New Health Insurance Marketplace Coverage Options and Your Health Coverage

Part A: General Information

When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, this notice provides some basic information about the new Marketplace and employment-based health coverage offered by your employer.

 

What is the Health Insurance Marketplace?

The Marketplace is designed to help you find health insurance that meets your needs and fits your budget. The marketplace offers “one-stop shopping” to find and compare private health insurance options. You may also be eligible for a new kind of tax credit that lowers your monthly premium right away. Open enrollment for health insurance coverage through the marketplace begins in October 2013 for coverage starting as early as January 1, 2014.

 

Can I Save Money on my Health Insurance Premiums in the Marketplace?

You may qualify to save money and lower your monthly premium, but only if your employer does not offer coverage, or offers coverage that does not meet certain standards. The saving on your premium that you are eligible for depends on your household income.

 

Does Employer Health Coverage Affect Eligibility for Premium Savings through the Marketplace?

Yes. If you have an offer of health coverage from your employer that meets certain standards, you will not be eligible for a tax credit through the Marketplace and you may wish to enroll in your employer’s health plan. However, you may be eligible for a tax credit that lowers your monthly premium, or a reduction in certain cost-sharing if your employer does not offer coverage that meets certain standards. If the cost of a plan from your employer that would cover you (and not any other members of your family) is more than 9.5% of your household income for the year, or if the coverage your employer provides does not meet the “minimum value” standard set by the Affordable Care Act, you may be eligible for a tax credit.

 

Note: If you purchase a health plan through the Marketplace instead of accepting health coverage offered by your employer, then you may lose employer contribution (if any) to the employer-offered coverage. Also, this employer contribution -as well as your employee contribution to employer-offered coverage- is often excluded from income for Federal and State income tax purposes. Your payments for coverage through the Marketplace are made on an after-tax basis.

 

How Can I Get More Information?

For more information about your coverage offered by your employer, please check your summary plan description.

 

The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and ist cost. Please visit HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.

Vanilla Strawberry Hydrangea

For all the Gardeners out there ….. I saw a picture of these beautiful plants and had to share.

These gorgeous plants start out as red branches with lime green leaves and the buds will slowly bloom into white stunning flowers we have all seen. 

But as the summer heat progresses, these flowers begin to show a soft pink hue.

 

 

 

 

As the real summer heat comes. The bloom color becomes more of a deep pink.

 

 

 

And will finish the season with an outstanding show of color with pink blooms until the cooler weather arrives.

 

 

 

 

 

 

 

 

 

 

 

 

 

These shrubs grow in full sun, and will reach 6 to 7 feet high and spread 4 to 5 feet wide…which will be perfect for either a beautiful privacy hedge or a great addition to shade other areas of your garden. They can be cut back to the height you choose without any problem and all you need to do is wait for warmer weather to return.

HGi will be bringing back the pink .... keep checking in to see how!

 

 

IRS Simplifies Late S Corp Elections

The revenue procedure 2013-30 provides the exclusive simplified methods for taxpayers to request relief for late S corporation elections, Electing Small Business Trust elections, Qualified Subchapter S Trust elections, Qualified Subchapter S Subsidiary elections and late corporate classification elections that the taxpayer intended to take effect on the same date that the taxpayer intended that an S corporation election for the entity should take effect. The revenue procedure provides relief if the taxpayer satisfies certain requirements.

For more information contact HGi Financial Services at (951)681-2784.

August and September Financial Tips

Retirement planning doesn’t end when you retire. If you start out spending your savings too fast, you may be in trouble later. Your financial professional can review your expenses and figure out how much money (or the percentage of your assets) to withdraw each year. Setting up a tax-smart withdrawal plan that keeps your money growing tax deferred as long as possible can help your savings last. All else being equal, tax-deferred investments grow more quickly than taxable ones because you don’t lose part of your returns to taxes each year. The specifics or your withdrawal plan will depend on your personal situation.

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The job of teaching your children good money management skills falls primarily on your shoulders. To help, here are a few ways to encourage your children to be financially savvy.

• Give your children an allowance for household chores to teach them that work done well equals good pay.
• Have your children keep a list of things they want. As birthdays or holidays approach, ask them to rank their top five choices. They’ll learn to think about purchases before making them.
• Explain to your kids how opening savings accounts will not only keep their money safe but also help it grow.
• Help them set time frames for meeting their goals.