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Nigeria Liquefied Natural Gasoline (NLNG) is now accepting functions from excessive performing primary 5 – 6 pupils for its 2019 Publish-Primary Scholarship Award. The deadline for submission of functions for the NLNG post-primary scholarship award is May 13th, 2019.
Nigeria LNG Limited (NLNG) invitations application from and certified Primary faculty pupils for its 2019 POST PRIMARY SCHOLARSHIP AWARD.
Potential pupils are admitted onto the scheme based mostly on glorious efficiency on the annual National Examinations Council’s (NECO) Common Entrance Examinations.
Any potential beneficiary should:
- Be an indigene of NLNG host communities.
- Be a fundamental 5 or 6 pupil
- Present his/her Primary 5 consequence
- Should present an attestation letter signed & stamped by the Head Instructor of his/her faculty (contact variety of the Head Instructor additionally to be included)
- Present an indigene affirmation letter signed by the CDC Chairman or Chief in his/her neighborhood.
- Present letter of identification from his/her Native Authorities Council.
- Not be a toddler or ward of employees of Nigeria LNG Restricted.
The ACA’s restrict on out-of-pocket maximums makes this type of monetary comparability simpler than it was up to now. In 2020, no ACA-compliant plan could have a maximum out-of-pocket that exceeds $8,150 for an individual or $16,300 for a family. And as has been the case since 2016, all household plans might be required to have embedded individual out-of-pocket maximums. Meaning no single particular person on a household plan might be required to pay greater than $8,150 in out-of-pocket prices, even when the household deductible has not but been met.
However some plans – particularly on the gold and platinum stage – have most out-of-pocket limits which can be considerably decrease than these quantities. They usually additionally cowl extra bills earlier than the out-of-pocket most is reached. These elements are necessary to contemplate once you’re evaluating the general price of varied plans.
Let’s have a look at a hypothetical instance for Kelly, a single 35-year-old applicant who doesn’t qualify for subsidies. She’s contemplating three completely different plans – one bronze, one silver, and one gold. All of them cowl preventive care at no cost, as required by the ACA.
For this comparability, we’re assuming the gold plan is dearer than the silver plan. However since 2018, that hasn’t all the time been the case, as a result of the price of cost-sharing reductions (CSR) being added to silver plan premiums in lots of states (HHS has indicated that they could impose new rules associated to how the price of CSR will be dealt with as of 2021, however for 2020 insurers have continued so as to add the price of CSR to silver plan premiums). For 2020, there aren’t fairly as many counties the place gold plans are cheaper than benchmark silver plans, however it’s nonetheless practically 30 p.c of the counties nationwide, which is extra widespread than it was in 2018 (and for perspective, there have been solely 5 counties in 2017 the place gold plans have been cheaper than the benchmark silver plan).
The next plan descriptions are overly simplified in an effort to make the mathematics simple. Though bronze, silver, and gold plans pay a mean of 60, 70, and 80 p.c of common whole healthcare prices, respectively, their plan construction varies considerably from one coverage to a different, even inside the similar steel stage. Medical health insurance carriers started to have the choice to supply standardized plans by means of Healthcare.gov beginning in 2017, however HHS opted to not proceed standardized plan designs for 2019. Some state-run exchanges supply standardized plans, and California’s alternate requires all plans to be standardized. However in most states, it may be difficult to make an apples-to-apples comparability of plans, even inside the similar steel stage.
Some plans have separate deductibles for providers like hospitalizations and prescribed drugs, some have copays for workplace visits whereas others depend workplace visits in the direction of the deductible. There’s no strategy to actually evaluate plans with out studying at the least a few of the positive print. However for the sake of our back-of-the-envelope comparability, we’ll simply have a look at deductibles, coinsurance, and most out-of-pocket publicity.
- The bronze plan is $270/month and has a $6,500 deductible with all claims utilized to the deductible. After the deductible, Kelly would pay 40 p.c of her claims till she reaches an $8,150 most out-of-pocket.
- The silver plan is $350/month, has a $3,000 deductible, and Kelly might be liable for 30 p.c of the declare after the deductible till she reaches a $6,000 most out-of-pocket.
- The gold plan is $420/month, has a $1,000 deductible, and Kelly pays 20 p.c of her claims after the deductible till she reaches the utmost out-of-pocket of $3,500.
We will simply calculate the worst-case state of affairs for the three plans: Multiply the premium by 12 months, and add it to the utmost out-of-pocket to see the whole monetary publicity for every plan:
- Bronze: $3,240 + $8,150 = $11,390
- Silver: $4,200 + $6,000 = $10,200
- Gold: $5,040 + $3,500 = $8,540
However for most individuals, massive claims don’t occur fairly often. And though some folks might not use their protection in any respect through the yr, most individuals fall someplace within the center. Particularly you probably have a pre-existing situation, you will be comparatively certain that you just’ll incur at the least some claims through the coming yr. That’s the place it’s useful to evaluate every plan based mostly on how it might carry out within the occasion of comparatively minor – however nonetheless costly – claims.
What if Kelly breaks her arm and incurs a declare that totals $4,200 after the network-negotiated low cost? Right here’s her whole expense for the yr (premiums + out-of-pocket prices) with every plan:
- Bronze: $3,240 + $4,200 (whole declare utilized to the deductible) = $7,440
- Silver: $4,200 + $3,000 (deductible) + $360 (30% of the remaining $1,200) = $7,560
- Gold: $5,040 + $1,000 (deductible) + $640 (20% of the remaining $3,200) = $6,680
If the one medical insurance claims you make are for preventive care, a bronze plan goes to finish up being the least costly choice, as a result of the premiums are lowest and preventive care is roofed 100 p.c on all plans. However you probably have different claims, a plan with the next steel stage may prevent cash over the course of the yr, regardless that the premiums are greater. So even when the value is probably the most vital think about your choice, it’s necessary to recollect to incorporate the price of a declare in addition to the price of the plan itself.
However don’t focus completely on the price of claims
Alternatively, don’t let your self get so enamored with the low out-of-pocket bills on the extra sturdy plans that you just inadvertently find yourself paying greater than you might want to. We regularly see plan comparisons the place the distinction in premium is bigger than the distinction in potential out-of-pocket financial savings.
For instance a plan with a deductible that’s $1,000 decrease than a competing plan, however that prices $100 extra per 30 days and gives related protection after the deductible. Shopping for it might imply that you just’d spend an additional $1,200 in premiums, to presumably save $1,000 you probably have a major declare. That’s why it’s necessary to spend a bit of time crunching numbers earlier than you choose a plan.
And if one of many plans you’re contemplating is HSA-qualified, don’t overlook to account for the tax financial savings you’d get when you contribute to an HSA through the yr. Assuming you’d be keen and capable of make a contribution to an HSA, you’d wish to subtract the tax financial savings from the whole quantity that every plan goes to price you to be able to get an correct general image of how every plan would have an effect on your funds.
In case your plan has tiered networks, take note of out-of-pocket prices
It’s additionally necessary to remember that some plans have tiered networks, which have decrease copays and deductibles so long as you go to medical doctors and hospitals within the high tier. There’s some controversy round tiered community plans, however they are usually widespread with shoppers, as they provide a great mixture of low cost-sharing (assuming the affected person sticks with top-tier suppliers) and inexpensive premiums.
For those who’re contemplating a plan with a tiered community, take note of the out-of-pocket prices for each the popular and non-preferred supplier tiers, and crunch the numbers each methods. For those who decide a plan with a tiered community, your finest wager might be to make use of medical doctors and hospitals within the high tier. However it’s necessary to additionally perceive what your prices might be if you find yourself needing to see in-network suppliers who aren’t within the high tier.
Silver plans’ cost-sharing subsidies
Silver plans have confirmed to be by far the most well-liked alternative within the exchanges, accounting for roughly two-thirds of all enrollments within the first 4 years. Silver plan enrollments have dropped off a bit of in 2018 and 2019 (we’ll get into the explanation for that in a second):
- In 2014, 65 p.c of people that enrolled by means of HealthCare.gov chosen Silver plans, and 95 p.c of these Silver plans included monetary help.
- In 2015, Silver plans accounted for 69 p.c of HealthCare.gov enrollees.
- 71 p.c of enrollees within the federally facilitated market picked Silver plans for 2016, together with 59 p.c of enrollees in states with their very own enrollment platforms.
- For 2017 protection, 71 p.c of all enrollees (in HealthCare.gov and state-based exchanges mixed) picked Silver plans.
- 63 p.c of alternate enrollees picked silver plans in 2018.
- 59 p.c of alternate enrollees picked silver plans in 2019.
One purpose for the recognition of Silver plans – and the excessive share of Silver plan enrollees who acquired premium subsidies – is cost-sharing reductions, or CSR (often known as cost-sharing subsidies). In case your family earnings doesn’t exceed 250 p.c of poverty, you’re eligible for cost-sharing subsidies along with premium subsidies (premium subsidies apply to just about everybody who receives cost-sharing subsidies, however additionally they prolong to folks with greater incomes, as much as 400 p.c of the poverty stage).
For 2020 protection, 250 p.c of the poverty stage is $31,225 for a single particular person and $64,375 for a household of 4. The CSR advantages are strongest, nonetheless, for folks with earnings that doesn’t exceed 200 p.c of the poverty stage, which is $24,980 for a single individual, and $51,500 for a household of 4.
Though the Trump Administration introduced in October 2017 that funding for cost-sharing subsidies could be discontinued, the cost-sharing subsidies themselves proceed to be out there, and that’s nonetheless the case for 2020.
The price-sharing subsidies are robotically included in silver plans for enrollees whose earnings makes them eligible to obtain cost-sharing subsidies (cost-sharing subsidies aren’t out there on the different steel ranges, and don’t present up among the many out there plan alternatives for folks with earnings too excessive for CSR eligibility). These plans have decrease out-of-pocket maximums and better actuarial worth than an everyday silver plan – they’ll prevent cash when you might want to use your well being protection. And you’ll apply your premium subsidy in the direction of their buy value.
Price-sharing subsidies are typically not as nicely understood as premium subsidies, however so long as candidates are actively evaluating the nuts and bolts of every out there plan – versus simply premiums – the silver plans that embody cost-sharing subsidies will stand out as choices that supply distinctive worth.
They are going to be dearer than bronze plans however will present considerably higher protection. Their out-of-pocket maximums might be decrease than that of comparably priced plans, and they’ll additionally cowl extra medical bills earlier than the out-of-pocket most is reached.
Gold plans: higher worth in some areas
Price-sharing reductions (CSR, aka cost-sharing subsidies) have been within the headlines all through 2017, because the Trump administration repeatedly threatened to chop off funding for them, after which introduced definitively in October 2017 that the funding would finish.
However regardless of the elimination of funding, CSR advantages proceed to be out there. The Congressional Finances Workplace estimated that the elimination of CSR funding would enhance common silver plan premiums by about 20 p.c in 2018, and most insurers did add the price of CSR to their premiums. In most states, the price of CSR was added to silver plan premiums for 2018, but some states and insurers took other approaches. For 2019, insurers in much more states added the price of CSR to silver plan premiums, and have continued to take action for 2020.
As a result of premium subsidies are based mostly on the price of silver plans (particularly, the benchmark plan in every space), nearly all of the premium enhance to cowl the price of CSR is finally still being paid by the federal government, in the form of larger premium subsidies.
However because of the CSR funding minimize, silver plans in some areas now really price greater than gold plans. For example, consider southwestern Wyoming in 2020. For folks with earnings beneath 200 p.c of the poverty stage (about $24,980 for a single particular person in 2020; observe that the prior yr’s poverty stage numbers are used for these calculations), it in all probability nonetheless is smart to buy a silver plan, because the out-of-pocket prices are a lot decrease as a result of CSR, and premium subsidies will offset the upper premiums. However folks with earnings above 200 p.c of the poverty stage may wish to take into account a gold plan as a substitute of a silver plan if the premiums are fairly related (CSR is offered as much as 250 p.c of the poverty stage, however its results are a lot much less vital when you exceed 200 p.c of the poverty stage).
As a result of the price of CSR is now being added to silver plan premiums in most areas, there proceed to be gold plans which can be cheaper than silver plans in some areas (as famous above, that is much less frequent in 2020 than it was for 2019, however nonetheless dramatically extra frequent than it was once). Customers ought to store fastidiously and have a look at all the out there choices earlier than making a choice — don’t assume that pricing will observe the patterns we noticed pre-2018 when premiums typically rose persistently from one steel stage to the subsequent.
Though premium subsidies offset the elevated price of silver plans for most individuals, silver plans are disproportionately costly in most areas for individuals who aren’t eligible for premium subsidies. In the event that they purchase a silver plan, they’re paying not just for the common price of the protection but in addition for the price of CSR, since that price is baked into the premiums for silver plans in most areas. This can be a huge a part of the explanation silver plan alternatives have dropped off since 2017; individuals who don’t get premium subsidies are typically higher off with a plan at a distinct steel stage.
One measurement doesn’t match all
In case your family earnings doesn’t exceed 200 p.c of poverty ($42,660 for a household of three through the open enrollment interval within the fall of 2019), a silver plan with built-in cost-sharing subsidies will doubtless be the only option for you, and can doubtless present a greater general worth than the bronze, gold, or platinum plans.
This may additionally be true for folks with earnings between 200 and 250 p.c of the poverty stage, however as famous above, a gold plan may be a greater worth in 2020 in some areas, because of the means some states and insurers are including the price of CSR to premiums.
Individuals who have pre-existing situations and count on to file claims through the upcoming yr will in all probability be higher served by a higher-level plan (or a cost-sharing silver plan in the event that they qualify for it), no matter premiums.
However very wholesome candidates might discover that they like the decrease premiums of a bronze plan, regardless of the potential for greater prices in the event that they do have to file a declare. And enrollees with very severe medical situations, who know they’ll meet their plan’s most out-of-pocket it doesn’t matter what plan they choose, may discover that they’re additionally higher off with a lower-cost bronze plan (or an HSA-qualified plan at any steel stage) for the reason that mixed whole price of the premiums and out-of-pocket publicity may find yourself being decrease. There’s no one-size-fits-all relating to well being protection; every individual’s well being historical past, danger tolerance, and finances should be considered when choosing a plan.
Apply for Post-Primary Scholarship
individuals ought to comply with the hyperlink beneath to use.
Apply Earlier than: Could 13, 2019.
Please be aware that each candidate should:
- All requested paperwork has to be connected to keep away from disqualification.
- Candidates should fill in legitimate contact particulars as these shall be used to speak the standing of application.
- The application shall be disqualified for non-adherence to the criteria for this scheme.
- Only shortlisted candidates shall be invited for the choice test.