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New Tax Credit May Help Small Businesses

Small businesses may be able to claim a new credit on their 2010 tax returns if they pay employee insurance premiums in 2010.

The credit, available through the Patient Protection and Affordable Care Act, is intended to:

1.Give small employers a tax break if they pay at least half the cost of single coverage for their employees on the group health plan.
2.Encourage small employers to offer health insurance for the first time or maintain the coverage they currently have.
These frequently asked questions may be helpful. More information about the credit, including tax tips, guides and FAQs is available on the IRS website at www.irs.gov.

This link will take you to the general overview on the IRS web page IRS LINK

Use this link to determine eligibility Eligibility chart

Medicare Supplement Plan N was approved for enrollment on June 1, 2010. The plan is offered at a competative price point by Anthem BCBS and United Healthcare “AARP Branded”. They both offer plan N for around $150 a month depending on availability of discounts.

Plan N is a departure from other supplements in that is allows the physician to bill up to a max of $20 per visit. It also has a $50 emergency room copay and does not cover the part B deductible (disappointing) of $155 a year. Many seniors have been willing to give the plan a try in order to save $50 a month in premium. This has been especially true of those in plan F supplements. Plan J enrollees need to be careful as plan J is a closed plan an they will not be able to go back to it in the event they try plan N and decide they do not like it.

The most suprissing part plan N has been the low number of providers that actually bill any type of excess on the plan. Providers are allowed to bill up to $20 dollars but seem not to do so often. (That has been our limited experience so far anyway)

People switching from their current plan to Plan N do not need to pay the $155 part B deductible as it has already been met for the year. They will however be subject to the Part B deductible in 2011.

Walmart will be offering Medicare Part D Prescription drug plans for 2011. While there has not been much detail provided about the plan design, it is suggested that the plan will have a $0 copay for generic drugs and very low cost monthly premiums

Walmart will utilize small kiosks in the store staffed by representatives licensed to sell the Medicare Part D Rx plans. There are not yet many details on the plan formulary but it will be offered through Humana. Members will only be able to use the new drug card at Walmart pharmacies. The plan will be available on November 15th which is the start of the Medicare Annual Election Period which is when Medicare Eligible members may sign up for a Part D Rx plan.