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New Year, New Health Law Impacts

The media has been full of talk about the recent developments  in health insurance brought about by changes in the law and regulations. Your personal health insurance may well have been affected, especially if your small business had its health insurance coverage cancelled as not meeting the new legal requirements. Hopefully, you have taken steps to ensure that you and yours remain covered.

However, as we move into this new year, it is probably worth taking a moment with each of your clients to address their individual situations vis-à-vis health insurance coverage. Though many clients no doubt will remain covered by employer plans or have been and remain on Medicare, there may be others who have been directly affected by the changes.

Will these clients have already picked up new or replacement insurance? How will it affect their planned savings contributions or investment practices this year? Will they have less funds available due to paying more for insurance coverage or prescription and deductible costs? Without asking you won’t be sure and it is not unlikely that some clients will see a financial impact that should be factored into your planning for them.

Your expertise about the actual experiences of folks with the health insurance changes will grow as you communicate with your clients and may allow you to become a go to source for those who have questions. It is just another part of the full service financial advising that you offer your clients and helps to make your business successful.

Coming full circle, of course, how is your personal financial plan affected, if at all, by the health insurance changes? There is so much noise out there, it is not clear at this point how many people are affected and by how much. Certainly worth a look, isn’t it?

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