare, and the basics of estate planning.
http://ekinsurance.com/financial/how-to-maximize-your-social-security-benefits/
You may have a simple question like, “What can I do now to get the biggest Social Security check?” The answer is not much but you do have some possibilities if married.
America's Retirement Safety Net and information for you to understand the social security, medicare and financial needs after retirement. For more topics you can visit our other flipbooks at http://www.ferrettafinancialservices.com/sitemap.htm .
Happy reading:-
This document provides information on using life insurance for retirement and estate planning purposes. It discusses three main reasons why retirees may still need life insurance: 1) to replace a spouse's lost income if they pass away, 2) for estate planning to distribute assets or pay estate taxes, and 3) to maximize IRA or retirement plan distributions by leaving tax-free life insurance proceeds to heirs. The document then discusses how much life insurance retirees may need based on obligations and supporting future family income needs. It also provides strategies for using existing life insurance policies, such as 1035 exchanges to annuities or lower death benefit policies, to gain tax benefits and income. Finally, it discusses how life insurance trusts can be used to keep policy
This document summarizes a workshop on getting the most from Social Security. It discusses knowing your Social Security benefit, understanding your options for claiming benefits at different ages, and strategies for maximizing your Social Security benefit. The workshop covers determining eligibility age, how working affects benefits, spousal benefits, and strategies like claiming and suspending benefits or claiming a spousal benefit first before a personal benefit. The goal is to help individuals evaluate their expected Social Security benefits and determine the best time to start claiming.
The document discusses an individual retirement account (IRA) wealth protection strategy to pass the value of an IRA to heirs while minimizing taxes. The strategy involves taking IRA distributions, funding a life insurance trust to purchase a policy, and providing estate and income tax-free life insurance proceeds to beneficiaries upon death.
This document provides information about Social Security benefits. It discusses how the Social Security Statement provides information about potential retirement, disability, and survivor benefits based on lifetime earnings. It notes that Social Security is intended to replace about 40% of pre-retirement income and other savings are needed. The rest of the document details how benefits are estimated and provides the recipient's personal earnings history and estimated taxes paid.
This document provides a summary of key 2017 tax reference information including:
- Personal exemption and standard deduction amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare surtax thresholds.
- Health care penalties for no coverage and long-term care deduction limits.
- Standard deduction amounts and tax brackets for single, married joint, married separate, head of household, estates and trusts, and corporations.
This document provides key tax reference information for 2016, including:
- Standard deduction and personal exemption amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare tax rates for high-income individuals.
- Affordable Care Act penalty amounts for not having health insurance.
- Tax brackets and rates for individual filing statuses.
- Social Security tax rates and income thresholds for taxing benefits.
In this presentation I discuss a strategy for protection significant IRA wealth. This strategy and more is available to my clients. Audio will soon be added.
This document provides an overview and comparison of traditional IRAs and Roth IRAs. It discusses key factors to consider when choosing between the two options such as eligibility for tax-deductible contributions, contribution and income limits, tax treatment of distributions, required minimum distributions, and bankruptcy protections. Hypothetical examples are presented to illustrate how the different accounts may perform over long time horizons under varied rate of return and tax assumptions. The document emphasizes the importance of saving for retirement early and maximizing tax-advantaged retirement accounts.
This document provides an overview of estate planning concepts for women, including transfer taxes, lifetime gifts, trusts, life insurance, and income tax basis. It discusses how women often outlive their husbands, meaning they may inherit their estate and have control over final disposition. Advanced estate planning can help consider tax implications and strategies for transferring property during life or at death.
The document provides an overview of key information about 2017 federal income tax rates and rules, retirement plan contribution limits, Social Security benefits, and individual retirement accounts. It includes:
- The 2017 federal income tax rates for single filers, married filing jointly, heads of households, and married filing separately based on taxable income brackets.
- The 2017 standard deduction amounts and personal exemption amounts, which are subject to phase out based on adjusted gross income.
- Annual limits on retirement plan contributions to defined benefit plans, defined contribution plans, and various individual retirement accounts.
- Rules for withdrawals from 403(b), 401(k), and other retirement plans before age 59.5, which may incur a 10
The document discusses the gender retirement gap and provides strategies for women to achieve financial success. It notes that women need to save more than men to have equal assets in retirement due to factors like fewer years worked, lower pay, and longer lifespans. The key strategies recommended include spending less than you earn, investing early and often in retirement accounts, understanding risk tolerance, having a financial plan, and using tools to track spending and calculate savings needs. The document provides examples and calculations to illustrate how to determine the appropriate savings rate to meet retirement goals.
This document provides information about Social Security benefits in the United States, including retirement benefits, cost of living adjustments, eligibility requirements, benefit calculations, Medicare coverage, and planning for retirement. Key details include how Social Security benefits are calculated based on earnings history, the full retirement age increasing to 67, spousal and child benefits, survivors benefits, and Medicare enrollment periods.
- Baby boomers have embraced Social Security and are focused on maximizing their benefits from the system. There are three ways to increase Social Security benefits: cost-of-living adjustments, earning more, and delaying when benefits are claimed. Delaying benefits until age 70 provides the highest total lifetime benefits. An example is provided showing that a maximum earner could receive over $1.3 million more total by claiming at 70 instead of 62.
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
Social Security benefits can be claimed as early as age 62 but the benefit amount will be reduced compared to claiming later. The full retirement age varies from 66-67 depending on birth year. Waiting until age 70 provides the maximum monthly benefit. A person's benefit is based on their 35 highest earning years. Working longer than 35 years or delaying benefits can increase the monthly amount. Spousal and survivor benefits are also available but may be reduced or lost if claimed early or the recipient remarries before a certain age.
Four Things Women Need to Know About Social SecurityDolf Dunn
This document discusses four key things women need to know about Social Security benefits. It summarizes that Social Security provides retirement, disability, and survivor benefits that can help women and their families. It outlines how benefits are calculated based on work credits and earnings history. Retirement benefits amount depends on age claimed, from as early as 62 at a reduced rate or delayed past full retirement age for higher payments. The document advises women to consider Social Security an important retirement income source given longer lifespans and provides tips on using online tools to estimate benefits.
This document provides a guide to avoiding common mistakes in retirement financial planning. It discusses underestimating life expectancy, relying on being able to work longer than planned, neglecting healthcare costs, accepting low investment returns, failing to monitor withdrawal rates, and not getting a second opinion on your financial plan. It then provides more details on generating retirement income, sources of guaranteed retirement income, protecting assets with various types of insurance, other retirement considerations like housing and healthcare, and the basics of estate planning.
http://ekinsurance.com/financial/how-to-maximize-your-social-security-benefits/
You may have a simple question like, “What can I do now to get the biggest Social Security check?” The answer is not much but you do have some possibilities if married.
America's Retirement Safety Net and information for you to understand the social security, medicare and financial needs after retirement. For more topics you can visit our other flipbooks at http://www.ferrettafinancialservices.com/sitemap.htm .
Happy reading:-
This document provides information on using life insurance for retirement and estate planning purposes. It discusses three main reasons why retirees may still need life insurance: 1) to replace a spouse's lost income if they pass away, 2) for estate planning to distribute assets or pay estate taxes, and 3) to maximize IRA or retirement plan distributions by leaving tax-free life insurance proceeds to heirs. The document then discusses how much life insurance retirees may need based on obligations and supporting future family income needs. It also provides strategies for using existing life insurance policies, such as 1035 exchanges to annuities or lower death benefit policies, to gain tax benefits and income. Finally, it discusses how life insurance trusts can be used to keep policy
This document summarizes a workshop on getting the most from Social Security. It discusses knowing your Social Security benefit, understanding your options for claiming benefits at different ages, and strategies for maximizing your Social Security benefit. The workshop covers determining eligibility age, how working affects benefits, spousal benefits, and strategies like claiming and suspending benefits or claiming a spousal benefit first before a personal benefit. The goal is to help individuals evaluate their expected Social Security benefits and determine the best time to start claiming.
The document discusses an individual retirement account (IRA) wealth protection strategy to pass the value of an IRA to heirs while minimizing taxes. The strategy involves taking IRA distributions, funding a life insurance trust to purchase a policy, and providing estate and income tax-free life insurance proceeds to beneficiaries upon death.
This document provides information about Social Security benefits. It discusses how the Social Security Statement provides information about potential retirement, disability, and survivor benefits based on lifetime earnings. It notes that Social Security is intended to replace about 40% of pre-retirement income and other savings are needed. The rest of the document details how benefits are estimated and provides the recipient's personal earnings history and estimated taxes paid.
This document provides a summary of key 2017 tax reference information including:
- Personal exemption and standard deduction amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare surtax thresholds.
- Health care penalties for no coverage and long-term care deduction limits.
- Standard deduction amounts and tax brackets for single, married joint, married separate, head of household, estates and trusts, and corporations.
This document provides key tax reference information for 2016, including:
- Standard deduction and personal exemption amounts.
- Capital gains tax rates and IRA/pension plan contribution limits.
- Estate and gift tax exemption amounts.
- Medicare tax rates for high-income individuals.
- Affordable Care Act penalty amounts for not having health insurance.
- Tax brackets and rates for individual filing statuses.
- Social Security tax rates and income thresholds for taxing benefits.
In this presentation I discuss a strategy for protection significant IRA wealth. This strategy and more is available to my clients. Audio will soon be added.
This document provides an overview and comparison of traditional IRAs and Roth IRAs. It discusses key factors to consider when choosing between the two options such as eligibility for tax-deductible contributions, contribution and income limits, tax treatment of distributions, required minimum distributions, and bankruptcy protections. Hypothetical examples are presented to illustrate how the different accounts may perform over long time horizons under varied rate of return and tax assumptions. The document emphasizes the importance of saving for retirement early and maximizing tax-advantaged retirement accounts.
This document provides an overview of estate planning concepts for women, including transfer taxes, lifetime gifts, trusts, life insurance, and income tax basis. It discusses how women often outlive their husbands, meaning they may inherit their estate and have control over final disposition. Advanced estate planning can help consider tax implications and strategies for transferring property during life or at death.
The document provides an overview of key information about 2017 federal income tax rates and rules, retirement plan contribution limits, Social Security benefits, and individual retirement accounts. It includes:
- The 2017 federal income tax rates for single filers, married filing jointly, heads of households, and married filing separately based on taxable income brackets.
- The 2017 standard deduction amounts and personal exemption amounts, which are subject to phase out based on adjusted gross income.
- Annual limits on retirement plan contributions to defined benefit plans, defined contribution plans, and various individual retirement accounts.
- Rules for withdrawals from 403(b), 401(k), and other retirement plans before age 59.5, which may incur a 10
The document discusses the gender retirement gap and provides strategies for women to achieve financial success. It notes that women need to save more than men to have equal assets in retirement due to factors like fewer years worked, lower pay, and longer lifespans. The key strategies recommended include spending less than you earn, investing early and often in retirement accounts, understanding risk tolerance, having a financial plan, and using tools to track spending and calculate savings needs. The document provides examples and calculations to illustrate how to determine the appropriate savings rate to meet retirement goals.
This document provides information about Social Security benefits in the United States, including retirement benefits, cost of living adjustments, eligibility requirements, benefit calculations, Medicare coverage, and planning for retirement. Key details include how Social Security benefits are calculated based on earnings history, the full retirement age increasing to 67, spousal and child benefits, survivors benefits, and Medicare enrollment periods.
This document provides information about navigating healthcare options under the Affordable Care Act (ACA). It explains that individuals can receive subsidies to help pay for health insurance purchased on exchanges if their income is between 133-400% of the federal poverty level. It also outlines the penalties for not having health insurance ("individual mandate") and details the metal tiers of ACA-compliant health plans (platinum, gold, silver, bronze). Open enrollment begins on October 1, 2013.
Trudeaumania 2 and Trump Dynasty for Posting onlineMichael Bondy
Trudeaumania-2 and What's in Store for Us All
- Justin Trudeau wants to strengthen Canada's middle class through income-based programs that tax higher incomes and increase benefits for middle incomes.
- His approach involves larger public spending programs and deficits to "spend our way to happiness."
- However, Trudeau has moderated some of his policies since taking power and the future effects on taxpayers remain uncertain.
This document is a summary of an individual's Social Security statement. It provides estimates of their Social Security benefits based on their lifetime earnings record. It notes that the individual has already filed for and is receiving benefits. It also provides information about Social Security retirement, disability, family and survivor benefits. Additionally, it discusses factors that could impact estimated benefits and encourages the individual to review their earnings record for accuracy.
This document is a summary of an individual's Social Security statement. It provides estimates of their Social Security benefits based on their lifetime earnings record. It notes that the individual has already filed for and is receiving benefits. It also provides information about Social Security retirement, disability, family and survivor benefits. Additionally, it discusses factors that could impact estimated benefits and encourages the individual to review their earnings record for accuracy.
This document is a summary of 3 key points from a Social Security benefits statement:
1. The statement provides the recipient's earnings record and estimates of retirement, disability, and survivor benefits based on their lifetime earnings and current law. It notes that actual benefits may differ depending on future earnings.
2. The statement emphasizes the importance of reviewing the earnings record for accuracy and contacting Social Security right away if any errors are found. An accurate earnings record is crucial for determining benefit amounts.
3. Additional information is provided about eligibility for benefits depending on factors like age, disability status, family situation. The statement also notes other programs like Medicare and options to receive benefits while continuing to work before full retirement age.
The document provides information about enrolling in health insurance plans under the Affordable Care Act. It explains that the ACA expands coverage to those with pre-existing conditions and guarantees essential health benefits. It also discusses determining income eligibility for subsidies, how to enroll on or off the exchange, the types of available plans (bronze, silver, gold, platinum), penalties for being uninsured, and contacting an agent for assistance.
This is a presentation for Blue Edge Financial Planning for a post on their Facebook page.
It is their Spring newsletter.
You can follow them on Facebook at:
http://www.facebook.com/blueedgefinancialplanning
Exploring Your Options For A Quality Retirement RedoneRobert Blackburn
The document discusses strategies for planning a successful retirement. It identifies four key factors that can erode retirement savings: debt, inflation, taxes, and health issues. It emphasizes taking control of retirement planning early on through contributing to pre-tax and after-tax retirement accounts, maintaining a diversified portfolio, and constantly monitoring progress to adjust plans as needed. Individuals are ultimately responsible for their own retirement security, not employers or the government. Planning over a long time horizon is essential to maximizing net spendable income during retirement.
This document provides information on when individuals should start receiving Social Security retirement benefits. It discusses factors to consider such as full retirement age, how benefits are calculated if taken earlier or later than full retirement age, how work affects benefits, income in retirement, taxes on benefits, and strategies for married couples. The document aims to help individuals make the best decision for their personal situation regarding when to start receiving Social Security benefits.
The document discusses several topics related to personal finance planning including:
1) Annual paper tax forms in the UK will be replaced with digital tax accounts by 2020 that individuals and small businesses can access online anytime. This is aimed to make paying taxes easier.
2) A guide is provided on common pension terminology like annuity, lifetime allowance, and defined contribution to help understand retirement planning.
3) New rules allow individuals greater flexibility in how they withdraw money from their pension pot including taking it as a tax-free lump sum, through drawdown, or as lump sums taxed at 25%.
The document discusses health insurance and high deductible health plans (HDHP). It provides comparisons of premium costs for single, single+1, and family coverage under different plans. It also discusses health savings accounts (HSAs) which can be used to pay for medical expenses with pre-tax dollars when paired with a HDHP. The document recommends maximizing contributions to retirement accounts, then an HSA, and maintaining good health habits.
10 things you must know before enrolling in obamaDuaine Owings
The document provides an overview of important information for enrolling in health insurance plans through the Affordable Care Act for 2015, including:
- Essential health benefits that must be covered by ACA plans
- Premium tax subsidies and cost-sharing reductions that many who apply qualify for
- The need to review current plans as plans may change, be discontinued, or have rate increases for 2015
This document provides information about health care exchange plans and eligibility for 2015. It outlines income thresholds for qualifying for lower premiums or Medicaid based on household size. For 1-6 person households, it lists the yearly income ranges to qualify for lower premiums or premiums and out-of-pocket costs on marketplace plans. It also provides income thresholds for Medicaid eligibility if the state expanded Medicaid. It details the individual shared responsibility payment amounts and calculations for 2014 and 2015. It lists exemptions from the individual responsibility requirement and circumstances qualifying for hardship exemptions.
The document discusses several topics related to retirement planning and pensions, including:
1) The upcoming changes to the lifetime pension allowance, which will be reduced from £1.25 million to £1 million starting in April 2016. This could result in additional tax charges for those with pension savings above the new allowance.
2) Options for taking advantage of the current higher lifetime allowance amount, such as starting to take pension withdrawals before April 2016.
3) Ways to potentially avoid tax charges on pension savings exceeding the lifetime allowance, such as using the "small pot rule" to withdraw small pension pots tax-free or contributing to a SIPP for more flexible tax treatment.
4) The importance of seeking
The document provides information about health insurance plans available under the Affordable Care Act (ACA). It explains that the ACA provides essential health benefits, consumer protections, and health insurance marketplaces. It also summarizes the different types of plans available - bronze, silver, gold, platinum, and catastrophic - and how they vary in terms of premium costs, deductibles, co-pays, and coverage. The document advises people to choose a plan based on their needs and income level to determine if they qualify for subsidies.
Primerica is the largest independent financial services marketing organization in North America. It was founded in 1977 and is listed on the New York Stock Exchange. Primerica offers a variety of financial products and services to help clients achieve their financial goals through a complimentary Financial Needs Analysis.
Worldwide benefits-Social Security: Planning Your RetirementCarol Buckmann
The document provides information about Social Security benefits. It discusses that 59 million people receive benefits, including retired workers, disabled workers, widows/widowers, and children of deceased workers. It also summarizes the different types of Social Security benefits like retirement benefits, disability benefits, survivors benefits, and Medicare. The document explains how to qualify for and apply for these different Social Security programs.
Worldwide benefits-Social Security: Planning Your Retirement
ACA Final Presentation
1. Do you have questions about any of
the following?
Is Obamacare Going to Help Me Pay for My Insurance?
Online Exchanges and Subsidies
Pre-Existing Conditions and Poor Health
Preventive Services
Extending Coverage to Young Adults Under 26
Medicaid Expansion
Penalties
Gender Rating
Essential Benefits Package
Benefits to My Medicare
6. You may be eligible for tax credits toward your premium,
depending on your income.
You may also be eligible for tax credits toward cost-
sharing reductions, so you would pay less for
deductibles, co-payments, and coinsurance.
You may also be eligible for Medicaid expansion.
9. Tax credits toward your premiums
To know if you are and by how much, are you
purchasing insurance as a single person or as a
family?
- Single person
- Family
10. Tax premiums toward cost-sharing
To know how much, are you purchasing insurance as a
single person or as a family?
- Single person
- Family
You are eligible for tax credits toward cost-sharing
reduction
These credits are only eligible to buy the silver plan (one
that covers 70% of the health care costs)
11. Are you a citizen or have been a legal resident for
more than five years?
YES NO
12. Online Exchanges and Subsidies
Am I eligible for tax credits that I can use to lower
the cost of the premium when I buy insurance on
the online exchanges?
Am I eligible for tax credits that I can use to apply
towards cost-sharing, to reduce how much I pay for
deductibles, copayments and/or coinsurance?
If I am eligible for credits/subsidies toward my
premiums, how will I be receiving them?
13. Online Exchanges and Subsidies
If I am currently covered by insurance, can I keep it?
14. Pre-Existing Conditions and Poor Health
My insurance denied me coverage because I have
a pre-existing condition, or because I am in poor
health. Will Obamacare help me?
Before September 23, 2010, my child who had a
pre-existing condition or had poor health, was
denied coverage. But after this date, that was no
longer the case. Why is that?
15. Preventive Services
Does Obamacare allow me to have preventive
services at no cost?
I am a religious employer and I object to providing
contraceptive services to my employees. How
would Obamacare address my concern?
16. Extending Coverage to Young Adults Under 26
What if I am under the age of 26, can I stay under
my parents’ plan?
17. Gender Rating
As a woman, my insurance company charges me
more than it charges a man, despite having similar
health conditions. Will Obamacare do anything
about that?
18. Essential Benefits Package
What are the essential health benefits that must be
included in health insurance plans starting January,
2014?
19. Medicaid Expansion
There will be Medicaid expansion in Michigan
because of Obamacare. How do I know that I am
eligible for Medicaid?
20. Penalties
Is there a penalty if I do not buy health insurance
by March 31, 2014?
What if I lose coverage at some point in 2014, will I
be penalized for not having insurance?
26. Do you have an employer-provided insurance where
the employer covers at least 60% of the cost AND
where you do not pay more than 9.5% of your income
toward the plan?
YES
NO
I Am Self-Insured
27. You are NOT eligible for tax credits toward your
premium
You are also NOT eligible for tax credits that could be
used toward cost-sharing reduction, such as reducing
deductibles, coinsurance or copayments
28. You may be eligible for tax credits toward your
premium, depending on your income
To know if you are and by how much, are you
purchasing insurance as a single person or as a
family?
- Single person
- Family
30. Family of Four
Do you make between $23,550 - $94,200?
YES NO
Different Size of Family
31. Single Person
The credit will be in the form of a limit on the percentage
of your income you pay toward premium:
Yearly Income Limit on Premium as
Percentage of Income
$11,490 - $15,281 2% of income
$15,281 - $17,235 3 – 4% of income
$17,235 - $22,980 4 – 6.3% of income
$22,980 - $28,725 6.3 – 8.05% of income
$28,725 - $34,470 8.05 – 9.5% of income
$34,470 - $45,960 9.5% of income
Example
32. Example
Say you are a single person who earned $29,000 in
2013. Then, when you purchase your insurance on the
online exchanges, your monthly premium cost will be no
more than 8% of your income, which is $193.
This amount will be used to buy the second-lowest-cost
silver plan (a plan that covers 70% of health care costs).
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Page
33. Say you were going to buy a plan with a premium of
$4,000 on the online exchanges.
Instead of paying $4,000, you will only pay the monthly
premium cap of $193 multiplied by the number of
months in a year:
$193 * 12 = $2,316
You end up saving $3,857 - $2,316 = $1,541
So you got $1,541 of subsidies
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34. What if I did not want to purchase the second-
lowest-cost silver plan, can I still get tax credits to
help pay my premium?
Yes you will. In the previous example, you were going to
pay a monthly premium of $193. Say you wanted to buy a
cheaper plan than the second-lowest silver plan, say a less
costly silver plan or a bronze plan (one that covers 60% of
health care costs). Then, you would end up paying less
than $193.
Say the plan you wanted to buy has a premium of $3,200.
What happens now is that you use your tax credits
calculated in the previous page to apply to the new plan.
Next PagePrevious Page
35. As shown previously, you got $1,541 in subsidies
when you wanted to buy the silver plan. Now you
want to buy the bronze plan that would cost $3,200,
so you end up paying the following premium:
$3,200 - $1,541 = $1,659 (you paid $2,316 before)
You end up paying $1,541 in premiums for a plan that
would have cost you $3,200
More InformationPrevious Slide
36. If you are still confused
Check out this video
Access more information
37. Family of Four
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$23,550 - $31,321 2% of income
$31,321 - $35,325 3 – 4% of income
$35,325 - $46,100 4 – 6.3% of income
$47,100 - $58,875 6.3 – 8.05% of income
$58,875 - $70,650 8.05 – 9.5% of income
$70,650 - $94,200 9.5% of income
Different Size of Family
38. How many people are in your family?
- Family of two
- Family of three
- Family of four
- Family of five
- Family of six
- Family of seven
- Family of eight
39. Family of Two
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$15,510 - $20,628 2% of income
$20,628 - $23,265 3 – 4% of income
$23,265 - $31,020 4 – 6.3% of income
$31,020 - $38,775 6.3 – 8.05% of income
$38,775 - $46,530 8.05 – 9.5% of income
$46,530 - $62,040 9.5% of income
Different Size of Family
40. Family of Three
The credit will be in the form of a cap on the percentage
of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$16,275 - $21,645 2% of income
$21,645 - $24,412 3 – 4% of income
$24,412 - $32,550 4 – 6.3% of income
$32,550 - $40,687 6.3 – 8.05% of income
$40,687 - $48,825 8.05 – 9.5% of income
$48,825 - $65,100 9.5% of income
Different Size of Family
41. Family of Five
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$27,570 - $36,668 2% of income
$36,668 - $41,355 3 – 4% of income
$41,355 - $55,140 4 – 6.3% of income
$55,140 - $68,925 6.3 – 8.05% of income
$68,925 - $82,710 8.05 – 9.5% of income
$482,710 - $110,280 9.5% of income
Different Size of Family
42. Family of Six
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$31,590- $42,014 2% of income
$42,014 - $47,385 3 – 4% of income
$47,385 - $63,180 4 – 6.3% of income
$63,180 - $78,975 6.3 – 8.05% of income
$78,975 - $94,770 8.05 – 9.5% of income
$94,770 - $126,360 9.5% of income
Different Size of Family
43. Family of Seven
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$35,610- $47,361 2% of income
$47,361 - $53,415 3 – 4% of income
$53,415- $71,220 4 – 6.3% of income
$71,220 - $89,025 6.3 – 8.05% of income
$89,025 - $106,830 8.05 – 9.5% of income
$106,830 - $142,440 9.5% of income
Different Size of Family
44. Family of Eight
The credit will be in the form of a cap on the
percentage of your income you pay toward premium:
Aggregate Yearly Income Cap on Premium as
Percentage of Income
$39,630 - $52,707 2% of income
$52,707 - $59,445 3 – 4% of income
$59,445- $79,260 4 – 6.3% of income
$79,260 - $99,075 6.3 – 8.05% of income
$99,075 - $118,890 8.05 – 9.5% of income
$118,890 - $158,520 9.5% of income
Different Size of Family
46. Are you covered by Medicare, Medicaid, CHIP,
TRICARE or other government-funded insurance
programs?
YES NO
47. Do you have an employer-provided insurance where the
employer covers at least 60% of the cost AND where you
do not pay more than 9.5% of your income toward the
plan?
YES NO
48. You are eligible for tax credits toward cost-sharing
reduction
These credits are only eligible to buy the silver plan (one
that covers 70% of the health care costs)
To know how much, are you purchasing insurance as a
single person or as a family?
- Single person
- Family
49. Single Person
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend
on your:
Yearly Income Health Care Costs
Covered by the Plan
$11,490 - $17,235 94%
$17,235 - $22,980 87%
$22,980 - $28,725 73%
I need more information
50. Family of Four
Without the cost-sharing subsidies, then you would have paid
70% of the health care costs (silver plan). But, if you qualify
for subsidies, then the health care costs depend on your
income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$23,550 - $35,325 94%
$35,325 - $47,100 87%
$47,100 - $58,875 73%
I Need More Information
Different Sizes of Families
51. How many people are in your family?
- Family of two
- Family of three
- Family of four
- Family of five
- Family of six
- Family of seven
- Family of eight
52. Family of Two
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend on
your income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$15,510 - $23,265 94%
$23,265 - $31,020 87%
$31,020 - $38,775 73%
I Need More Information
Different Sizes of Families
53. Family of Three
Without the cost-sharing subsidies, then you would have paid
70% of the health care costs (silver plan). But, if you qualify
for subsidies, then the health care costs depend on your
income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$19,530 - $29,295 94%
$29,295 - $39,060 87%
$39,060 - $48,825 73%
I Need More Information
Different Sizes of Families
54. Family of Five
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend on
your income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$27,570 - $41,355 94%
$41,355 - $55,140 87%
$55,140 - $68,925 73%
I Need More Information
Different Sizes of Families
55. Family of Six
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend on
your income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$31,590 - $47,385 94%
$47,385 - $63,180 87%
$63,180 - $78,975 73%
I Need More Information
Different Sizes of Families
56. Family of Seven
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend on
your income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$35,610 - $53,415 94%
$53,415 - $71,220 87%
$71,220 - $89,025 73%
I Need More Information
Different Sizes of Families
57. Family of Eight
Without the cost-sharing subsidies, then you would have
paid 70% of the health care costs (silver plan). But, if you
qualify for subsidies, then the health care costs depend on
your income:
Aggregate Yearly Income Health Care Costs
Covered by the Plan
$39,630 - $59,445 94%
$59,445 - $79,260 87%
$79,260 - $99,075 73%
I Need More Information
Different Sizes of Families
58. Additional Information
To find out more about your eligibility for subsidies and affordable
health insurance options, please visit: www.healthcare.gov
If you have any questions that cannot be answered on the website,
then you can contact Consumer Assistance Program
You can also use this link to calculate your subsidy:
http://kff.org/interactive/subsidy/calculator/
You can also call this number for assistance: 1-800-318-2596
(available 24/7) or have live chat here
59. This is the beauty of the online exchanges, that you can
find at www.healthcare.gov as it does it for you. Once you
enter your information there, such as income and status in
the US, then if you are eligible for tax credits toward your
premiums, the exchanges will arrange that amount to be
paid to the insurance company that you purchased your
plan from, every month.
This is possible as long as you select to receive your
credits upfront. If you have any questions, the website
listed has 24/7 help line. Do not hesitate to use it.
60. Are you a citizen or have been a legal resident for
more than five years?
YES NO
61. You may be eligible to be covered by Medicaid
expansion
To know if you are, are you purchasing insurance as
a single person or as a family?
- Single person
- Family
64. Family of Four
Do you make up to $32,499 a year?
YES NO
Different Size of Family
65. How many people are in your family?
- Family of two
- Family of three
- Family of four
- Family of five
- Family of six
- Family of seven
- Family of eight
72. You may eligible for Medicaid. You can apply using the
following website:
http://www.benefits.gov/benefits/benefit-details/1221
73. Absolutely, you can keep your current insurance
If you are self-covered and are not happy with your
insurance, you can always use the marketplaces to
buy insurance and possibly qualify for subsidies to
help you with the cost. Visit www.healthcare.gov for
more information.
74. Do you satisfy any of the following conditions?
1) I have insurance
2) My income is not more than $10,000 (single), or not more than
$20,000 (family of four)
3) I am in prison
4) I do not reside in the U.S. anymore
5) I belong to the Amish or some other Mennonite sects
6) The cost of premium exceeds 8% of my income even after
employer contributions and federal subsidies
7) I am native American
8) I am an illegal immigrant
YES NO
76. You have to pay a penalty
To determine the amount of the penalty, it is important
to note whether you are single or a family:
- Single person
- Family
77. Single Person
Year Penalty
2014 $95 (adult)/ $47.5 (child), or 1% of income,
whichever is higher
2015 $325 (adult)/ $162.5 (child), or 2% of
income, whichever is higher
2016 and
onward
$695 (adult)/ $347.5 (child), or 2.5% of
income, whichever is higher
The penalty will be paid to the IRS at the time of tax filling
I Need More Information
78. Family (independent of number of children)
Year Penalty
2014 $285, or 1% of income, whichever is
higher
2015 $975, or 2% of income, whichever is
higher
2016 and
onward
$2,085, or 2.5% of income, whichever is
higher
The penalty will be paid to the IRS at the time of tax filling
I Need More Information
79. Not necessarily
Once you lose coverage, you should get on the online
exchanges and purchase insurance. Even if you
could not afford to buy the insurance, you will be
given a period of three months to pay your premiums.
If you do not have insurance for three continuous
months in 2014 (for total of 90 days), then you will
pay a penalty. The penalties can be found here.
80. Absolutely
Starting January 1, 2014, you will NO longer be denied
coverage because you have a pre-existing condition or
because you are in poor health.
When the online exchanges open on October 1, you will
be able to buy insurance that will no longer deny you
coverage, and the benefits will start on January 1, 2014.
In addition, insurance plans will no longer be able to
charge you more because you have a pre-existing
condition or because you have poor health.
81. That is one of the benefits of Obamacare.
Since September 23, 2010, one of the many benefits
of Obamacare is to prevent insurance companies
from denying a child coverage because of a pre-
existing condition or poor health.
A child is defined as someone under 19 years old.
82. Absolutely
One of the benefits of Obamacare is that you can
stay under your parents’ plan UNLESS your parents
are covered by TRICARE, or if you are covered by
your employer.
83. Absolutely
Since August of 2011, any new plans offered by employers or
private insurance have had to provide coverage, at no cost to you,
for the following preventive services, arranged alphabetically:
1) Annual wellness visits (for adult women)
2) Blood o9opressure screening (for all adults)
3) Breastfeeding support, suppliers and counseling (for adult
women)
4) Cervical cancer screening (for adult women)
5) Colonoscopies (for Medicare beneficiaries)
6) Colorectal and prostate screening (for Medicare beneficiaries)
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84. 7) Contraception (for adult women)
8) Domestic violence screening and counseling (for adult women)
9) Gestational diabetes screening (for adult, pregnant women)
10) HIV screening and counseling (for adult women)
11) Immunizations
12) Mammograms (for adult women at age 40 or above)
13) Pelvic exam (for Medicare beneficiaries)
14) Sexually transmitted diseases counseling (for adult women)
15) Ultrasound for abdominal aortic aneurysm (for Medicare
beneficiaries with a history of smoking)
Previous Page More Information
85. You do NOT have to provide contraceptive
services to your employees
Religious employers at non-profits (such as religious
colleges) or churches, would not have to pay for birth
control. But their employees would still receive free
access to contraception through a third-party
insurance provider, without incurring any cost to the
employer
86. Not anymore, starting January, 2014
This practice, known as gender rating, will be banned
starting in 2014. So any insurance plan that you
purchase on the online exchanges, or off the online
exchanges, will be provided to give you coverage that
is the same cost for a man.
87. Obamacare requires health insurance companies
to have a minimum package of services:
1) Ambulatory patient services (outpatient services in a hospital or a
clinic)
2) Emergency services
3) Hospitalization
4) Maternity and newborn care
5) Mental health and substance abuse disorder services
6) Rehabilitative and habilitative services
7) Laboratory services
8) Preventive services (immunizations, cancer screening)
9) Chronic disease management
10) Pediatric services, including oral and vision care
88. Free Preventive Services
Since January, 2011, Medicare beneficiaries have no
longer been paying any cost-sharing for the following:
1) Mammograms
2) Clinical breast exams
3) Pap smears
4) Ultrasound for aortic disease
5) Colorectal and prostate screening
6) Bone density screenings
More Benefits
89. Free Annual Checkups
In addition, since January, 2011, there have been
annual wellness checkups for all Part B enrollees at
no cost to them. Make sure to use these free
services.
MorePrevious
90. Closing the Coverage Gap
About a quarter of Part D enrollees are in a coverage gap where
they take 100% responsibility for cost-sharing. This is what have
happened since 2012 due to the ACA:
1) Enrollees received a $250 rebate if they had any spending
in the coverage gap in 2010
2) In 2011, enrollees received a 7% discount on generic drugs
that were equivalent to savings of about $604 per enrollee
3) In 2012, seniors got a 50% discount when buying brand
name drugs
4) In the same year, seniors got 14% discount on generic
drugs
5) In 2021, beneficiaries will only be responsible for 25% cost-
sharing instead of the current 100%. This would save
beneficiaries an average of $4,200
Previous More Information