Monthly Archive: June 2013

Individual Penalty Transition Relief (Affordable Health Care Act)

Calculator and money - accounting conceptIndividual Penalty Transition Relief for Those Eligible to Enroll in Employer-Sponsored Coverage with a Plan Year That Begins in 2013 and ends in 2014   

Because many employer-sponsored plans have non-calendar plan years, there have been questions regarding how to make plan decisions that effect businesses with employees and/or dependents who waived employer-sponsored coverage but would need to have minimum essential coverage beginning January 1, 2014 in order to avoid the Individual Shared Responsibility Payment (i.e. individual penalty).   IRS Notice 2013-42, issued Wednesday 6/26/2013, addresses these questions and provides an employee, or an individual with a relationship to the employee, who is eligible to enroll in a non-calendar year employer-sponsored plan with a plan year beginning in 2013 and ending in 2014 will not be liable for the individual penalty until the end of the 2013-2014 plan year. Thus, employees and dependents that choose to wait until the 2014-2015 plan year to enroll in coverage will not be subject to the individual penalty for the months in 2014 that are part of the 2013-2014 plan year.

Permanent link to this article:

Baby Boomer Aftermath

Couple holding hands.Financial Planning is more important than ever for the 78.2 million people labeled “baby boomers” (those born between 1946 and 1964). Part of the reason is we have a lot of Baby Boomers who are dealing with aging parents. In addition, those same boomers have lived through two huge setbacks in the stock market the last 12 years. Finally, boomers are concerned about the consequences of living longer and the resulting reality that they will likely live longer without a continuing employment based source of income. Utilizing the services of a trusted insurance & financial advisor can help boomers prepare for & navigate their future financial life in a positive way.

Permanent link to this article:

  • RSS
  • Facebook
  • Google+
  • LinkedIn
  • Twitter
  • Tumblr
  • Flickr
  • YouTube
  • Vimeo
  • Pinterest