Latest news with #healthinsurance
Yahoo
17 hours ago
- Business
- Yahoo
Health coverage losses in Mass. may be even steeper
BOSTON (SHNS) – Tens of thousands of Bay Staters could lose subsidized health insurance through the Massachusetts Health Connector and premiums could rise for most other members under a suite of reforms in the U.S. House-approved reconciliation bill that Gov. Maura Healey dubbed 'devastating.' For months, officials and health care activists have been warning about major impacts to MassHealth from the Medicaid changes sought by Republicans in Congress, who want to fund tax cuts and rein in what they describe as wasteful spending. But the sweeping package that cleared the U.S. House last week features many other provisions that could also impact state-run health insurance marketplaces, including limitations on tax credit eligibility for some immigrants and a shorter open enrollment period. Massachusetts Health Connector Executive Director Audrey Morse Gasteier said as many as 100,000 people — roughly a quarter of all who get their health insurance through the marketplace — could lose their coverage. Taken alongside the roughly 150,000 other people who would lose MassHealth eligibility, Morse Gasteier said the House-approved bill would effectively double the number of Bay Staters without health insurance. '[That] is just such a heartbreaking and catastrophic future to contemplate after Massachusetts, for nearly 20 years, has been at the forefront and really all in on making sure everybody in Massachusetts has health coverage,' Morse Gasteier told the News Service. A Connector spokesperson said the most recent U.S. Census data estimates about 2.6% of Massachusetts residents are uninsured. State law requires Massachusetts residents to be insured, or pay a tax penalty. A June 2024 Center for Health Information and Analysis report estimated 1.7% of Massachusetts residents reported being uninsured in 2023, which translates into about 116,594 residents. Nearly 90% of the uninsured were adults aged 19 to 64, four-fifths were male, and two-thirds of the uninsured had a family income below 300% of the federal poverty level. Under the House bill, premiums are also likely to rise for those who remain insured through Connector plans, Morse Gasteier said. She also forecast a major financial impact, saying the policy changes in the bill and the expected end-of-year expiration of tax credits to help reduce premiums would cost residents and the state a combined $750 million per year. The sweeping federal legislation, which also touches on immigration, artificial intelligence and food aid, features numerous eligibility and spending reforms affecting Medicaid programs and health care marketplaces under the Affordable Care Act. Hannah Frigand, senior director of HelpLine and public policies at Health Care for All, described the package as a 'backdoor repeal of ACA marketplace coverage.' 'It seems like almost the intent of some of these decisions in here is to make it more difficult for the state to provide meaningful access to affordable coverage to individuals,' she said. 'It's so directly attacking [ACA marketplace coverage] in multiple ways to make it less affordable and less accessible.' Kaitlyn Kenney Walsh, vice president of policy and research at the Blue Cross Blue Shield of Massachusetts Foundation, said the policies 'will have significant deleterious impact on people getting health insurance coverage through the Health Connector who have come to rely on that coverage.' U.S. House Speaker Mike Johnson has targeted July 4 as the deadline to get a final bill to President Donald Trump's desk in order to provide tax relief 'as soon as possible.' 'We have a very delicate equilibrium that we reached on here,' Johnson said last week. 'A lot of work went into this to find exactly the right balance.' It's not clear how the U.S. Senate will respond to the proposal, and a handful of Republicans have voiced concerns that the measure either does not do enough to reduce the national deficit or would harm Medicaid recipients. One of the most significant changes in the bill limits the eligibility of many immigrants for tax credits to help reduce the cost of health insurance plans through state-run marketplaces like the Connector. Under the bill, only lawful permanent residents, Compact of Free Association (COFA) migrants or certain immigrants from Cuba would qualify for subsidized marketplace coverage. Morse Gasteier said that change would cut 55,000 to 60,000 other legally present immigrants in Massachusetts, like those seeking asylum, refugees and those waiting for Medicaid eligibility to begin, from the Health Connector's ranks. The federal bill would create new verification requirements for marketplaces, preventing enrollees from receiving tax credits toward premiums or cost-sharing reductions until their eligibility is confirmed, according to a detailed analysis by health policy nonprofit KFF. It would also largely limit auto-renewals and mandate marketplaces hold annual open enrollment periods from Nov. 1 to Dec. 15, about five weeks shorter than the Health Connector has offered for more than a decade. 'The bill would make it so that people need to verify information before they even see that they qualified for a lower-cost option, which will effectively mean that many people will just think they don't qualify and will not even try to submit documents because they think, 'I'm not eligible for subsidized coverage,' which will prevent many people from actually enrolling into insurance,' Frigand said. Morse Gasteier said the additional hurdles will 'make the process of obtaining and keeping coverage harder for everybody.' If fewer people are covered, she said, the remaining insured population will become higher-risk and higher-cost as a result. 'With respect to the administrative burdens and the red tape and the needless kind of sludge that this bill would erect for people that are trying to get and keep coverage, we would expect — just based on the way health insurance works and the way human behavior operates — younger and healthier people will probably not go through the trouble of making their way through all of these hoops,' she said. And when Bay Staters get ill or injured while not carrying insurance, the eventual health care costs will be 'borne by our entire health care system and passed on to premium payers through hospital debt that needs to be spread across the rest of the population,' Morse Gasteier said. Some of the impact could come not from the reconciliation package itself, but from congressional inaction. The pandemic-era American Rescue Plan Act and Inflation Reduction Act expanded ACA tax credits that help subsidize premium costs, and those credits are set to expire at the end of the year. The federal bill on the move does not extend those credits. 'It's been a really significant help to the state, to the ConnectorCare program and to individuals who are just over that cliff for eligibility for those premium subsidies under the Affordable Care Act baseline,' Morse Gasteier said. State law requires most adults who can afford it to have health insurance coverage for the entire year or pay a tax penalty. Many Bay Staters get health insurance through their employers, and MassHealth provides coverage to those with low incomes or disabilities. The Connector offers plans for individuals who do not qualify for MassHealth and also cannot get covered through their employers, such as people working multiple part-time jobs or gig workers, as well as a subsidized ConnectorCare Program. Healey described the Connector's membership as 'people who make just a little bit too much to qualify for MassHealth but are still just getting by.' 'Who are these people? There are a lot of people running small businesses. They're people who are self-employed,' Healey said at a Tuesday event where she warned about major health care impacts from the reconciliation bill. 'The Republicans and Donald Trump want to slash funding for the Health Connector as well, and this is going to drive up premiums, force 100,000 families to go without coverage. So you can see, the proposed cuts, if they go through, they're devastating for Massachusetts residents, for families, for employers, for our economy, for people across the state.' Lawmakers and Healey agreed on a pilot expanding income eligibility for the ConnectorCare program from 300% of the federal poverty level to 500%. Both Healey and the House in their fiscal 2026 budget bills proposed extending the pilot another year, but the Senate did not include the extension in its redraft. Sen. Cindy Friedman, co-chair of Senate Committee on Steering and Policy, noted Wednesday that the pilot is available, albeit temporarily. 'I would like you to tell your patients that, while it lasts, the Connector in Massachusetts has raised their subsidies to 500% of the poverty level,' Friedman told the CEO of an organization that operates sexual and reproductive health clinics. 'And that has made a real profound difference in people getting into health care.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Zawya
20 hours ago
- Business
- Zawya
Cigna Healthcare Middle East secures Category "A" health insurance license in Oman
Oman – Cigna Healthcare Middle East, a global health service company, has achieved a significant regulatory milestone in Oman, securing a Category 'A' health insurance license from the Financial Services Authority (FSA). The license authorizes Cigna Healthcare to underwrite, manage and issue health insurance under the Sultanate's newly established 'Health Insurance ' framework. As the first international health insurer, and one of only a select few providers in the market, to be granted the coveted Category "A" health insurance license, the distinction places the business among the market's most trusted insurers, recognized by the FSA for meeting stringent regulatory, operational and service excellence standards. It also affirms Cigna Healthcare's strategic role in helping shape a more inclusive, high quality and trusted health insurance landscape in Oman. 'Being granted the Category 'A' license is more than a regulatory milestone – it's a powerful endorsement of our commitment to Oman, and our ability to deliver lasting value in Oman's transforming healthcare landscape,' said Raed Labaki, General Manager of Cigna Healthcare, Middle East (excluding UAE and KSA). ' As Oman accelerated healthcare reform to improve market stability and access to quality care, Cigna is proud to be part of this progress. Backed by global experience and deep local insights, we're ready to support the Sultanate's vision for a more sustainable, trusted and accessible healthcare system that meets the needs of individuals, businesses and the broader economy.' This milestone builds on Cigna Healthcare's deep-rooted presence in Oman, which began in 2017 with the acquisition of Zurich's regional health insurance portfolio. Since then, Cigna Healthcare has established a fully licensed branch in Muscat, built a strong local team, and introduced tailored health plans such as Cigna Choice to meet the specific needs of the Omani market. Through partnerships with trusted local players like MedNet and the rollout of digital tools, Cigna delivers fully compliant, end-to-end health and well-being solutions for multinational, regional, and local employers. Abdullah Amir Al Hatmi, Country Manager of Cigna Healthcare Middle East (Oman Branch) commented: 'We thank the Financial Services Authority for granting us this license. This achievement reinforces our commitment to contribute to a sustainable, trusted, and inclusive health system that meets the evolving needs of individuals, businesses, and the broader economy. We are ready to deliver Cigna's leading health insurance solutions and support national platforms like eDhamani to foster greater integration, transparency, and faster service delivery across insurers, providers and TPAs in the healthcare ecosystem.' As Oman's healthcare landscape evolves – with initiatives like the eDhamani digital health platform and the anticipated implementation of mandatory health coverage – Cigna remains committed to investing in Oman's healthcare future, and contributing to Oman's economic goals. About Cigna Healthcare Cigna Healthcare is a global health service company dedicated to helping people improve their health and vitality. With a heritage of over 250 years, Cigna Healthcare is committed to its promise of being together all the way in providing health care, clinical management, and wellness programs to employers, individuals, and governments around the world. Operating for more than 19 years in the Middle East region, Cigna Healthcare serves the GCC markets and Lebanon through its locally regulated entities. The company delivers both health and wellness services to individuals, employers, and government entities in the region. With a deep-rooted understanding of the African market, a regional presence in Kenya and a dedicated claims team servicing over 250,000 members, Cigna Healthcare provides extensive coverage across the continent, ensuring access to health care solutions for local companies and multi-national corporations alike. [The coverage spans several countries, including but not limited to Morocco, Kenya, Uganda, Mauritius, Tanzania, Nigeria, Ghana, Mozambique, Democratic Republic of the Congo (DRC) and Zambia] Cigna Healthcare maintains a global sales capability in 30 countries and jurisdictions, employing over 72,000 people who service more than 164 million customer relationships. To learn more about Cigna Healthcare, visit
Khaleej Times
a day ago
- Business
- Khaleej Times
Dubai: Can new businessman get Golden Visa immediately after investing Dh2 million in property?
Question: I am a businessman who is planning to move to Dubai. Can I invest in property to get a Golden Visa? What are the rules? And do I become eligible for the long-term visa as soon as I make the investment? Can you help detail the process? Answer: In the UAE, a Golden Visa can be granted to an investor who owns one or more real estate properties having a value of not less than Dh2 million, provided that such real estate property may be owned by the investor, singly or jointly. This is in accordance with Article 8 of the Annex Attached to the Cabinet Resolution No. (65) of 2022 Issuing the Executive Regulations of Federal Law by Decree No. (29) of 2021 Concerning the Foreigners Entry and Residence Regulating Golden Residence Permits: '1. The investor shall own one or more real estate property with a total value of not less than (Dh2,000,000) two million dirhams, and the real estate property is wholly owned by the investor. It may be a loan, on condition that the loan is from one of the local banks determined by the competent local authority; '2. The real estate property investor shall when buying one or more real estate property units off the map with a total value of not less than (Dh2,000,000) two million dirhams, on condition that the purchase is made from local companies approved by the competent local authority; and '3. The investor shall have a comprehensive health insurance for himself and his family members throughout the validity term of the residence permit or in accordance with the terms set by the competent local authority. ' Upon approval from the competent authorities, a 10-year long-term residence permit is issued. This Golden Residence Permit allows eligible foreigners and their families to reside independently in the UAE without a guarantor for work, investment, or business, subject to specified terms and conditions. This is under the Article (1) of the annexure attached to the 'Cabinet Resolution No. 65 of 2022' 'The ICA may – after the approval of the competent authorities, as the case may be – issue a long-term residence permit for a period of ten years. The Golden Residence Permit shall be subject to renewal, for certain categories of foreigners and their families, allowing them to self-reside without the need for the Guarantor/the Host Party inside the State for work, investment, business start-up or stay in the State in accordance with the terms and conditions contained in this resolution.' The procedural steps for obtaining the Golden Visa based on real estate property investment include: Acquisition of qualifying property Registration of ownership and issuance of a title deed by Dubai Land Department Submission of the Golden Visa application through the DLD, the General Directorate of Residency and Foreigners Affairs, or designated smart platforms (e.g., Dubai REST) Completion of supporting formalities, including medical fitness test and Emirates ID registration Issuance of a 10-year residency visa, subject to continued compliance with eligibility requirements. Based on the aforementioned provisions of the law, as a businessman intending to move to Dubai, you may be eligible for the UAE Golden Visa upon investing in real estate property with a minimum investment of Dh2 million, subject to the conditions set by the competent local authority. For detailed guidance and to initiate the application, you may contact the GDRFA or apply through the DLD or any authorised smart platform.
Yahoo
2 days ago
- Business
- Yahoo
Delaying Medicare enrollment. What to know
Dear Liz: When my husband was approaching 65, he was employed and covered by a high deductible healthcare plan (HDHP) with a health savings account by his employer. Neither his employer nor our local Social Security office had concrete advice on how to proceed about enrolling in Medicare, but after tremendous research, he eventually delayed enrollment. Now I am approaching 65. My husband is still working, and I am still covered by his health insurance, although both are in his name. Do I enroll in Medicare at the appropriate time or do I delay enrollment like he did? Answer: Delaying Medicare enrollment can result in penalties that can increase your premiums for life. If you or a spouse is still working for an employer with 20 or more employees, however, generally you can opt to keep the employer-provided health insurance and delay applying for Medicare without being penalized. If you lose the coverage or employment ends, you'll have eight months to sign up before being penalized. Delaying your Medicare enrollment also allows your husband to continue making contributions on your behalf to his health savings account. In 2025, the HSA contribution limit is $4,300 for self-only coverage and $8,550 for family coverage, plus a $1,000 catch-up contribution for account holders 55 and older. Once you enroll in Medicare, HSA contributions are no longer allowed. Medicare itself suggests reaching out to the employer's benefits department to confirm you are appropriately covered and can delay your application. Let's hope that by now your employer's human resources department has gotten up to speed on this important topic. Dear Liz: We read your recent column about capital gains and home sales. Our understanding is that if you sell and then buy a property of equal or greater value within the 180-day window, the basis for tax purposes is the purchase price, plus the $500,000 exemption, plus the improvements to the property, minus the depreciation, whatever that number comes to, and then the profit above that has to be reinvested or it is subject to capital gains. We talked to our CPA about this and he referred us to a site that specializes in 1031 exchanges. Answer: You've mashed together two different sets of tax laws. Only the sale of your primary residence will qualify for the home sale exemption, which for a married couple can exempt as much as $500,000 of home sale profits from taxation. You must have owned and lived in the home at least two of the previous five years. Meanwhile, 1031 exchanges allow you to defer capital gains on investment property, such as commercial or rental real estate, as long as you purchase a similar property within 180 days (and follow a bunch of other rules). The replacement property doesn't have to be more expensive, but if it's less expensive or has a smaller mortgage than the property you sell, you could owe capital gains taxes on the difference. It is possible to use both tax laws on the same property, but not simultaneously. In the past, you could do a 1031 exchange and then convert the rental property into a primary residence to claim the home sale exemption after two years. Current tax law requires waiting at least five years after a 1031 exchange before a home sale exemption can be taken. You can turn your primary residence into a rental and after two years do a 1031 exchange, but you would be deferring capital gains, while the home sale exemption allows you to avoid them on up to $500,000 of home sale profits. Liz Weston, Certified Financial Planner®, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Delaying Medicare enrollment. What to know
Dear Liz: When my husband was approaching 65, he was employed and covered by a high deductible healthcare plan (HDHP) with a health savings account by his employer. Neither his employer nor our local Social Security office had concrete advice on how to proceed about enrolling in Medicare, but after tremendous research, he eventually delayed enrollment. Now I am approaching 65. My husband is still working, and I am still covered by his health insurance, although both are in his name. Do I enroll in Medicare at the appropriate time or do I delay enrollment like he did? Answer: Delaying Medicare enrollment can result in penalties that can increase your premiums for life. If you or a spouse is still working for an employer with 20 or more employees, however, generally you can opt to keep the employer-provided health insurance and delay applying for Medicare without being penalized. If you lose the coverage or employment ends, you'll have eight months to sign up before being penalized. Delaying your Medicare enrollment also allows your husband to continue making contributions on your behalf to his health savings account. In 2025, the HSA contribution limit is $4,300 for self-only coverage and $8,550 for family coverage, plus a $1,000 catch-up contribution for account holders 55 and older. Once you enroll in Medicare, HSA contributions are no longer allowed. Medicare itself suggests reaching out to the employer's benefits department to confirm you are appropriately covered and can delay your application. Let's hope that by now your employer's human resources department has gotten up to speed on this important topic. Dear Liz: We read your recent column about capital gains and home sales. Our understanding is that if you sell and then buy a property of equal or greater value within the 180-day window, the basis for tax purposes is the purchase price, plus the $500,000 exemption, plus the improvements to the property, minus the depreciation, whatever that number comes to, and then the profit above that has to be reinvested or it is subject to capital gains. We talked to our CPA about this and he referred us to a site that specializes in 1031 exchanges. Answer: You've mashed together two different sets of tax laws. Only the sale of your primary residence will qualify for the home sale exemption, which for a married couple can exempt as much as $500,000 of home sale profits from taxation. You must have owned and lived in the home at least two of the previous five years. Meanwhile, 1031 exchanges allow you to defer capital gains on investment property, such as commercial or rental real estate, as long as you purchase a similar property within 180 days (and follow a bunch of other rules). The replacement property doesn't have to be more expensive, but if it's less expensive or has a smaller mortgage than the property you sell, you could owe capital gains taxes on the difference. It is possible to use both tax laws on the same property, but not simultaneously. In the past, you could do a 1031 exchange and then convert the rental property into a primary residence to claim the home sale exemption after two years. Current tax law requires waiting at least five years after a 1031 exchange before a home sale exemption can be taken. You can turn your primary residence into a rental and after two years do a 1031 exchange, but you would be deferring capital gains, while the home sale exemption allows you to avoid them on up to $500,000 of home sale profits. Liz Weston, Certified Financial Planner®, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
