Ways to keep your workplace less sick..... love your neighbors :)

• Cover Your Mouth and Nose. Cover your mouth and nose with a tissue when coughing or sneezing. Flu viruses are thought to spread mainly from person to person through coughing, sneezing, or talking to someone with the flu. 
  
• Avoid Touching Your Eyes, Nose, or Mouth. Flu viruses also may spread when people touch something with flu virus on it and then touch their mouth, eyes, or nose. Routinely clean frequently touched objects and surfaces, including doorknobs, keyboards, and phones, to help remove germs.
  
• Clean Your Hands. Washing your hands often with soap and water (if soap and water are not available, you can use alcohol-based rub) will help protect you from germs. Make sure your workplace has an adequate supply of tissues, soap, paper towels, alcohol-based hand rubs, and disposable wipes.
  
• Stay Home When Sick. Employees should be encouraged to stay home from work when they are sick to help prevent others from getting ill. If there is only one employee who performs a particular task, consider training others so that coverage is available should that employee need to leave work early or stay home due to illness.
  

VERITAS, where you get the TRUTH about insurance!

Annual out-of-pocket expenses may not exceed $7,350 for self-only coverage or $14,700 for family coverage in 2018

HHS Issues Final Notice of Benefit and Payment Parameters for 2018

A final Notice of Benefit and Payment Parameters from the U.S. Department of Health and Human Services (HHS) addresses, among other things, the requirement under the Affordable Care Act that non-grandfathered group health plans limit annual out-of-pocket cost-sharing for coverage of essential health benefits under the plan. The law requires that these limits be updated annually.

HHS updated the annual limits based on the premium adjustment percentage for 2018. As a result, annual out-of-pocket expenses may not exceed $7,350 for self-only coverage or $14,700 for family coverage in 2018.

--

Grace & Peace,
Andrew Darlington CRM, CIC, CBIA, AAI

***Typed qith tumbs or used voice to text soplease forgive the gramatical errora.***

Veritas Risk Management & Insurance Services
PO Box 4539 Johnson City, TN 37602
Phone- (423)292-4142

IRS: 'Saver's Credit' Helps Low- and Moderate-Income Workers Save for Retirement

Special Tax Credit Available for Certain Workers

The Internal Revenue Service (IRS) is reminding low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead.

Background
The saver's credit, also known as the retirement savings contributions credit, helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. The saver's credit can be claimed by:

Married couples filing jointly with incomes up to $61,500 in 2016 or $62,000 in 2017;
Heads of household with incomes up to $46,125 in 2016 or $46,500 in 2017; and
Married individuals filing separately and singles with incomes up to $30,750 in 2016 or $31,000 in 2017.
Note: Like other tax credits, the saver's credit can increase a taxpayer's refund or reduce the tax owed. Though the maximum saver's credit is $1,000 ($2,000 for married couples), the IRS cautioned that it is often much less and, due in part to the impact of other deductions and credits, may, in fact, be zero for some taxpayers.

Saver's Credit
A taxpayer's credit amount is based on his or her filing status, adjusted gross income, tax liability and amount contributed to qualifying retirement programs. IRS Form 8880 is used to claim the saver's credit, and its instructions have details on figuring the credit correctly.

Eligible workers still have time to make qualifying retirement contributions and get the saver's credit on their 2016 tax returns. People have until the due date for filing their 2016 return (April 18, 2017), to set up a new individual retirement arrangement or add money to an existing IRA for 2016. This includes the Treasury Department's myRA. However, elective deferrals (contributions) must be made by the end of the year to a 401(k) plan or similar workplace program (e.g., a 403(b) plan).

--

Grace & Peace,
Andrew Darlington CRM, CIC, CBIA, AAI

***Typed qith tumbs or used voice to text soplease forgive the gramatical errora.***

Veritas Risk Management & Insurance Services
PO Box 4539 Johnson City, TN 37602
Phone- (423)292-4142

State of Tennessee Insurance Verification Program and Random Checks

Effective January 1, 2017, The State of Tennessee's Insurance Verification Program goes live in response to the James Lee Atwood Jr. Law (House Bill 606) that was passed on April 21, 2015. The Tennessee Department of Revenue has been working to design a program that can determine if the financial responsibility requirements of the law are being met with motor vehicle liability insurance policies for Tennessee drivers.

Tennessee is a mandatory insurance state and a new online system has been implemented to automate their auto insurance verification process. All insurance carriers will be sending all Tennessee policies each month to support the online verification. This will be used in addition to Auto ID cards to verify coverage when an individual is stopped for a traffic violation.

Since random checks to verify coverage will also be conducted by the state, it is important to verify that your VINs located on the registration match that of your insurance policy so that coverage can be properly verified. If mandatory coverage cannot be verified, Tennessee will contact you by mail. Failure to verify coverage could result in fines, suspension of vehicle registration, or a registration reinstatement fee. 

For additional information on the James Lee Atwood Jr Law, please see https://www.tn.gov/revenue/article/drive-insured-tn

--

Grace & Peace,
Andrew Darlington CRM, CIC, CBIA, AAI

***Typed qith tumbs or used voice to text soplease forgive the gramatical errora.***

Veritas Risk Management & Insurance Services
PO Box 4539 Johnson City, TN 37602
Phone- (423)292-4142

WINTER DRIVING TIPS

One of the lessons I guess nearly all of us can remember from our school days is the Aesop's fable of the tortoise and the hare. The basic message is: slow and steady beats fast and furious.

Well, okay, maybe that isn't always true, but I often think of it when some tail-gater pulls out and zooms past me on the highway only to meet up again at the next traffic signal. They never seem to learn the lesson or realize the unnecessary risks they take.

Winter driving adds to those risks by throwing all sorts of extra hazards at us - earlier darkness in most places, rain, snow and ice, plus road surfaces pitted and pot-holed either by the weather or studded/chained tires.

This calls for extra caution when you're driving and though I'm not urging you to travel at tortoise speed, it is important that you allow extra time for your journey and ease off on the gas, no matter how rushed you feel.

I thought it might be helpful to pass on a few more winter safety driving tips. Even if you already know them - most are commonsense anyway - sometimes re-reading them helps fix them in your mind before your next road trip.

This is especially important if you happen to be traveling to an area, for the holidays or a vacation say, where the roads will be unfamiliar and perhaps the driving conditions tougher than those you're used to.  Here are my Top 10 rules:

1. Put your headlights on, even during daytime. Many vehicles now do this automatically but if yours isn’t one of them, get into the habit of switching on.
2. Leave more space between you and the vehicle in front. If it's wet, you need at least twice the normal stopping distance. In snow and ice it can10-times, yes 10 times, the distance!
3. Following on from the above point, always brake slowly when roads are slippery; slamming on the brakes leads to skids.
4. Keep your eyes peeled for cyclists and walkers who will not be as visible during rain or darkness, especially if they don’t wear reflective gear.
5. Don't try to drive through a flooded area. You may see others driving through deep water; before following them, just think of the consequences of breaking down there.
6. Take a cellphone and an emergency breakdown kit that includes a lighted warning triangle; if your car breaks down erect the triangle use your car's flashing warning lights.
7. Take weatherproof clothing. Even if you don’t intend to get out of the car, you may not have a choice.
8. If you're planning a long journey or driving through an isolated area, take extra clothing, food supplies and water.
9. If weather conditions are severe, or there's a storm warning, think twice about whether the journey is really necessary. If you do go, take chains if there's ice or snow.
10. Winter driving demands extra concentration. Turn the music (and the cellphone) off and limit potential distractions, from children, even noisy adults, and pets.

Plus, of course, leave early and take your time. Meeting hurriers at the traffic signal is one thing. Seeing them in the aftermath of an accident is another. I don’t want you to be one of them.

3 Things They Dont Tell You in the "Looking for a Medicare Plan?" commercial

I know it sounds weird, but I have actually been watching some of these medicare infomercials lately.  Yes, I am an insurance nerd.  It just really irritates me because they are skipping over some of the key points and in my opinion are using a bait and switch tactic.

1- When they talk about all the benefits that their plan offers, they are comparing their plan to Original Medicare, but then they turn around and talk about the fact that their plan is "All in One" and compare it to having Original Medicare PLUS a Medigap Plan. It would be  like me trying to sell you a used car and comparing how well it drives to a car in the junk yard then when I talk about the price, compare it to a new Lexus.  It can be confusing to people who dont do this all day long like we do.

2- They say that their Medicare Plan "Covers" Hospital Visits- while this is true, they do not say that there is a copy for this AND they do not say how much or how often the co-pay will pop up.  With most of these plans you are going to pay $175 to $400 per day for between 3 and 7 days AND you will pay the for each admission up to the plan's maximum out of pocket limit.  While this is better than just having Original Medicare, it is not better than what you would have if you had a good Medigap plan.

3- They dont tell you that if you have to go to doctors in their network or they are not going to pay for anything.  This is how they keep your price low.  If you want to see your doctor get on a soap box, just ask your doctor how much they get paid from an Advantage Plan compared to Original Medicare.  It is a TON less.  They are squeezing the doctors and limiting their network so they can get pricing down as much as possible.

If you really want to know the TRUTH about Medicare, Medicare Advantage Plans, Medigap Plans, and Prescription Drug Plans, call our office.  We would by happy to answer any questions that you have.

New Expiration Date for COBRA General and Election Notices is November 30, 2016 Previously Set to Expire on October 31, 2016

The U.S. Department of Labor has extended the effective date of its model General Notice of COBRA Rights and COBRA Election Notice through November 30, 2016. Previously, these model notices were set to expire on October 31, 2016.

--

Grace & Peace,
Andrew Darlington CRM, CIC, CBIA, AAI

***Typed qith tumbs or used voice to text soplease forgive the gramatical errora.***

Veritas Risk Management & Insurance Services
PO Box 4539 Johnson City, TN 37602
Phone- (423)292-4142

Extension for Forms 1095-B and 1095-C in Early 2017

The IRS has extended the due dates for furnishing 2016 Forms 1095-B and 1095-C to covered individuals and full-time employees, respectively, from January 31, 2017, to March 2, 2017. In addition, the IRS is also extending good faith penalty relief to reporting entities who can show they made good faith efforts to comply with the calendar year 2016 information reporting requirements.

What is a Health Savings Account?

So Donald Trump has mentioned on several occasions that he would like to expand the use of Health Savings Accounts (HSA).  We have been talking about these for years, along with HRA and FSA plans.  I figured I would give some detailed information on these since there seems to be some confusion.

A health savings account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA. No permission or authorization from the IRS is necessary to establish an HSA. You set up an HSA with a trustee. A qualified HSA trustee can be a bank, an insurance company, or anyone already approved by the IRS to be a trustee of individual retirement arrangements (IRAs) or Archer MSAs. The HSA can be established through a trustee that is different from your health plan provider.

So in English, this just means, it is an account you set up with someone, a bank, your investment adviser, insurance company, or someone like that.  You open the account and deposit money in there either one time or many times throughout the year.

What are the benefits of an HSA? 

1. You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040. 
2. Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. 
3. The contributions remain in your account until you use them. 
4. The interest or other earnings on the assets in the account are tax free. 
5. Distributions may be tax free if you pay qualified medical expenses.
6. An HSA is "portable." It stays with you if you change employers or leave the work force.

The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. For 2016, if you have self-only HDHP coverage, you can contribute up to $3,350. If you have family HDHP coverage, you can contribute up to $6,650.  For 2017, if you have self-only HDHP coverage, you can contribute up to $3,350. If you have family HDHP coverage, you can contribute up to $6,700.  

Additional contribution. If you are an eligible individual who is age 55 or older at the end of your tax year, your contribution limit is increased by $1,000. For example, if you have self-only coverage, you can contribute up to $4,350 (the contribution limit for self-only coverage ($3,350) plus the additional contribution of $1,000).   

Exception if you are enrolled in Medicare. Beginning with the first month you are enrolled in Medicare, your contribution limit is zero. Example.... You turned age 65 in July 2015 and enrolled in Medicare. You had an HDHP with self-only coverage and are eligible for an additional contribution of $1,000. Your contribution limit is $2,175 ($4,350 × 6 ÷ 12).

This is the form that you will fill out when you do your taxes - https://www.irs.gov/pub/irs-pdf/f8889.pdf

For most of this information I used https://www.irs.gov/pub/irs-pdf/p969.pdf so if you need additional information, go here and check out the actual guidance.

Feel free to call or email us if you have questions, we would be happy to help in any way that we can.

In Johnson City, Kingsport, and Bristol Tennessee and most of South West Virginia, TruPoint Bank offers a FREE HSA  https://www.trupointbank.com/?Cabinet=Main&Drawer=Personal&Folder=Deposit+Products&SubFolder=Health+Savings+Accounts 

Andrew Darlington CRM, CIC, CBIA, AAI

The New I-9 Form Required to be used after January 22, 2017 has been released

There is a new I-9 Form that just came out for all of us to use.  This is the form that a business is required to use when they hire a new employee.

Here is the website that has all the info and where you can get the new form https://www.uscis.gov/i-9

We have tools available and can help you make sure that you are completing and storing the form.  Give us a call if you would like for us to swing by and do a quick free audit on your I-9 Retention and Completion procedures.

Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This includes citizens and noncitizens. Both employees and employers (or authorized representatives of the employer) must complete the form. On the form, an employee must attest to his or her employment authorization. The employee must also present his or her employer with acceptable documents evidencing identity and employment authorization. The employer must examine the employment eligibility and identity document(s) an employee presents to determine whether the document(s) reasonably appear to be genuine and to relate to the employee and record the document information on the Form I-9. The list of acceptable documents can be found on the last page of the form. Employers must retain Form I-9 for a designated period and make it available for inspection by authorized government officers. NOTE: State agencies may use Form I-9. Also, some agricultural recruiters and referrers for a fee may be required to use Form I-9.

11/14/2016. Starting 01/22/17, USCIS will only accept the 11/14/16 edition. Until then, you can use the 03/08/13 edition. You can find the edition date at the bottom of the page on the Form and Instructions.

Dont Forget to make sure you comply with the new Overtime Rule Effective December 1

Effective December 1, a new rule updates the regulations governing which executive, administrative, professional, and highly compensated employees are entitled to the minimum wage and overtime pay protections of the federal Fair Labor Standards Act (FLSA).

Current Rules
The current federal rules provide an exemption from both the minimum wage and overtime pay requirements of the FLSA for bona fide executive, administrative, sales, and professional employees who meet certain tests regarding their job duties and who are paid on a salary basis at not less than $455 per week ($23,660 per year). "Highly compensated employees" (HCEs) who are paid total annual compensation of $100,000 or more and meet certain other conditions are also deemed exempt.

New Rule
The new rule updates the salary and compensation levels needed for executive, administrative, professional, and highly compensated employees to be exempt. In particular, the final rule:

• Raises the salary threshold from $455 a week to $913 per week (or $47,476 annually) for a full-year worker;
• Increases the HCE total annual compensation level to $134,004 annually;
• Amends the regulations to allow employers to use nondiscretionary bonuses, incentives, and commissions to satisfy up to 10% of the new standard salary level, so long as employers pay those amounts on a quarterly or more frequent basis; and
• Establishes a mechanism for automatically updating the salary and compensation levels every 3 years, beginning on January 1, 2020.

Note: When both the FLSA and a state law apply, the employee is entitled to the most favorable provisions of each law.

4 FREE & Essential Elements in a Great Fleet Safety Program

Whether you are a small company in Johnson City with 1 vehicle or a large company in Kingsport with over 1,000 vehicles, you need to have a fleet safety program in place.  There are many things that you can do but if you will just start with these 4 things, you will be well on your way to keeping your team and everyone else on the road safe.

1- Driver Qualification Check List - This is the first an most important element of a fleet safety program.  If you dont know who is getting behind the wheel of your vehicles, you are in big trouble.  By gathering information up front, you may find out that this is the kid that lived down the street from your grandparents in Bristol who always spun out in the driveway every morning.

2- Written Fleet Safety Program - You must have guidelines so that your employees know what you expect of them in the course of business.  This will also give you a way to measure if they are doing a good job and give you a defense for termination if the need arises.

3- Training - You need to have some sort of training weekly to remind your drivers to be safe.  This does not have to be long, just one or two minutes is perfect.  A great thing to do would be to go through your safety program and hit a few of the main points each week.

4- Accident Investigation - When you do have an accident (or near accident), which you will, you need to take the time to find out what happened and how to prevent it.  By asking the right questions, you can understand what happened and the measures you can take to prevent it from happening again.

For all of these Free Resources, click here and we will send you all of these forms and more!  

At Veritas, we give you the Truth about insurance and want to serve you in any way we can.

HAPPY HALLOWEEN!

Happy Halloween!  I remember the excitement as a child like it was yesterday… What would I dress up as?  How much candy would I get?  And of course the hope for nothing but my favorites…

For fun, I did a little ‘web surfing’ and thought I’d share.  Please feel free to share this among family and friends.

Did you know ... in 2010 Americans consumed roughly 25 pounds of candy per person? It is believed a large portion is consumed by kids on and during the days immediately following Halloween. Candy consumption has actually declined over the last few years: in 1997, each American gobbled or savored more than 27 pounds a year.  That data is from the census bureau.

So if you’re heading out trick or treating this year with kids, or expect children to stop by, here are a few safety tips always worth sharing:

• Never trick-or-treat alone. Have at least 2 buddies go with you. Be very cautious of strangers. And accept treats only in the doorway - never go inside a house.
   
• Plan the entire route and make sure everyone knows what it is. Visit only houses where the lights are on.
   
• Walk on sidewalks and driveways when possible, and cross the street at the corner or in a crosswalk.  Don't cut across yards where debris and other hard-to-see objects can cause serious injuries.
   
• Be wary of fire. Make sure that you are wearing a flame retardant costume. And don't play near lit jack-o-lanterns.
   
• Carry some essential travel gear ... a watch, a flashlight, an alarm whistle and a cellular phone, if possible.
   
• Wear reflective tape on your costume so drivers can see you.  The flashlight comes in handy for being visible to drivers, too.
   
• Check all candy before you eat it and immediately throw out any candy that appears to have been opened.

While online I even found a neat safety education game kids can play on the Internet.  Visit http://www.halloweenmagazine.com/play.html

I wish you a safe and happy Halloween!  And try not to eat too much candy!

Andrew Darlington has been a licensed insurance agent since 1997 and formed Veritas Risk Management in 2009. He has earned his Accredited Adviser in Insurance, Certified Insurance Consultant, Certified Builders Insurance Agent, and Certified Risk Manager designations. He is a graduate of King College and lives in Johnson City with his wife and children.  He may be contacted at 423-292-4142 or Help@VeritasRM.com.

Are you using the correct I-9 Form?

Employers: Current Form I-9 valid until Jan. 21, 2017

On Aug. 25, the Office of Management and Budget (OMB) approved a revised Form I-9, Employment Eligibility Verification. USCIS must publish a revised form by Nov. 22, 2016. Employers may continue using the current version of Form I-9 with a revision date of 03/08/2013 N until Jan. 21, 2017. After Jan. 21, 2017, all previous versions of Form I-9 will be invalid.

The I-9 form is the one that you have to have all employees complete when they are first hired.  It helps to make sure you are only using employees who are legally allowed to work in the US.

For more information please go to - https://www.uscis.gov/i-9-central/whats-new

Get paid to Vote? Where do I sign up?!

Do you have to allow an employee time off to go vote?  Even it you do, do you have to pay them?

The answer is, "Maybe."  Make sure you check your local laws if you are in Tennessee as you may have to pay your employees while you give them time.

The following is a general summary only of voting leave requirements under state law. Many states have additional rules regarding time off to vote. For example, some states may not require time off if an employee has adequate time to vote outside of working hours. Thus, employers are strongly advised to review the applicable state law and contact a knowledgeable employment law attorney for further guidance.

No Leave Required 
The following states generally do not require that private sector employees be given time off to vote: CT, DC, DE, FL, ID, IN, LA, ME, MI, MS, MT, NC, ND, NH, NJ, OR, PA, RI, SC, VA, VT, and WA. 

Unpaid Time Off 
The following states generally require that private sector employees be given unpaid time off to vote:

• AL: 1 hour
• AR: Employers must schedule work hours on election days so that employees have an opportunity to vote
• GA: 2 hours
• KY: 4 hours
• MA: Certain employers must provide leave during the first 2 hours after the opening of the polls
• WI: 3 hours

Paid Time Off 
The following states generally require that private sector employees be given paid time off to vote:

• AK: As much working time as will enable voting
• AZ: 3 hours
• CA: 2 hours
• CO: 2 hours
• HI: 2 hours
• IA: 3 hours
• IL: 2 hours
• KS: 2 hours
• MD: 2 hours
• MN: The time necessary to appear at the employee's polling place, cast a ballot, and return to work on the day of an election
• MO: 3 hours
• NE: 2 hours
• NM: 2 hours
• NV: Leave for a sufficient time to vote
• NY: 2 hours
• OH: Employees must have a reasonable amount of time to vote (per the Ohio Attorney General's Office, the failure to pay salaried employees for voting leave may constitute a violation of law)
• OK: 2 hours
• SD: 2 hours
• TN: 3 hours
• TX: Requires that employees be allowed to take paid time off for voting  
• UT: 2 hours
• WV: 3 hours
• WY: 1 hour

Note: There is no federal law that requires private sector employers to provide employees with time off from work to vote in a national or state election.

What did the rates look like BEFORE ObamaCare?

​

People have been talking about the premiums that health insurance companies are charging and you hear on the news all the time how much health insurance rates are going up..... but in reality, how much have they really gone up since 2013...Prior to ObamaCare

I dont have a sheet that shows all the rates for each age group for 2017, but I will give you a few examples.

If you are not aware, Blue Cross is pretty much the only carrier in upper East Tennessee outside of Farm Bureau that is offering coverage in our region.  Blue Cross is only offering 4 plans so I can't match this plan that they had then.  The plan I am going to compare it to is the new Silver 04 plan that has a $2,000 deductible and $5,100 maximum per person out of pocket.  So the deductible for this plan is lower than the one in 2013 but the maximum out of pocket is higher.

Under 18 was 50.57 per month... now $227.

29 Female was 105.70  (add maternity to that is $100 more) per month... now $400 - Male was 75.41 and now $400.  So a married couple who wants to have kids was $281 per month and is now $800.  If they did not or could not have kids, they could have been at $181 per month and now they dont have an option, still $800 per month.

49 female was 167 (add maternity to that is $100 more) and now is $610.

Male was $136 and now is $610.  Married couple was $400ish a month and now is $1,220  If they did not need maternity it would have been $300ish.  

Family with husband and wife at 49 and 2 young kids....

Was $500ish per month with maternity and $400ish without

Now $1,465 per month...

Tobacco rates were surcharged much more in 2013 but the difference is still huge.

The only thing that you get now is a free check up and dental and vision for your kids.

The whole additional premium is based on the fact that you are merging male and female rates, requiring maternity, and eliminating pre-existing conditions.  The carriers that have exited the market will tell you that the population is a lot less healthy than they originally thought....and they thought it was pretty unhealthy!

If you are getting tax credits, I dont think you will see a rate increase at all, but check out my other blog post for additional information - http://veritasrm.blogspot.com/2016/10/yes-some-people-will-have-rate-decrease.html

If you are not getting tax credits and feel like you dont have any options, give us a call.  There are some options out there if you are a business owner and we would love to share those with you.

We can not sell individual health insurance policies anymore, but we are happy to answer questions and we are still able to service our existing clients and can sell Medicare Supplements and Group Health Insurance..  Feel free to contact our office if you have questions or if we can help in any way.  Our office number is (423) 292-4142.  Again, we can still help with Group Health, Home, Business, Life, Auto, Work Comp, and anything else that ends in insurance.

Yes, Some People WILL have a rate DECREASE in 2017 for Health Insurance!

I can not confirm this yet, but it does appear that if you are getting tax credits now to help with your premium and deductibles, YOUR PREMIUM WILL GO DOWN!

The reason it looks like this will happen is that your tax credit is based on the premium for the second lowest priced silver plan on the marketplace.  Well last year, the Silver 04 plan was the second lowest priced plan, now the Silver 04 plan is the lowest priced plan.  This means that the tax credit will be based on the higher priced plan and when you pick the Silver 04 plan, you will pay what you were paying last year based on your income LESS the difference between the Silver 01 and Silver 04 plans!

So in my example, last year, if my income as an individual was $40,000, I would have paid about $300 per month for the Silver 04 Plan due to tax credits since it was the 2nd lowest premium Silver plan.  This year, I will only pay $300 per month for the Silver 01 plan.... BUT I can drop down to the Silver 4 plan which is the lowest premium plan and save about $90 per month!  So I get almost the same plan as last year for less!

		Blue Cross Blue Shield of Tennessee
		Bronze 7 Plan	Bronze 7 Plan		Silver 04 Plan	Silver 04 Plan
		2016	2017		2016	2017
Network		Network S	Network S		Network S	Network S
Deductible (2 Per Family max)		$5,200	$5,200		$2,000	$2,000
Co-Insurance - % BCBST pays after deductible has been met but BEFORE Max Out of Pocket is Met		50%	50%		50%	50%
Out of Pocket Maximum (2 Per Family max) after this Blue Cross Pays 100%		$6,400	$6,400		$4,000	$5,100
Office Visits		Deductible/ Coinsurance Office Visit	Deductible/ Coinsurance Office Visit		Deductible/ Coinsurance Office Visit	Deductible/ Coinsurance Office Visit
Prescription Benefits		Deductible/ Coinsurance Prescription Benefit	Deductible/ Coinsurance Prescription Benefit		Deductible/ Coinsurance Prescription Benefit	Deductible/ Coinsurance Prescription Benefit
HSA Compatable?		HSA Compatable	HSA Compatable		NOT HSA Compatable	NOT HSA Compatable
Monthly Premium before Subsidies		$226.38	$395.33		$315.05	$474.20
Total Annual Premium		$2,717	$4,744		$3,781	$5,690

We can not sell individual health insurance policies anymore, but we are happy to answer questions and we are still able to service our existing clients.  Feel free to contact our office if you have questions or if we can help in any way.  Give us a call at (423) 292-4142.  We can still help with Group Health, Home, Business, Life, Auto, Work Comp, and anything else that ends in insurance.

Veritas Risk Management, Inc. offers proactive risk management services covering a wide variety of topics. Veritas Risk Management, Inc. does not engage in the practice of law, accounting, or tax consulting.  We encourage everyone to consult with his or her own professional advisor for details concerning his or her specific facts, situations, and circumstances.

Health Expense Sharing Organizations

A question I am getting more and more is, "Should I look into a Health Sharing Organization for my Health Insurance needs?"

It is a great question and the answer is always, maybe!

I know most people dont like  that answer for anything, but it is the truth.  Here are some of the pros and cons of these types of organizations and you need to consider what is the best option for you and your family.

Ill start with the positive things about these ministries

1. You dont have to pay the fine if you join one of these.  For younger people with good incomes, it is cheaper for them to join one of these organizations as opposed to paying the fine.
2. Premiums are low.  Many times the premium is less than half of what we are seeing today in the Johnson City, Kingsport, and Bristol area of Tennessee.
3. They dont allow coverage for morally objectionable behavior.  Your payments dont support things like sex change operations that are now covered due to the Affordable Care Act.
4. From what I am hearing, most people have their claims paid without any problems.

Now for the negatives that you need to consider

1. This is not insurance so there is no guarantee that your will be reimbursed for your expenses.
2. Almost all of these are reimbursement plans so you will have to pay money out and wait to be reimbursed in some situations especially if the provider requires you to pay before the procedure.  I know that when we have had surgery at Mountain Empire Surgery Center, we had to pay everything up front before they would start the procedure.
3. These organizations are not very large so there might be a problem should a large event happen.  Most have less than 200,000 members around the whole United States.  Compare that to just Blue Cross of Tennessee with 3,400,000 members.  Christian Care Medi-Share says that they have shared in over $1,200,000,000 in medical bills of its members.  Conversely, Blue Cross has lost almost 1/2 of that since 2014, closing in on $500,000 as we end the year.  Think about that, in 3 years, Blue Cross has lost half of what the sharing ministry has shared in 23 years.... and Blue Cross is still a financially strong company.
4. As I mentioned in number 3 above, they are going to exclude things that are morally objectionable so you may not be able to get coverage.  If you drink alcohol, use tobacco products, or do things that are dangerous, you may not be able to get coverage.  In addition, if you or one of your dependents does something and has a wreck with alcohol around, you wont have any coverage nor would you have coverage if someone were to get pregnant out of wedlock.
5. Most have exclusions or at the very least, limitations for pre-existing conditions.

So we have the good and the bad but now we have some solutions to the bad problems.  Since there are no more pre-existing conditions, if you do get something really bad and need a lot of care, you can always move from one of these plans to an ACA qualifying plan the next January 1 (or if you need it sooner, just move to a different service area and you will get an open enrollment opportunity) and you will have everything covered going forward.  If you get pregnant, just get married and you will have a an opportunity to enroll.

So there you have it in a nut shell,  If you have questions, please call us, we do have friends who can sell these plans if you would like and can give you their information.  As always, we would be honored to help with any of your insurance needs- Home - Life - Work Comp- Auto- Business- Medicare Supplements- Employee Benefits- and anything else that ends in INSURANCE. 

#ObamaCareUpdate What plan do I pick?

#ObamaCareUpdate What plan do I pick?

Many of you are getting this email from Healthcare.gov.
You will be able to select your new plan on November 1 through Healthcare.gov at that time.
If you are in Johnson City, Kingsport, Bristol, Greeneville, Erwin, Mountain City, Piney Flats, or any of the counties up here, you will have 4 options... all with Blue Cross.

Bronze 07- HSA- YES

==== In Network Deductible : $5,200 Individual / $10,400 Family
==== In Network Out-of-Pocket Max : $6,400 Individual / $12,800 Family
=====50% Co-Insurance and everything is Deductible and Co-Insurance

Silver 01- HSA- YES from what we understand at this time

===== In Network Deductible : $0 Individual / $0 Family

===== In Network Out-of-Pocket Max : $7,150 Individual / $14,300 Family

=====50% Co-Insurance and everything is Deductible and Co-Insurance

Silver 04- HSA- NO

===== In Network Deductible : $2,000 Individual / $4,000 Family

===== In Network Out-of-Pocket Max : $5,100 Individual / $10,200 Family

=====50% Co-Insurance and everything is Deductible and Co-Insurance

Gold 06- HSA- NO

=====In Network Deductible : $1,500 Individual / $3,000 Family

===== In Network Out-of-Pocket Max : $4,500 Individual / $9,000 Family
=====50% Co-Insurance and In Network Office Visit Copay / Specialist Office Visit Copay : $35 PCP / $50 Specialist
Prescription Drugs : $8/$35/$60

The question is, which plan should I pick.....

Lets narrow this down pretty quick, I can not think of a time you would want to get the Gold 06 plan. It just does not make any sense at all.

If you just want the lowest premium plan, then you need to get the Bronze 07 plan.

For everyone else, here is what I would do...

Take your annual premium in each plan then calculate the difference between them.

If as an individual you are paying more than $1,300 per year for the Silver 04 than the Bronze 07, you probably want to do the Bronze 07. If it is less, then you probably want to do the Silver 04. For a family, the magic number is $2,600. There are 2 options to save money...

Keep in mind a couple of things

You can NOT open an HSA with Silver 04- so all your medical expenses will be paid with AFTER TAX dollars with the Silver 01- your out of pocket is much more but you split bills with Blue Cross on your first dollar.... so if you know you are going to have around $2,000 in medical bills and that is all, that might be the best plan for you.

If you are getting tax credits through the marketplace, your premium is not going to change much so you should be fine.

Ways you can save money in 2017....

1- If you own a business, call us, there are some other options available 423-292-4142 

2- If you do not own a business and are NOT getting tax credits, you may want to call Farm Bureau- they have some plans that may be good options


As always, we can also help with Business, Home, Life, Auto, Work Comp, and Medicare Supplements.

Veritas OCTOBER 2016 Newsletter and Trivia Contest

Email not displaying correctly? View it in your browser. VERITAS NEWSLETTER AND TRIVIA CONTEST          OCTOBER 2016 Fall is finally here! There is a chill in the air and the leaves are starting to turn. It is so awesome to see God's handiwork this time of year.  It is a great time to take a drive on the Blue Ridge Parkway or visit a local pumpkin patch or apple orchard. Of course, football season is in full swing so curling up with some great football food is a fun option too! Regardless of what you do, enjoy this wonderful time of year!  It's Socktober at Veritas! We have a collection box in our office so please stop by to say hello and help the local area homeless at the same time!      CHECK OUT OUR WEBSITE AT ​www.veritasrm.com​    Like us on Facebook! http://www.facebook.com/veritasrm Follow us on Twitter http://www.twitter.com/veritasrm Follow us on Google+ https://plus.google.com/105246286137228927480/about Visit Our Websites http://www.VeritasRM.com http://www.DiscoverVeritas.com Feel free to contact our office at (423) 292-4142 if we can assist you with any of your insurance needs or questions. Myself, or any of my qualified and professional staff, will be happy to help you!  Andrew Darlington--Agency Owner Jennifer Plaisted--Agency Administrator Tammy Collins--Personal Lines Representative Regina Davis--Commercial Lines Representative Megan Jackson--Life and Health Representative Shannon Guitreau--Customer Service Representative Jerissa Ward--Commercial Lines Customer Service Representative        WE LOVE REFERRALS! We work hard every day to earn your trust.  When you share our name with your friends and family, it means a great deal to us! We do not take your confidence in us lightly. We strive to provide a high quality experience for everyone we work with.  Referring us to your friends, family and business associates means you're helping them too. We will compare insurance prices and look for potential coverage gaps to make sure they have the best protection at the lowest possible price.   Please tell your friends to call us and tell them to mention your name.  When they do, we will send you the gift of the month! THANK YOU!                           ***MEDICARE OPEN ENROLLMENT*** Are you turning 65 soon? If so, come see us during the Medicare Open Enrollment period. Open Enrollment runs from October 15, 2016 through December 7, 2016 As you all know, Halloween is October 31st. I remember the excitement as a child like it was yesterday..… What would I dress up as (I bet we don't see many clown costumes this year!)?  How much candy would I get?  And of course the hope for nothing but my favorites. Did you know that in 2010 Americans consumed roughly 25 pounds of candy per person? It is believed a large portion is consumed by kids on and during the days immediately following Halloween. Candy consumption has actually declined over the last few years. In 1997, each American ate more than 27 pounds a year.  That data is from the census bureau.  As I now experience the Halloween fun with my children. I also remember the need for safety. So if you're heading out trick or treating this year with kids,  here are a few safety tips always worth sharing: Never trick-or-treat alone. Plan the entire route and make sure everyone knows what it is. Visit only houses where the lights are on. Walk on sidewalks when possible. Don't cut across yards. Debris can be a tripping hazard. Don't run!  Make sure that you are wearing a flame retardant costume. Don't play near lit jack-o-lanterns. Carry a watch, a flashlight, an alarm whistle and a cellular phone.  Wear reflective tape on your costume so drivers can see you. Check all candy before you eat it and immediately throw out any candy that appears to have been opened or tampered with.   I found a neat safety education game kids can play on the Internet.  http://www.halloweenmagazine.com/play.html I wish you a safe and happy Halloween!  Try not to eat too much candy!  TRIVIA! CONGRATULATIONS TO BARBARA DRAY for being selected as our September winner!  Thanks for participating Barbara! OCTOBER TRIVIA What item are we collecting during the month of October to help the homeless population?  Good luck!   RULES  Respond with the correct answer and you will be entered in to a drawing to receive a gift card to a local eatery.  Your name will also be mentioned in next month's newsletter.  The drawing will be held at 10AM on Friday, October 21 Good luck!                            You are getting this email because you are either a client of Veritas, you said I could put you on this list, or you signed up for this list. We are glad you are part of the list! Unsubscribe tmains@veritasrm.com from this list. Our mailing address is: Veritas Risk Management, Inc. PO Box 4539 Johnson City, Tennessee 37602 Add us to your address book Copyright (C) 2016 Veritas Risk Management, Inc. All rights reserved. Forward this email to a friend Update your profile

--

Grace & Peace,
Andrew Darlington CRM, CIC, CBIA, AAI

***Typed qith tumbs or used voice to text soplease forgive the gramatical errora.***

Veritas Risk Management & Insurance Services
PO Box 4539 Johnson City, TN 37602
Phone- (423)292-4142