Open Enrollment is a set time period each year during which anyone can buy a new health insurance plan for any reason. If you enroll during Open Enrollment, you cannot be denied coverage. If you are currently uninsured, this is your chance to get coverage for 2016 and avoid a penalty tax for being uninsured. If you are currently covered under an individual/family health plan (vs. having coverage through your
Health Insurance Subsidy and Your 2014 Tax Return (IRS Letter 5591)
Did you receive a subsidy to help you pay for health insurance in 2014? Have you filed your 2014 federal income tax return? If you collected a subsidy in 2014, but did not file a 2014 tax return — Form 1040 with Form 8962 — you cannot get a subsidy in 2016. The IRS communicated this in IRS Letter 5591 this summer, and you may also soon hear from your
Am I Eligible for a Health Insurance Subsidy in 2016?
Eligibility for a subsidy on your health insurance is determined based upon your household income level and the number of people in your household. The income levels are tied to the Federal Poverty Level and are adjusted each year. For 2016 coverage, here are the income limits: Subsidy Eligibility for 2016 Health Insurance Source: Federal Poverty Level Guidelines Virginia Medical Plans Can Help We can tell you if you will
Maryland CareFirst Premiums Set to Rise in 2016
If you live in Maryland and are covered by a CareFirst health insurance plan, chances are you’re going to see an increase in your monthly premiums in 2016. Effective January 1, CareFirst premiums in Maryland will be on average 26% higher than rates in 2015. What Can You Do? At Virginia Medical Plans, our number one goal is to educate you about your options and help you choose the one
Buying Health Insurance in Virginia, Maryland, or DC
The Affordable Care Act (ACA) has made it mandatory for most Americans to have health insurance. In addition to making health insurance mandatory, the new law also makes health insurance guaranteed issue. This means you cannot be denied coverage for any reason — even if you have a pre-existing medical condition. If you live in Virginia, Maryland, or the District of Columbia, Virginia Medical Plans can help you get the
Assurant Exiting the Health Insurance Market
Assurant Health policyholders, we have an important update for you. Assurant has announced its exit from the health insurance market as of December 31, 2015. How Will this Impact Me? If you are an Assurant policyholder, you should feel no immediate impact of Assurant’s decision to stop selling health insurance. Assurant will continue to honor all existing policies, and your plan will continue to operate as usual until its termination
Supreme Court Upholds Subsidies in King v. Burwell Ruling
In a 6-3 ruling in the landmark King v. Burwell case, the Supreme Court has voted to uphold subsidies for millions of Americans who purchased health insurance on the federal marketplace. Chief Justice Roberts’ key sentence in the majority opinion sums up the foundation of the Court’s reasoning: “Congress passed the Affordable Care Act to improve health insurance markets, not to destroy them.” This is very good news for Virginia
What Happens if My Actual Income Qualifies Me for Medicaid But I Bought Health Insurance on the Exchange?
If you purchased health insurance on the exchange and collected a subsidy (in the form of a tax credit) to help pay for coverage, or benefited from other cost-sharing reductions, you were able to do so because of the income you reported when you purchased your plan. But if you are like many Americans, the income you anticipated and reported to the exchange may differ from the income you actually
King v. Burwell — What Will Happen?
It’s the middle of June. And while that may have you dreaming of flip flops, sunglasses, and summer, here at Virginia Medical Plans (and in the circles we travel), all eyes are on the King v. Burwell case. By the end of this month we should know whether or not the Supreme Court of the United States (SCOTUS) will strike down subsidies on the federal health insurance exchange based on
Recurring Payment Option for Anthem Members
If you live in Virginia and have individual Anthem BC/BS health insurance (vs. getting coverage through your employer), paying your premiums just got a little easier. Anthem has launched a new program by which existing customers with Affordable Care Act-compliant individual health plans can set up recurring debit or credit card payments. If you have an account on anthem.com (which we highly recommend!), when you click on the “Pay My
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