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Newsletter

Life Newsletter - July 2025

IN THIS ISSUE...

  • ACLI SUPPORTS ONE BIG BEAUTIFUL BILL


  • MAJOR TAX PROVISIONS OF THE “ONE BIG BEAUTIFUL BILL”


  • HOW MUCH IS NO EXAM LIFE INSURANCE? VIEW SAMPLE RATES

ACLI SUPPORTS ONE BIG BEAUTIFUL BILL

American Council of Life Insurers (ACLI) President and CEO David Chavern made the following comment on May 19 on the “One Big Beautiful Bill Act: "Advancing meaningful tax relief helps everyday Americans hold on to more of what they earn, creating greater stability, opportunity, and the ability to plan for the future. Life insurers are committed to supporting financial security across every stage of life, and ACLI believes this bill takes a strong step in the right direction."

 

The American Council of Life Insurers is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 275 member companies represent 93 percent of industry assets in the United States.

MAJOR TAX PROVISIONS OF THE “ONE BIG BEAUTIFUL BILL”

Andy Sullivan wrote this summary for Reuters on June 4 of tax cuts and tax breaks contained in the House version of the “One Big Beautiful Bill,” Items in parentheses are cost estimates by the Congressional Budget Office or the Joint Committee on Taxation:

 

  • Makes permanent the lower income tax rates in Trump's 2017 Tax Cuts and Jobs Act that are currently due to expire at the end of 2025. (Cost: $2.2 trillion)

 

  • Extends the increased alternative minimum tax exemption. (Cost: $1.4 trillion)

 

  • Extends the standard deduction and boosts it by an additional $1,000 to $1,500 until 2029. (Cost: $1.3 trillion)

 

  • Extends and increases tax break for owners of "pass-through" businesses, such as sole proprietorships and LLCs. (Cost: $809 billion)

 

  • Expands the Child Tax Credit to $2,500 from $1,000 until 2029, and keeps it at $2,000 after that, indexed to inflation. (Cost: $797 billion)

 

  • Raises the estate tax exemption from $14 million to $15 million. (Cost: $212 billion)

 

  • Extends tax breaks for multinational corporations. (Cost: $174 billion)

 

  • Exempts taxes on overtime pay until 2029. (Cost: $124 billion)

 

  • Creates a new $4,000 deduction for seniors. (Cost: $66 billion)

 

  • Exempts taxes on interest payments on loans for domestic autos until 2029. (Cost: $58 billion)

 

  • Exempts taxes on some tipped income until 2029. (Cost: $40 billion)

 

  • Exempts up to $5,000 for contributions to scholarship funds for private schools. (Cost: $20.4 billion)

 

  • Allows parents to contribute up to $5,000 tax-free each year to "Trump Accounts" to be used for a child's school and other costs when they reach adulthood. (Cost: $17.2 billion)

 

  • Allows taxpayers to deduct up to $40,000 for state and local tax (SALT) payments, up from $10,000 now, with benefits phasing out for households that make more than $500,000. (Would save $787 billion compared to an alternative scenario in which no limits were in place for this deduction.)

 

The Bill is now being debated in the Senate, where major changes are expected.


According to Axios, Senate GOP leadership is full steam ahead on passing the Bill and giving House Speaker Mike Johnson an outside chance to put it on President Trump's desk by July 4.

HOW MUCH IS NO EXAM LIFE INSURANCE? VIEW SAMPLE RATES

This article was written by Sa El on June 19 for Simply Insurance.

 

On average, a health 30-year old might pay around $25 to $40 per month for a $250,000 policy. However, these rates can increase significantly for older individuals or those with health issues.

About Paul Cholak


Paul has over forty years of benefits experience and has been Director of Employee Benefits for large companies, as well as a benefits consultant with major consulting firms. He understands the life and health insurance needs of individuals and families of all ages. He also has considerable experience in selling life and health insurance to employer groups.


He guides you through the steps of getting insurance and is available to help you both BEFORE and AFTER you've made your purchase decision.

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Schedule For 2025
Affordable Care Act Enrollment

The Open Enrollment Period for Affordable Care Act plans ran between
November 1, 2024 and January 15, 2025
on the Federal Facilitated Marketplace (https://www.healthcare.gov)

To enroll for a plan in 2025 you must NOW have
a Qualifying Life Event to qualify.
There are no pre-existing condition limitations.

Call Us At 786-970-0740 (Cell)
to determine what kind of plan you may be eligible for.


2025 Annual Enrollment Period For Medicare Beneficiaries

The Annual Enrollment Period (AEP) for enrolling in plans effective January 1, 2025 has ended. The AEP runs from October 15 to December 7 annually.

Enrollment in a Medicare Advantage, Medicare Advantage Prescription Drug, or stand-alone Part D Drug plan can now occur ONLY if a Medicare beneficiary is eligible for another election period [e.g., the Individual/Individual Coverage Election Period (ICP or ICEP)] when first becoming eligible for Medicare; a Special Election Period (for those who experience qualifying life events like an involuntary termination of their existing plan, moving outside of the plan’s service area, losing or becoming entitled to Medicare or Extra Help, declaration of a weather related emergency, etc.), or the Open Enrollment Period. Except for individuals desiring to enroll in a Chronic Special Needs Plan, there are no health questions to qualify.

Medicare beneficiaries can enroll in a Medicare Supplement plan within 6 months of their Part A and B effective dates without answering health questions. Generally, individuals with Medicare Supplement plans can change plans at any time but in many cases will need to answer health questions to qualify. Individuals with Medicare Advantage plans can enroll in Medicare Supplement plans during the Annual Enrollment Period or Open Enrollment Periods but in most cases will have to answer health questions. There are special rules for individuals with “trial rights” or eligibility for guaranteed issue policies that don’t require answering health questions.

Call us at 561-734-3884 or 877-734-3884 (TTY: 711) for details.

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We offer a comprehensive set of Affordable Care Act (“Obamacare”) plans

to individuals and families qualified to buy health (tax- and non-tax subsidized) insurance and dental/vision and/or hearing plans through the Federal marketplace (this is called buying “on-exchange” or “on-marketplace”) or directly from insurance carriers (this is referred to as buying “off-exchange or -marketplace”). Our Affordable Care Act policies comply with the Affordable Care Act and contain all of the “essential health benefits” required by that law.

We offer association group health insurance plans

to those who can qualify and are looking for less expensive alternatives to Affordable Care Act plans.

The dental/vision and/or hearing insurance

products are available both on an insured or discount basis.

We offer short-term health insurance policies

for those who are looking for coverage for a maximum of four months.

We offer Medicare Supplement, Medicare Advantage, and Part D Drug plans

to Medicare-eligibles. Our site is compliant with federal, state, and carrier guidelines in selling these policies. See the Medicare-eligibles section of this site for details.

We represent many carriers that offer supplemental benefits

to both individuals and families and Medicare beneficiaries, and the site contains information about hospital indemnity, cancer, critical illness, accident, and international medical insurance offered by many different carriers. This section of the site also contains valuable information and tools about lowering the cost of prescription medications. Call us if you want more information about or would like to enroll in one of these products.

We also offer Short- and Long-Term Disability products

and can also help you meet the costs of long-term care, nursing home, or short-term (recovery) care needs.

Finally, we have a complete array of Life, Final Expense, and Annuity products

and offer pre-need services in Florida, as we have both life insurance and pre-need licenses in that state.

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we’re paid directly from the carriers we represent, Premiums are NEVER EVER marked up to include paying us for our services: you pay the same whether you order directly from the carrier or the marketplace on your own or directly through us or from our site.

We ONLY offer alternatives that are suitable for you and for which we feel meet YOUR needs.
When or if we feel a product or service is not appropriate for you from either a cost or benefit point of view we will tell you so.

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In short, we’re experts in all aspects of health and life insurance and also have relationships with professionals who can help you with very specialized situations.

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