90 health plans approved for next year's Exchange - find one in your area

Health plans and their rates for next year's Exchange, Washington Healthplanfinder were approved by our office and certified by the Exchange board this week.

Consumers shopping inside the Exchange will have 10 companies and 90 plans to choose from, depending on where they live. Not all plans are available in every county, but most people will have more choices and minimal rate changes.

Additional insurers and plans for sale outside of the Exchange are still under review. There may be more plans for sale outside of the Exchange, but premium subsidies are not available.

Open enrollment for inside and outside of the Exchange starts Nov. 15 and runs through Feb. 15, 2015.

Check out the map below to see the 2015 plans and rates available in your county.

ACA’s 80/20 rule saves consumers money

Created through the Affordable Care Act law, the 80/20 rule, also known as the Medical Loss Ratio (MLR) rule, requires health insurers to spend at least 80 percent of premium money on patient care and quality improvement activities or pay a rebate back to consumers.

This month, the U.S. Department of Health and Human Services reported that since the rule took effect, more insurers year over year are meeting the 80/20 standard by spending more of the premium dollars they collect on patient care and quality, and not red tape and bonuses. If an insurer did not spend enough premium dollars on patient care and quality improvement, they must pay refunds to consumers in one of the following ways:

• A refund check in the mail.
• A lump-sum reimbursement to the same account that was used to pay the premium.
• A reduction in future premiums.

If the consumer bought insurance through their employer, their employer must provide one of the above options, or apply the refund in another manner that benefits its employees, such as more generous benefits.

In 2013, 9,605 Washington consumers received refunds totaling $792,846, an average of $122 per family.

Read more about health care reform on our website. Questions? Contact our consumer advocates online or at 1-800-562-6900.

Temporary special enrollment for those stuck in Exchange plans begins today

A temporary special enrollment period begins today for those consumers who have experienced difficulties with enrollment in health plans on the Washington Healthplanfinder. 

Insurance Commissioner Mike Kreidler authorized the special enrollment period this week as another option to those who feel they might need more help. This voluntary special enrollment period starts Aug. 27 and runs through Nov. 14, 2014. Only people who attest to having enrollment, billing, or payment issues with an Exchange plan may change plans during this time.

If you’re considering this option, you should be aware of all of the details involved, including the fact that you could lose a current premium subsidy. Special enrollment may not be the best choice for everyone. But as the commissioner notes, “Hopefully, it will bring relief to some.”

 A list of answers to questions about this temporary special enrollment is available on our website.

Talk to your agent or broker about coverage for college students

Many college students are heading back to college or starting their college careers this time of year. In addition to outfitting students with laptops and dorm room supplies, parents may want to think about whether their students are covered by the right insurance policies. 

Insuring possessions

For students who live in a dorm, typically the parents’ homeowner policy will cover the student’s personal belongings while they are away. The same is true for college students who live at home. Some policies may have a dollar limit for off-premises personal property, so check with your agent or broker to find out what your policy covers.

If the student is renting an apartment or house, it’s worth looking into renter’s insurance. If you have a roommate, read our blog post, Living with someone? You may need your own policy to protect your belongings.

Auto insurance

Auto insurance policies typically don’t change once a driver goes to college, but it can’t hurt to check with your agent or broker if the car will be driven in another state for an extended period of time or, conversely, if the car will stay home while the student is in school and isn’t likely to be driven. You can also ask about any discounts they may have available for good grades or good driving records.

Health insurance

Under the Affordable Care Act, parents can keep children on their health insurance policies until age 26. Read more about health insurance for families.

Varishtha Pension Bima Yojana Senior Citizens Plan 828

This scheme will be available from 16th august 2014 to 14th august 2015.

Good News..Now service tax is not applicable on Varishtha Pension Bima Yojana.

Lic Varishtha Pension Bima Yojana for Senior Citizens Plan 828

Plan Details :

• Available to citizens aged 60 years and above. No maximum age limit.

• Pension would be on immediate annuity basis in monthly, quarterly, half-yearly or annual mode, varying, respectively, between Rs. 500 to 5000 (monthly), Rs. 1500 to 15,000 (quarterly), Rs. 3000 to Rs. 30,000 (half-yearly) and from Rs. 6,000 to Rs. 60,000 (annually), depending on the amount subscribed and the option exercised.

• The payout implies an assured return of 9% on monthly payment basis, which amounts to an annualized return of 9.38%. 

• Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement. Present interest rate is 9% compounded half yearly.

• On death, the full purchase price will be refunded to nominee. 

• Exit/surrender would be allowed after 15 years or earlier in special circumstances like critical / terminal illness of self or spouse.

• Payment will be through ECS or NEFT. 

Rebate: 

No Rebate is available under this plan.

Taxes: 

As per Tax laws, Taxes including service tax is applicable. Present year tax rate is 3.09 %. Policyholder has to pay the tax amount also while taking the policy. Tax amount which you pay on the purchase price is not considered for calculation of pension.

Surrender value:

The Varishtha Pension plan can be surrendered after 15 years. The surrender value payable is 100% Purchase Price means what we invested will be returned back if we want to withdraw after 15 years.

If any medical emergency exists for self or spouse then pension plan can be surrendered under exceptional circumstances, 98% of the purchase Price will be refunded back to the customer.

Pension Payable: 

Pension in the form of Annuity is payable to the pensioner during the life time of the pensioner as per the mode (yearly, half yearly, quarterly, monthly)  chosen by the pensioner.

Death Benefits: 

If Death Occurs, Nominee gets invested amount.

Suicide clause:  Not applicable

Locking period: 15 days. Policy Holder can return the policy if not satisfied with policy terms and conditions.

Assignments and Nominations: Possible

80C or 10(10D) tax benefits - Investment under this scheme does not qualify for any tax deduction under section 80C or 80CCD. Moreover, the pension income is taxable as per the tax slab of the pensioner.

Free Look Period - If you are not satisfied with the terms and conditions of this scheme, you may ask for a refund of your investment amount within 15 days from the date of receipt of the policy stating the reason of objections. The amount to be refunded within free look period will be the investment amount deposited by the investor less the stamp duty charges.

Premature Surrender - The policy can be surrendered after completion of 15 years. The investor will get the investment amount in full as the surrender value after 15 years. However, under exceptional circumstances, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse, then the policy can be surrendered before the completion of 15 years and the surrender value payable will be 98% of the investment amount.

Unfortunate Event - On death of the pensioner, the investment amount will be refunded in full to the nominee of the pensioner. However, as only the invested amount is refunded, there is no special insurance benefit available with this scheme.

Service Tax Exemption on VPBY Effective April 1, 2015

What I understand from the info available publicly, it will be effective April 1, 2015. If it is correct, what about all those investors who have invested in this scheme till date? I think they will definitely stand disappointed and rightly so. I think they should also be provided such benefit right from their date of investment. The government should once again think about it.

As far as investment in this scheme is concerned, I think service tax exemption has made this scheme a little more attractive as compared to fixed deposits or other small saving schemes. You can consider this scheme if you want a super safe investment avenue with reasonably high returns for yourself.

Lic Varishtha Pension Bima Yojana Table No 827 Chart including 3.09 % Tax

Lic Varishtha Pension Bima Yojana Table No 827 Form

OIC seeks Senior Financial Analyst to monitor companies

We are hiring a Senior Financial Analyst (Financial Examiner 4) in our Tumwater office to help us monitor the financial health of insurance companies. This position is in our Company Supervision divison and is responsible for monitoring the financial condition of insurers and other entities and taking timely action to help these organizations' financial health so they can fulfill their obligations to consumers. This position also supervises three financial examiners and fills in as acting Chief Financial Analyst, when necessary.

This position is open until filled. Read more or apply at careers.wa.gov.

Cost of raising children may factor into life insurance decisions

This week, the U.S. Department of Agriculture reported that a child born in 2013 will cost $245,340 to raise to the age of 18. That does not include the cost of a college education, or any other expenses if the child lives at home after age 17. The largest expense of raising a child is housing, followed by child care, education and food.

What, you ask, does the cost of raising children have to do with insurance? If you have children under the age of 18 and you are considering purchasing or modifying a life insurance policy for yourself or your spouse, the cost of raising and educating children is one factor you may want to weigh. When you purchase life insurance, you should consider expenses your family will need to pay for when you are gone and how the loss of your salary will affect their ability to do that. We recommend you talk to your financial planner, insurance agent or broker when you are making decisions about life insurance. You can also read more about life insurance on our website.

Are you curious about how much you may spend on raising your child? The USDA has a Cost of Raising a Child Calculator.

Lic New Jeevan Rakshak Plan Table no 827

Lic New Jeevan Rakshak Plan Table no 827

LIC New Jeevan Rakshak Plan Table No 827 Premium Chart

Kids' vision screening is an essential benefit under ACA

August is National Children’s Eye Health and Safety Month, which is a good reminder for parents and caregivers to schedule a vision screening before or near the start of the school year.

“Vision screening is vitally important for children,” said Insurance Commissioner Mike Kreidler, who is a doctor of optometry and practiced in Olympia for 20 years. “Undiagnosed vision problems can disrupt a child’s learning for years and set them back academically and socially.” 

Very young children and children with special needs often have difficulty participating in an eye exam, and often those involved in a child’s care are the first to notice warning signs of an eye problem. 

Insurance plans may require a referral from your child’s primary care provider or pediatrician prior to scheduling a visit with an eye care provider. However, pediatric vision services are among the essential health benefits under the Affordable Care Act, which are the services that all individual and small employer health plans must include.

If your child does not have insurance for eye exams or for prescription eyeglasses, assistance programs such as EyeCare America, InfantSEE and Prevent Blindness may be able to help.

Washington consumers who don’t have health insurance for their children should contact Washington Healthplanfinder to find out if they qualify for Apple Health, our state’s Medicaid program.

If you are the parent of a special needs child ages birth to age 3, contact Early Support for Infants and Toddlers through the state Department of Early Learning.

Read more about how health insurance has changed for individuals and families. If you have questions about insurance in Washington state, contact our consumer advocates online or by phone at 1-800-562-6900.

#sb10062736e-005 / gettyimages.com

Premera, Seattle Children’s Hospital reach agreement; Regence is in the works

Seattle Children’s Hospital and Premera Blue Cross today reached an agreement to include the hospital in its medical networks, effective Sept. 1. Seattle Children’s Hospital initiated legal proceedings about a year ago when Premera, Regence Blue Shield and Coordinated Care decided against including the hospital and research facility in their medical networks because of cost concerns. Regence is working with the hospital on its own agreement, which could be done this week. The company and hospital representatives will have another conference with the hearings officer presiding over the case at 11 a.m. on Aug. 21.

Coordinated Care earlier this year made a deal to include the hospital in its network and was removed from the case. 

“This is good news for consumers,” Kreidler said. “It represents the innovation that can occur when the marketplace is allowed to work. All parties deserve congratulations for the effort they have made and are making to ensure ready and affordable access to health care.

“This also furthers the discussion about how we balance the need of affordable care with the need to continue medical research without policyholders paying for it through premiums.”

The Premera deal was made in the late hours before the OIC’s hearings officer was scheduled to hear the case starting at 10 a.m. today. Kreidler’s office is currently reviewing proposed 2015 health care plans and is expected to start announcing the approved plans this week via the OIC’s online rate tool http://bit.ly/WAhealthrates.