Thursday, June 21, 2007
Massachusetts Health Insurance Mandate
The Massachusetts Health Care Reform Plan, signed into law April 12, 2006 by Governor Mitt Romney, requires that all uninsured Massachusetts residents purchase a health insurance plan by July 1, 2007. Failure to do so will trigger a penalty of 50% of the average health insurance plan cost, imposed via state income tax filings.
Reforms in the state insurance market are expected to reduce the cost of individual plans by 24%. Additionally, the 19 -26 year old market will find special lower cost plans made available. Low income individuals will receive subsidies to help with the insurance costs. Individuals with incomes less than $9,800 per year will have no out of pocket expense to purchase the insurance. A single nanny with no dependents earning less than $30,636 may qualify for state assistance in paying insurance premiums. Employers with 11 or more employees are required to make a contribution to the employee's insurance costs of just under $300 per year.
The plan establishes a "Connector" service which acts as a one-stop shopping experience where individual can choose from a variety of plans and compare costs and coverages in one place.
Visit The Commonwealth Connector for more information.
Reforms in the state insurance market are expected to reduce the cost of individual plans by 24%. Additionally, the 19 -26 year old market will find special lower cost plans made available. Low income individuals will receive subsidies to help with the insurance costs. Individuals with incomes less than $9,800 per year will have no out of pocket expense to purchase the insurance. A single nanny with no dependents earning less than $30,636 may qualify for state assistance in paying insurance premiums. Employers with 11 or more employees are required to make a contribution to the employee's insurance costs of just under $300 per year.
The plan establishes a "Connector" service which acts as a one-stop shopping experience where individual can choose from a variety of plans and compare costs and coverages in one place.
Visit The Commonwealth Connector for more information.
Labels: health insurance nannies, nanny health care, nanny insurance massachusetts
