For many people — for example, the self-employed, seasonal workers, or those with multiple jobs — income fluctuates throughout the year, and also from year to year. Or maybe you got a promotion or raise, took on another job, or lost work. These are other examples of when your income will not be the same as you anticipated. Having an uneven income can make it difficult to accurately report your
What are Open Enrollment Dates for 2015 Health Insurance?
Open enrollment for 2015 health insurance plans runs from November 15, 2014 through February 15, 2015. This is the time during which anyone, for any reason, can purchase new individual or family coverage with an effective date in 2015. The date your 2015 coverage begins will depend upon the date you apply for the coverage, as follows: If you apply between … Your coverage will be effective … November 15,
What Happens to My Health Insurance if I Move to a New State?
If you purchased a health insurance policy under the Affordable Care Act (ACA) while living in one state and subsequently move to another state, you will need to cancel coverage in your old state and purchase a plan in your new state. The good news is you don’t have to worry about purchasing your new coverage during open enrollment dates. That’s because moving to a new state is a qualifying
Small Employer Health Insurance Tax Credit Calculator
Are you a small business owner considering whether or not to provide health insurance for your employees? Although it is not mandatory, offering health insurance benefits small business owners by: helping to attract and retain employees making the business eligible for a possible tax credit In a recent post on this site, we provide a detailed explanation of how the small business tax credit for health insurance works. Estimate Your
What is a Qualifying Event and What Should I Do if I Have One?
Note: this post was originally published on May 12, 2014 but has been updated for 2015. What appears here is the updated information, as of March 2015. When it comes to health insurance, a qualifying event is a life event that makes you eligible to purchase health insurance outside the dates of open enrollment. A qualifying event triggers a special enrollment period lasting 30-60 days, depending on the event. Read
What is the Definition of a Tax Household for Health Insurance?
Under the Affordable Care Act (ACA), eligibility for a premium tax credit (also called a subsidy) is based on the income earned by members of your household. Click here to access a chart showing income levels for subsidy eligibility. Who Counts as Part of Your Tax Household? In general your tax household includes anyone for whom you claim a personal exemption on your federal tax return: Yourself Your spouse Your
As a Young Adult What are My Options for Health Insurance?
The Affordable Care Act makes it mandatory for most individuals — including young adults — to have health insurance or pay a tax penalty. There are several options available for young adults looking for health insurance. If health insurance is not offered by your employer, or if it is offered but does not meet your needs or your budget, you can: Get coverage on your parent’s health plan. If you
New Virginia Law Changes Pediatric Dental Benefit for 2015
Coverage for pediatric dental care is considered an essential health benefit under the Affordable Care Act (ACA). Several months ago we wrote about pediatric dental coverage in Virginia (click here to read the original post). To summarize briefly, all 2014 individual and small group (50 or fewer employees) health insurance policies sold outside the federal exchange are required to include coverage for pediatric dental care. But for policies sold through
Short-Term Health Insurance
Now that the window of opportunity to purchase 2014 Affordable Care Act (ACA)-compliant health insurance has closed, many people are wondering how they can be protected in the event of an illness or injury this year. In most cases, if you did not purchase a 2014 policy before the March 31 deadline, your option for the remainder of 2014 is to purchase what’s known as short-term insurance. (*See notes below
Buying Health Insurance After March 31 During a Special Enrollment Period
March 31 has come and gone. And with it has come the end of open enrollment for 2014 health insurance plans. Unless you had already begun an application on or before that date through healthcare.gov (the federal health insurance exchange used by Virginia residents), March 31 was the last day you could purchase non-group health insurance coverage during 2014 open enrollment. However, there may still be an opportunity to purchase
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