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
Enrolling in 2015 Innovation Health Insurance
Instructions for Enrolling in a 2015 Off-Exchange Policy with Innovation Health/Aetna Northern Virginia If you have not yet purchased 2015 health insurance, there is still time and we can help! If you live in Northern Virginia — Alexandria City, Arlington County, Fairfax County, Fairfax City, Falls Church City, and Loudoun County — and you would like to enroll in an off-exchange policy with Innovation Health / Aetna Northern Virginia, you
Understanding Halbig v. Burwell – Can I Still Collect a Health Insurance Subsidy?
We recently learned the outcome of an important legal case with potential implications for health insurance reform. At issue in Halbig v. Burwell was whether or not the language in the Affordable Care Act (in the law itself) gives the IRS and the federal health insurance exchange the authority to distribute premium tax credits to individual policyholders. The argument is that the law states subsidies are available for policies purchased
Enrolling in Innovation Health / Aetna Northern Virginia Health Insurance
Instructions for Enrolling in an Off-Exchange Policy with Innovation Health/Aetna Northern Virginia If you have not yet purchased 2014 health insurance, there is still time and we can help! If you have already discussed a plan with us and you are ready to enroll in an off-exchange policy with Innovation Health / Aetna Northern Virginia, you must complete a paper application. Click here to access the application, and follow the
How do I Calculate My Income to Find Out if I am Eligible for a Health Insurance Subsidy?
Under the provisions of the Affordable Care Act (ACA), some Americans will be eligible for a subsidy to purchase health insurance through their state’s exchange (or the federal exchange for states like Virginia who have chosen not to run their own exchange). Eligibility for the subsidy is determined in part by household income, relative to the Federal Poverty Level. Click here for details. Some are wondering, however, how to calculate
Health Insurance Premiums Under Affordable Care Act
How will health insurance premiums be calculated in 2014, under Affordable Care Act (ACA)? A policy’s premium is the monthly fee paid to the insurance carrier for health insurance coverage. In pre-ACA policies, insurance carriers can charge differing premiums based upon many factors including, most notably, a person’s age and current health status. Today, the premium paid by someone with a medical condition is typically much higher than that of
Should Young Adults Stay on Their Parents’ Health Insurance?
One of the earliest-implemented provisions of the Affordable Care Act (ACA) was the requirement that parents be allowed to keep their adult children on their health insurance until age 26. As a result, many families did just that. Even when the adult child was offered coverage through his or her employer, it often made sense for many reasons for the “child” to stay on the parents’ plan. With the next
Will Young Adults Purchase Health Insurance?
Young adults. Traditionally, buying individual health insurance has been low on the priority list for this demographic. Rarely seeking medical attention, many young adults who are not offered coverage from their employer and are too old to be covered on their parents’ plan simply do not have it. There has been much debate about whether this overall healthy and self-described invincible group of younger, uninsured consumers will buy in to
How Much Will Health Insurance Cost Me in 2014?
With the Affordable Care Act (aka Obamacare) front-and-center in the news these days, people naturally want to know how much it will cost them when health insurance becomes mandatory on January 1, 2014. The health insurance exchanges (or “marketplaces”) are slated to open on October 1, 2013 for plans with an effective date of January 1, 2014. Until exact figures are released, the Kaiser Family Foundation has a great tool
Are You Eligible for a Health Insurance Subsidy?
Update October 2014 – Revised income figures for determining eligibility for 2015 coverage. Click here. Here is a chart to help you determine if you qualify for a health insurance subsidy. (Click here to view larger) Give us a call! We can tell you for sure AND help you obtain the subsidy when you buy your health insurance through the exchange.