The delay of the employer mandate under the Affordable Care Act (ACA) means employers will not be required to provide group coverage for their employees until January 1, 2015. But, the mandate is going to happen, and we recommend employers begin to think — and plan ahead — for that eventuality. In fact, under ACA, employers must notify their employees about their health insurance options by October 1, 2013 (read
Affordable Care Act – Test Your Knowledge
There are less than 70 days until October 1, 2013 — the date open enrollment begins and Americans can start purchasing health insurance with an effective date of January 1, 2014. How well do you understand the new health reform law? Take our 10-question quiz to find out. Click here or on the owl to test your knowledge! Let us know how you score, and give our office a call
Health Insurance Changes Coming Your Way Under the Affordable Care Act
Check out this helpful video about the Affordable Care Act. Then give us a call if you have any questions about how the new law will impact you! Remember, Virginia Medical Plans can help you purchase your health insurance — on or off the exchange — at no extra cost to you! [youtube=http://youtu.be/JZkk6ueZt-U] SOURCE: “The YouToons Get Ready for Obamacare: Health Insurance Changes Coming Your Way Under the Affordable Care Act,”
Determining Eligibility for a Health Insurance Subsidy
Shortly after the announcement that the employer mandate is delayed until 2015, the federal government announced another change to the implementation of the Affordable Care Act (ACA). This time the change is regarding how an individual’s eligibility for a health insurance subsidy will be verified. A person is eligible for a subsidy if: (1) he or she earns less than 400% of federal poverty level (those earning less than 133%
Buying Individual Health Insurance Under the Affordable Care Act
If you currently buy your own health insurance (vs. getting it through your employer), you may be wondering what your next steps will be now that implementation of the next phase of the Affordable Care Act (ACA) is getting closer. Here is a quick run-down of your options. If your current coverage is a grandfathered health insurance plan and you have favorable rates and terms on the current plan, then
Pre-Existing Conditions – Five Things You Need to Know
Here are 5 things you need to know about pre-existing conditions under the new health care law (aka Affordable Care Act), for plans effective beginning January 1, 2014: 1. You cannot be denied insurance because of pre-existing conditions All new health plans will be guaranteed issue. This means health insurance can be purchased by anyone, regardless of health status. 2. You cannot be charged a higher premium if you have
What Happens if I Do Not Have Health Insurance after January 1 2014?
The individual responsibility clause of the Affordable Care Act (ACA), also known as the individual mandate, requires all Americans to have health insurance by January 1, 2014, or pay a penalty tax. How will the Penalty Tax be Collected? The penalty tax will be collected by the Internal Revenue Service (IRS). When you file your taxes, if you have a gap in health coverage for a continuous three-months or more
Early Renewal for Health Insurance Plans
Why Renew Early? With the next phase of the Affordable Care Act (ACA) going into effect in just under six months, many small businesses that currently provide group insurance for their workers are concerned about the law’s impact on the cost of doing so. Individuals, too, are wondering if their costs will increase under ACA. Under the law, new health plans must cover the essential health benefits, but at the
Employer Mandate Delayed until 2015
On July 2, the US Treasury Department announced that the employer mandate — a key provision of the Patient Protection and Affordable Care Act (ACA) — will be delayed until 2015. REMINDER: What is the Employer Mandate? Companies with 50 or more full-time or full-time equivalent employees must offer full-time employees and their dependents (i.e., children up to age 26) coverage that is affordable and provides minimum value beginning in
What Does the DOMA Ruling Mean for Health Insurance Reform?
Last month the US Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) in its ruling in United States v. Windsor. The Court’s landmark decision to overturn DOMA extends federal benefits to legally married, same-sex couples. What does this mean in terms of health insurance reform and implementation of the Affordable Care Act (ACA)? Here are some key points: Eligibility for Federal Health Insurance Subsidies
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