Health Care in the CountryMany people who have visited the country quickly realize that Costa Ricans are a healthy lot. And people who become residents of the country soon discover why the people are so healthy, as they start to experience the same natural and societal benefits of living in Costa Rica.In fact, many move to Central America simply because they can overcome health concerns, like stress-related illnesses, by taking advantage of the country’s lifestyle and health benefits.But most who are drawn by the country’s inexpensive, high-quality medical care have no specific ailments. They are really looking at the move as a preventative measure, because sooner or later, we all have a health issue that needs to be dealt with. And in Costa Rica, you have a choice. As a resident, and even as a foreigner, you are entitled to take advantage of the country’s socialized medicine system. Or, you can opt for private care.As it does with so many other things, CR truly offers the best of both worlds.Costa Rica spends a great deal on health care, and it shows in world health statistics. The average life expectancy is very high at about 77 years old, while infant mortality is low at 10.6 per 1,000. Both those numbers are the envy of most other Latin American countries, and are very comparable to figures in first-world nations like the United States and Canada.But what is really impressive is how truly “universal” health care is in CR. According to the United Nations, 98 per cent of residents have access to health care. And speaking of healthy living, 92 per cent have access to clean water.Costa Rica’s socialized medical system prides itself on keeping every resident as healthy as possible, and even visitors can take advantage of the high-quality, low-cost care available in the country. Foreigners can enjoy the public system, where everything from care in hospitals to drugs to dentistry is included, for a small monthly fee, usually under $60.And private care is also available to residents and foreigners, by joining the INS for a slightly larger monthly fee. The state insurance provider lets you choose your own doctor and accepts international policies like Blue Cross/Blue Shield.And this is not third-world health care. Medical facilities are first-class, like the University of Costa Rica, one of the best medical centers and home to some of the best doctors in Latin America.For more information on Costa Rica, contact Lic Giovanna Barrantes at 1-800-979-4174 or at [email protected], or go to Barrantes & Associates.
Tag Archives: health reform
Health Care Reform Confusion: 6 Common Questions
Health care reform continues to hold its front-runner status of hot topics weighing on business owners’ minds. As we move forward in 2013, there seem to be more questions than answers for employers grappling with this confusing legislation. As new guidelines attempting to clarify the law are made available, more questions arise.Below are answers to six common health care reform questions.Q1: What information is required to be included on an employee’s W2?A: The Affordable Care Act (ACA) requires that employers report on the W2 the value of health plan coverage for each employee. This includes both the employer and employee share of the cost of health coverage, but excludes dental and vision coverage under separate policies. Reportable amounts also exclude contribution towards Health savings Accounts (HSA) and employee contributions to health flexible accounts (Health FSA)Q2: If a company has less than 50 employees, is there a penalty for not providing insurance?A: There are no penalties for employers with less than 50 full time equivalent employees.Q3: Regarding the Cadillac Tax: If a firm has a high-risk pool of insureds, does that mean they have “Cadillac plans” even if they’re offering “bronze” coverage?A: Yes, based on current guidelines, the Cadillac tax is based on the value of the health plan and does not adjust that value for older age or higher risk groups.Q4: How will Health Care Reform affect staffing companies?A: Staffing companies will be treated as the employer and will be subject to PPACA requirements. Temporary employees for the staffing company will be treated as an employees of the staffing company. If the staffing company has more than 50 full time equivalent employees they will be subject to the lager employer mandate and penalties.Q5: If a company’s health benefits period is Dec 1 – Nov 30, is it correct to assume that compliance would not be required until 12/1/14?A: Yes. Based on guidelines issued on January 2, 2013, most employers that offer benefit plans and have a plan anniversary other than Jan 1st will be required to be compliant with PPACA provision on their plan anniversary after Jan 1, 2014. If an employer is only offering benefits to a small number of employees, they may be required to be complaint on January 1. 2013. Federal Register Vol 78 and No 1 provide additional detail.Q6: If you only offer an HSA and the employer is not making any contribution, will the employer have to pay a penalty since they are not contributing to the insurance?A: An employer sponsored high deductible health plan with a health savings account will have to meet the “affordable” test. That would require a 60% actuarial value and an employee premium not more than 9.5% of income to avoid the $3,000 penalty. This applies if an employee purchases coverage on the exchange and is eligible for a premium subsidy.These are just a few common questions about the Affordable Care Act. If you require additional information regarding any 2013 health care reform questions, do not hesitate to contact us.