Important Info for Swim Clubs related to the Affordable Heath Care Act

From Dave Thomas at USA Swimming:

IMPORTANT NEWS FOR SWIM CLUBS REGARDING THE AFFORDABLE CARE ACT


The Affordable Care Act begins October 1, 2013. Those Clubs and LSC's, who are employers, must provide a notice to their employees regarding the Affordable Care Act by 10-1-13. Many organizations don't know they are to provide a letter to their employees, so here are the links to the Dept. of Labor website: http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf and http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf . The model notices for employers are for both those who offer a health plan to some or all employees and those employers who do not offer a health plan. See www.dol.gov, Resources, Affordable Care Act for details.

And, best of all, for USA-S clubs that have requested low cost health care options for coaches, the Affordable Care Act provides an opportunity for those not covered by a health plan. Beginning October 1, 2013, insurance exchanges in the United States and the District of Columbia will start selling medical insurance policies online. The policies will be grouped by tiers (platinum, gold, silver and bronze) plus there will be a low-cost catastrophic option for those under 30. The finer the metal the more you pay in premiums and the more coverage the policies provide. Premiums will vary within each tier, as will the deductible, co-pay, and co-insurance rate.

As an example, the average cost of the second cheapest silver insurance policy for a 40 year old swim coach with a wife and two children, nonsmokers, with a family income of $33,000 will be $1,129. The subsidy from the Affordable Care Act will be $10,414 for a total cost of $11,543. The subsidy is the gap between what the coach is required to pay and the cost of the second-cheapest silver health care plan per the Kaiser Family foundation subsidy calculator. The maximum percentage of income at $33,000 that the coach must pay for health insurance premium will be 3.4%. At $50,000, the maximum percentage is 6.7%. At $65,000, the maximum percentage is 8.8%. A website that compares plans and rates is www.HealthPocket.com. You can find your state’s shopping portal at www.healthcare.gov.

These issues were discussed in the Operational Risk Committee meetings at the recent USAS Convention and several clubs and LSCs mentioned they would like to receive information about the Affordable Care Act. We are providing this information as many of you have employees who may need to receive a notice under the Affordable Care Act or have USA Swimming member coaches who are interested in insurance.

 

If you need in person assistance, traditional insurance brokers will be certified to sale plans on the insurance exchanges. You can find an agent at www.nahu.org or www.iiaba.net.