Which is best, a health savings account or a flexible spending account (FSA)?
Both accounts are tax-advantaged, but an HSA is more "flexible." The money in an HSA is the employee's and is still available after changing jobs or retiring. It can rollover from year to year and does not have the use-it-or-lose-it requirement that an FSA has.
Which Small Businesses Qualify for Tax Credits in the SHOP Marketplace?
If your company employs less than 25 full-time equivalent employees, you may qualify for premium tax credits under the ACA's small-business provisions. In addition to employing less than 25 full-time workers, the average income of these workers must be less than $50,000. If your small business meets these qualifications, you may be eligible to receive a tax credit, but you can only receive this tax credit via the SHOP marketplace. Companies that choose to insure via the private market will need a different solution to offset costs.
Why consider a Medicare Advantage Plan?
Medicare Advantage Plans are comparable to the managed care health maintenance organizations and preferred provider organization plans you may have had while working. They include Medicare Plan B outpatient and doctor visit services as well as parts from original Medicare, like emergency and urgently needed care. Most include prescription drug coverage (Medicare Part D). In addition, some Medicare Advantage Plans offer coverage for vision, dental, hearing and/or wellness programs.
Why were health savings account plans created?
HSAs and high-deductible health plans were created as a way to help control healthcare costs. The idea is that people will spend their medical dollars more wisely if they are aware of the real costs and are paying for care with their own money.
Will I have to pay more if I have a pre-existing condition?
Starting in 2014, an insurance company cannot charge higher rates to individuals who are the same age based on their gender or health status. So you cannot be declined or pay more if you have a health condition. Pricing depends largely on age, family size and geographic location.
Will I have to pay more if I use tobacco?
Yes, a tobacco user can be charge up to 50 percent more than a non-tobacco user.