Congratulations! You’ve graduated! Now what? For many new graduates, it’s time to think about health insurance! If you are entering the working world, you may be eligible for health insurance through your employer. But if you don’t get a job right away, you still need health insurance (it’s the law!) and you have a few options: 1 – Remain on Your Parent’s Health Plan If your parent’s health plan covers
Buying 2016 Health Insurance Outside of Open Enrollment
Health Insurance open enrollment for 2016 closed on January 31, 2016. Outside of Open Enrollment, you must have a qualifying event in order to purchase Affordable Care Act-compliant coverage which is effective in 2016. Examples of Qualifying Events for Health Insurance Change in marital status (marriage/divorce/death of a spouse) Relocation to a new state Change in family size (birth/adoption/death of a child) Loss of minimum essential health coverage (change in
Health Insurance and Your 2015 Tax Return
The Affordable Care Act requires most Americans to have health insurance or be subject to a tax penalty. In order to prove you had health insurance in 2015, you will receive one of the following tax forms: IRS 1095-A Sent to you by the Marketplace if you purchased family or individual coverage through your state’s Marketplace (on-exchange). IRS 1095-B Sent to you by your insurance carrier if you purchased family
What is a Special Enrollment Period for Health Insurance?
A special enrollment period (SEP) is a time outside of open enrollment* during which you can purchase a new health insurance policy. *Open enrollment for health insurance is a time each year when anyone can purchase or change a health insurance policy for any reason. For 2017 plans, open enrollment was November 1, 2016 – January 31, 2017. 2018 open enrollment will run from November 1, 2017 – December 15,
What is a Qualifying Event and What Should I Do if I Have One?
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 more about special enrollment periods. Qualifying Events Change in marital status (marriage/divorce/death of a spouse) Relocation to a new state or to an area of your current
2016 Open Enrollment – What You Need to Know
Open Enrollment is a set time period each year during which anyone can buy a new health insurance plan for any reason. You cannot be denied coverage during Open Enrollment. Open Enrollment for 2016 health coverage is November 1, 2015 – January 31, 2016. 2016 Open Enrollment is Here If you are uninsured, Open Enrollment is your chance to get coverage for 2016 and avoid a penalty tax. If you
Buying Health Insurance in Washington, DC
If you live in Washington DC, let Virginia Medical Plans help you choose and enroll in an individual or family health insurance plan! If you’re eligible for a subsidy to help pay for coverage, we can also help you collect your subsidy. Enrollment in DC plans is done through DC’s health insurance marketplace: https://www.dchealthlink.com. You can browse available plans without creating an account, but we recommend you create an account
COBRA vs. Individual/Family Health Insurance Plan?
Before the Affordable Care Act (ACA, aka Obamacare), leaving a job meant either getting private health insurance (which was sometimes difficult because of pre-existing conditions), going without health insurance (NOT a good option!), or paying for coverage under COBRA. COBRA — the Consolidated Omnibus Reconciliation Act — is the federal law that gives you the right to continue your employer-sponsored health insurance coverage for 18 months. The problem with COBRA,
What is the Penalty for Not Having Health Insurance in 2017?
If you went for more than 3 months without health insurance in 2016, you will be assessed a penalty when you file your 2016 income taxes. Here are the penalty amounts for not having coverage in 2015, 2016, and 2017. You can estimate your possible penalty by using the Estimator tool found at this link: https://taxpayeradvocate.irs.gov/estimator/isrp/index.htm. 2015 2016 and 2017 $325 per adult $162.50 per child Family Maximum of $975
Online Access for Medicare Beneficiaries
Nowadays, there’s not much you can’t accomplish online. Several years ago, the Social Security Administration (SSA) jumped on the bandwagon and introduced online access to earnings, benefits, etc. when you establish a “My Social Security” account. Having a “My Social Security” account just got even more convenient! What Can I Do with a “My Social Security” Account? Here is a full list of your account’s online capabilities: Track and verify
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