Tag Archives: health insurance

Will Congress vote away pre-existing exclusions?

From AP 6/14/18, click here for full story

The media  has grasped onto recent Trump administration statements as being aimed at pre-existing conditions.  At issue is Attorney General Jeff Sessions’ recent decision that the Justice Department will no longer defend key parts of the Obama-era Affordable Care Act in court. That includes the law’s unpopular requirement to carry health insurance, but also widely supported provisions that protect people with pre-existing medical conditions and limit what insurers can charge older, sicker customers.”

The truth here is that it is unlikely that anyone would want to go back to being stuck in a job because of medical coverage.  The truth here is that the law has many interlocking parts, so allowing one piece to be abolished may have other consequences (Kind of lick all decisions we make as humans!).

It appears that the administration is refusing to defend parts of the law related to mandated employer coverages.  While large employers would have no problem, it could affect employers with less than 50 employees IF such a change was ever made.  IF such a change was made – the courts threw out a section that affected it, it would be a simple thing for Congress to fix it.  Based on track record on other simple issues, however, this writer IMHO doubts they could get over their partisan paralysis and get much of anything done.

 

New Jersey mandates individual health insurance

Governor Phil Murphy has signed into law The New Jersey Health Insurance Market Preservation Act (the “Act”) making it the second state, after Massachusetts, requiring resident individuals to maintain health insurance coverage or face an individual shared responsibility payment.

This law comes on the heels of The Tax Cuts and Jobs Act, signed by President Trump on December 22, 2017, which repealed the individual shared responsibility payment enacted under the Affordable Care Act (or commonly referred to as Obamacare).

The individual shared responsibility, under the Affordable Care Act, requires individuals to maintain minimum essential health coverage or face an individual shared responsibility payment. The Tax Cuts and Jobs Act repealed, or eliminated, the individual shared responsibility payment effective January 1, 2019. In an effort to help to control recent premium price increases, Governor Murphy signed the Act into law May 31st

The State’s shared responsibility payment is based on the Affordable Care Act calculation which, for 2017, was the greater of 2.5% of a taxpayer’s income over the applicable filing threshold or $695 ($347.50 for those under 18 years of age). The maximum shared responsibility payment for a family for 2017 was $2,085. The shared responsibility payment increases annually but cannot be more than average cost of a bronze level plan on the New Jersey health insurance marketplace.

It is important to note that there exists a religious and hardship exception to the shared responsibility payment.

The NY Times reported on January 30 thatAmazon, Berkshire Hathaway and JPMorgan Chase announced on Tuesday that they would form an independent health care company to serve their employees in the United States.”  Few details are available as the initiative seems to be in the planning stages. 

 

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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