Open Enrollment is a set time each year when anyone can buy a new health insurance plan for any reason. You cannot be denied coverage during Open Enrollment. Open Enrollment for 2017 health coverage is November 1, 2016 – January 31, 2017. 2017 Open Enrollment Depending on your current situation, here is what you need to know about open enrollment. If you are… Uninsured: You should purchase 2017 coverage during
Gearing Up for Open Enrollment
As summer winds down, at Virginia Medical Plans, we are gearing up… for open enrollment, that is! What is Open Enrollment? Open enrollment, arguably our busiest time of the year, is a set time period when anyone can purchase or change individual or family health insurance, for any reason. Outside the dates of open enrollment, you can purchase or change plans only if you have a qualifying event. When is
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
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
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
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
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
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