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
I Can’t Afford Health Insurance
So You Think You Can’t Afford Health Insurance? Don’t be so sure. If you have searched for health insurance and believe it is too expensive, please let us help you find a solution that meets your needs and fits your budget. You Can’t Afford NOT to Have Health Insurance! The worst thing you could do is remain uninsured or not renew your coverage because the premiums feel out of reach.
I Can’t Afford Health Insurance in 2014
What Should You Do if You Think You Can’t Afford Health Insurance in 2014? If you have searched for health insurance and believe it is too expensive, please let us help you find a solution that meets your needs and fits your budget. The worst thing you could do is remain uninsured because the premiums feel out of reach. We can often find a plan that fits into your budget
What is a Drug Formulary and Why Should I Care?
What is a drug formulary? A drug formulary is a list of medicines covered under a health insurance plan. A formulary may also specify tiers of medications and corresponding levels of co-pay or co-insurance. The drug formulary will vary from plan to plan. Why Should I Pay Attention to my Health Insurance Plan’s Drug Formulary? It is important to know the specifics of your plan’s drug formulary — particularly if
How Much Penalty Will I Pay if I Don’t Get Health Insurance?
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 Much Will the Penalty Be for not Having Health Insurance? You may have heard the figure $95 per person. That is the basic penalty in 2014 for an unmarried individual, earning less than $19,500/year, with no dependents.
Who Wins under the Affordable Care Act?
Are There Any Winners Under the Affordable Care Act (ACA)? The short answer is YES. Many Americans — millions in fact — will be better off because of the new law. Let’s look at it strictly by the numbers. The population of the United States is approximately 300 million. Here is a breakdown of the health insurance status for Americans today: Some points to consider regarding Americans who currently have
Flexible Spending Accounts (FSAs) Now Allow $500 Carryover
In good news for consumers, last month the US Department of Treasury and the Internal Revenue Service (IRS) announced a change to the “use-or-lose” rule for Health Flexible Spending Arrangements — also known as Flexible Spending Accounts or FSAs. (Read the full notice here.) What is a Health Flexible Spending Account (FSA)? When considering which benefits to offer its workforce, an employer may choose to offer the option of a
Impact of Obamacare on the Individual and Small Group Health Insurance Markets
Everywhere you turn these days, the Affordable Care Act (ACA) — otherwise known as “Obamacare” — is in the news. From last month’s government shutdown, to the glitchy launch of healthcare.gov, to the results of last week’s elections, and now to President Obama’s recent apology for millions of policy cancellations despite his earlier statement that we’d all be able to keep our health insurance, the news can be contradictory, confusing,
Sticker Shock over 2014 Health Insurance
Many Americans in the individual health insurance market — those who purchase their own health insurance vs. getting it through their employer — are getting their first glimpse into their 2014 premiums. And many are facing sticker shock! Why are some people’s prices increasing in the 2014 individual market? The price increases are a matter of math and statistics. No More Denial for Pre-Existing Conditions A cornerstone of the Affordable
Why is My Health Insurance Policy Being Canceled and What Can I Do?
It’s all over the news this week. Millions of individual health insurance policies are being canceled. Here at Virginia Medical Plans, we have known this was coming for months. In fact, back in June we wrote about it right here. Since then, we have assisted literally hundreds of clients with their decision about coverage in 2014. Here are some of the questions we are hearing, along with the answers: Why
