If you answered yes to the question above, then you’re not alone. The buzz in the news is that individuals, small business owners, lawmakers, and insurance companies themselves are all concerned — and unsure — about how the provisions of the Affordable Care Act (ACA) will possibly be implemented by the first of the year. There is talk of… initiating summer campaigns — both from the government and from insurers
The ins and outs of Grandfathered Health Plans
You may start hearing the term “grandfathered plan” as we get closer to 2014 and the next phase of the Affordable Care Act (ACA). As you begin to plan ahead, it is important that you understand what a grandfathered plan is. Here’s what you need to know: What is a Grandfathered Health Plan? A grandfathered health plan is one that was in effect prior to March 23, 2010. If a
What Does “Standardized” Health Insurance Mean?
Anyone who has purchased health insurance knows that understanding the difference from one plan to the next can be very confusing. Plans offer different benefits, different levels of deductibles and co-pays, in network vs. out-of-network care, etc. In order to make it easier for consumers to understand and compare insurance options, the Affordable Care Act (ACA) sets up four (4) levels of insurance: bronze, silver, gold, and platinum. All four
Making Insurance Affordable
In an earlier post we defined adequate and affordable health insurance, noting that beginning on January 1, 2014, the Affordable Care Act (ACA) states that those people whose employer does not offer adequate and affordable group coverage will be able to purchase insurance on the exchange. One of the ways the new law attempts to make insurance “affordable” is through government subsidy for plans bought on the exchange. Last week,
In the News: Affordable Care Act
Tuesday of this week was a big day in the news for those of us watching developments in the implementation of the Affordable Care Act (ACA). Here is a quick summary: President Obama released a much shortened version of the application for health insurance. If you have been following Virginia Medical Plans on Facebook or LinkedIn, then you remember we unveiled the preliminary draft back in March, which was a
What is a Health Insurance Exchange?
A health insurance exchange (also known as a marketplace) is a new organization established under the provisions of the Affordable Care Act (ACA). The theory behind the exchanges is to give people access to an organized, competitive market in which they can research and compare various affordable health insurance options, and ultimately purchase a plan that best meets their needs. Key points: When will the exchanges open? October 1, 2013,
Will Lawmakers Have to Purchase Insurance through the Exchange?
This is an interesting question. When the Affordable Care Act (ACA) was passed in 2010, it included language requiring that Congress and members of its staff obtain their health insurance through the exchanges when they open later this year. There were conflicting news reports last week regarding whether or not this requirement will “stick”, as the Office of Personnel Management (OPM), which administers health insurance plans for Congress and its
Largest Maryland Health Insurer Proposes 25% Rate Increase
In big news for Maryland residents — and maybe a predictor of what is to come for the entire country — the largest provider of health insurance in the state of Maryland is proposing a 25% hike in its premiums in 2014, citing the increased cost of covering previously-uncovered preexisting conditions as set forth in the Affordable Care Act (ACA). Read the full story in an article published in the
A Race to Educate the Public on New Health Care Law
With April coming to a rapid close, it seems that folks are just beginning to realize that October 1 is right around the corner! What is the significance of October 1? It is the date the new insurance exchanges, created under the Affordable Care Act, are scheduled to open for business. It is therefore the date that an anticipated 14 million currently-uninsured Americans will begin shopping for health insurance in
Estimating Your Premiums and Possible Tax Credits in 2014
Wondering how much health insurance will cost you in 2014, when the next phase of the Affordable Care Act goes into effect? Curious about your eligibility for tax credits? Check out this quick and easy calculator. Give us a call if we can be of assistance!
