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
What are Key Dates for 2016 Health Insurance?
If you purchase health insurance for yourself or your family (vs. getting coverage through your employer), it is time to think about your 2016 coverage. Here are some dates to keep in mind: November 1, 2015. The start of Open Enrollment for 2016 health insurance. Open Enrollment is the time when you can apply for new health insurance coverage, or, if you already have coverage, you can pick a new
HSA Contribution Limits and Deductibles for 2016
The IRS recently released the 2016 inflation adjusted amounts for health savings accounts (HSAs). You are eligible to contribute to an HSA if you are covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements. 2016 Annual HSA Contribution Limitation The maximum contribution to a health savings account (HSA) for 2016 is: 2016 HSA contribution limit (employer + employee) Individual: $3,350 Family: $6,750 2016 High Deductible
CareFirst Data Breach
Did You Enroll in CareFirst’s Online Policyholder Services Before June 20, 2014? If you answered YES, then you are among the approximately 1.1 million victims of the latest incidence of cyberattack on a health insurance company. CareFirst announced today that cyberattackers gained limited, unauthorized access to a customer database on June 19, 2014. We are working closely with CareFirst to understand the full implications of the breach. Here’s what we
Congrats Graduates!
Graduations mark a transition into the “real world” for many young adults. And part of being in the “real world” is having health insurance! If you are entering the working world, you may be eligible for health insurance through your employer. But if you don’t get a job right away, you still need health insurance (it’s the law!) and you have a few options: 1 – Remain on Your Parent’s
Cost of Long-Term Care
Will you have enough funds to pay for long-term care, should you ever need it? Do you have a sense of how much it would cost to, say, live in an assisted living facility? Or nursing home? Or to hire someone to help you with basic needs at home? Understanding these expenses — and projecting what they may be in the future — is important when planning ahead for the
Small Business Group Health Insurance – SHOP or not?
Are you a small business owner (employing less than 50 FTE)? Do you offer health insurance to your employees? Have you heard of SHOP — the Small Business Health Options Program — and is it right for your business? Group Health Insurance Although small business owners are not required by law to provide health insurance, doing so is a great way to attract and retain the best and brightest talent
Can I Still Sign Up for 2015 Health Insurance?
Although time is running out, you CAN still sign up for 2015 health insurance. Open enrollment ends on February 15, 2015. This means you can purchase a new individual or family health insurance plan — for any reason — until that date. Once open enrollment ends, however, you will not be able to purchase 2015 individual or family coverage unless you have a qualifying event. Get Covered Now! Having health
Can I Still Sign Up for 2015 Health Insurance?
Yes! Open enrollment for 2015 health insurance runs until February 15, 2015. This means you can purchase a new individual or family health insurance plan — for any reason — until that date. Once open enrollment ends, however, you will not be able to purchase 2015 individual or family coverage unless you have a qualifying event. Effective Dates for 2015 Health Insurance The date your 2015 coverage is effective depends
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