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Cheat Sheet Q & A:
Today’s Topic: Beware of high Deductibles with ACA plans
In addition to the higher premiums vs. open market plans there are deductibles to be met with the ACA plans. A family of 3 making $50,000 not only pays the monthly silver plan premiums, but also has to deal with a minimum $4,000 deductible. Cheaper monthly premiums increase that deductible to $20,000 or more. There is not only a greater up front burden with the ACA plans, but also an ominous potential financial liability looming if you should actually need to use the coverage.
My information is based on plans in states that have exchanges, such as
Bottom Line: This is an excellent follow-up to my story yesterday regarding the cost of monthly insurance plans for Floridians accessing the healthcare exchanges (in which the average cost of an individual plan will carry a monthly premium that’s 35% more expensive than like current plans). Just as is the case with current health plan, or any other insurance product for that matter, you have choices between higher monthly premiums and lower deductibles or the inverse. With the average healthcare plan increasing by 35%, many individuals will likely want to seek the cheapest monthly premiums. As the listener points out that could be problematic if the plan carries a high deductible. It’s important to evaluate the options and weigh the anticipated needs of your family vs. the deductibles with the various plans. There are 102 plans being offered at three different tiers – so there is indeed much to consider.
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Explaining the latest ACA delay involving small businesses:
Bottom Line: So the latest ACA delay pertains to small businesses. Small businesses will not be able to access the healthcare exchanges online until November 1st. No explanation was provided for the delay. That being said it is still possible for small businesses to access the exchanges during October by one of these less efficient methods:
It’s worth noting that individuals will still be able to access exchanges online as of October 1st (for now).
First hard evidence that housing recovery is beginning to slow:
Bottom Line: Yesterday the existing home sales numbers for August were reported by the National Association of Realtors and they indeed showed that pending sales levels are seeing a slower rate of growth. Many outlets misreported this story by comparing the August pending home sales numbers to the prior month (you always want to look at year over year activity to account for any seasonal variance) which demonstrated a decline of 1.6%. The real number (year over year comparison) did show growth in pending home sales at a 5.8% clip. The good news is that the housing recovery is continuing. What’s instructive is that through higher interest rates, higher prices and less investor interest (due to the higher prices; the rate of the recovery had declined from double digit year over year pending sales growth to the mid-single digits.
The good news is that this was to be expected, housing is still advancing and we don’t want to create another housing bubble. Of concern, as the housing recovery begins to slow down, is what will pick up the slack in the overall economy?
You're killing your dog:
Bottom Line: No really stop killing your dog. What am I talking about? The rate of diabetes, arthritis, high blood pressure and other ailments has been rapidly climbing among dogs in recent years. The Association for Pet Obesity Prevention conducted a study to look into the obesity rate of dogs based on the ailments. The conclusion. Like Dad, like dog.
More than half of all
The NFL takes to Twitter:
Bottom Line: Twitter has become part of the sports watching experience. As we watch our favorite teams we’re inclined to share our thoughts and emotions throughout the game through Tweets. But often times when others missed the big play or missed call they’re left hanging until the can eventually see a game recap. Not anymore.
The NFL Twitter deal now provides in game video feeds of key plays and instant replay calls so everyone will be able to see what’s going on and keep the conversation going.
Town takes to crowd funding to fund projects:
Bottom Line: My favorite municipal bankruptcy ever has taken place in
Because they can’t borrow money after the bankruptcy they’ve taken to a new method of funding public works projects that they can’t pay for through existing tax receipts. They are taking public works projects they can’t afford to fund through existing tax receipts to a crowd funding site designed for pubic projects called Citizinvestor.com. I love this idea. If the project is really desired by you, you can fund it. How about a balanced budget in
The end is near for Blackberry... T-Mobile wants to help get them there quicker:
Bottom Line: T-Mobile has announced that it’s dropping Blackberry devices from its stores. They’ll still allow you take activate a Blackberry on their network but Blackberry will have to send the phone directly to you. This is T-Mobile’s way of saying that the end is near for Blackberry.