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
Three Months Until the Start of Open Enrollment for Health Insurance
Today is July 1. For us at Virginia Medical Plans, the date signifies the start of a three month countdown to open enrollment for health insurance and the October 1, 2013 opening of the health insurance exchanges. Between now and then, we will all continue to see a lot of publicity about the Affordable Care Act (ACA), as both the government and the insurance industry launch widespread campaigns to educate
Affordable Care Act – Determining the Business Size and Employer Mandate Applicability
The Affordable Care Act (ACA) requires companies of a certain size to provide health insurance to their workforce. You have probably heard the number 50 as the cut-off: companies employing at least 50 full-time (or full-time equivalent) employees are subject to the requirements of the employer mandate — sometimes referred to as “employer shared responsibility” — and those employing fewer than 50 are not. UPDATE: Employer Mandate will be phased
What Every Business Needs to Know about the Affordable Care Act
We’ve added a new resource — What Every Business Needs to Know about the Affordable Care Act — on our Resources page. This is a terrific, easy-to-use guide that we think will be very helpful as companies and individuals do their best to learn about the new health care law. Take a few moments to check it out! Better yet, bookmark the page and refer back whenever you need to!
Small Employers May be Missing Out on Tax Credit
Attention Small Business Owners Do you employ fewer than 25 full-time employees (or full-time equivalents/FTEs)? Do you provide your employees with health coverage? If you answered YES to both of these questions, you may be eligible for a federal income tax credit on your annual federal tax return! Most people know that under the Affordable Care Act (ACA), small employers (those with fewer than 50 FTEs) are not required to
Employers Must Notify Employees About Health Insurance Information by October 1
Last month, we wrote about the Affordable Care Act’s (ACA) requirement that every employer provide written notice by October 1, 2013 to every employee about options for health insurance. In addition, after October 1, 2013, employers must provide the exchange notice to new hires within 14 days of the employee’s start date. We also posted a link to the Department of Labor’s (DOL) model notices that employers can use as
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