Author Archives: Philip M. Jacoby

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About Philip M. Jacoby

Philip M. Jacoby is an insurance expert & the co-founder of United Benefit Solutions, LLC in New York.
EMAIL: pjacoby@ubsins.com
BIO: About Philip
PHONE: 516-766-2682

2015 Employer Mandate Under Healthcare Reform. Will It Be Delayed Again?
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Authored by , re: Financial Planning & Insurance, Insurance, on .

One of the most important and controversial parts of The Affordable Care Act (ACA) has been the “employer mandate.” The mandate essentially forces companies that have over 100 full-time employees or over 100 full-time equivalent (FTE) employees to provide health insurance for their workers. (“Full-time equivalent” is a certain number of part-times and equal full-times.) If employers refuse, these businesses will have to pay fines and penalties for their noncompliance.

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ACA Penalties Could Reach $3 Billion
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Authored by , re: Financial Planning & Insurance, Insurance, on .

The Affordable Care Act (ACA), also known as ObamaCare, requires that every American have health insurance. By mandating both sick and healthy people carry insurance, the government is exercising the primary theory of insurance, Pooling Risk.

This theory explains why it is necessary for everyone to have coverage. If people only purchased health insurance when they became sick, there would not be enough healthy individuals in the “pool” to dilute the adverse selection of unhealthy people. Therefore, premiums would go up and there would be no affordable plans available.

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ACA Open Enrollment Closes for 2014 Health Insurance Plans – What does that mean to you?
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Authored by , re: Financial Planning & Insurance, Insurance, on .

Open Enrollment for health insurance through one of the exchanges set up by the Patient Protection and Affordable Care Act (PPACA) (aka Obamacare) ended on March 31, 2014.

The requirement that all individuals carry insurance is the cornerstone of PPACA. It is rooted in the primary theory of insurance; that the premiums of the many will cover the losses of a few. If only sick people purchased insurance, the premiums would rise beyond affordability for the average person. Healthy young people traditionally opt out of buying insurance for many reasons:

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What Do the Numbers Say?
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Authored by , re: Financial Planning & Insurance, Insurance, on .

On April 1, 2014, President Obama released numbers and praised the Affordable Care Act (ACA), indicating that 7.1 million people have signed up. But what do the numbers say? Over 6 million people lost their coverage by having policies canceled because they were not compliant with the ACA or insurance companies decided not to continue offering those policies. These individuals were being forced to purchase insurance in the exchange, or go elsewhere for their coverage.

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ACA’s Dirty Little Secret
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Authored by , re: Financial Planning & Insurance, Insurance, on .

There is a section of the Healthcare Reform law that has not been discussed much in public. Some people are calling it the law's “dirty little secret.”
The phrase was actually coined by Senator Marco Rubio. It points to Section 1342 of the Affordable Care Act (ACA), which forces taxpayers to reimburse insurance companies for losses incurred by selling policies on the Obamacare Exchanges through 2016. It is almost a bailout type of situation called the insurance company bailout.

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