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
Beware of Health Insurance Scams
Obamacare — the Affordable Care Act (ACA) — is here. In less than 30 days the health insurance marketplaces will be open for business, and Americans will begin shopping for health insurance — some for the very first time. But do people really understand what the Affordable Care Act is all about? A recent poll by the Kaiser Family Foundation found that, for half of the respondents, the answer is
Affordable Care Act – Test Your Knowledge
There are less than 70 days until October 1, 2013 — the date open enrollment begins and Americans can start purchasing health insurance with an effective date of January 1, 2014. How well do you understand the new health reform law? Take our 10-question quiz to find out. Click here or on the owl to test your knowledge! Let us know how you score, and give our office a call
Determining Eligibility for a Health Insurance Subsidy
Shortly after the announcement that the employer mandate is delayed until 2015, the federal government announced another change to the implementation of the Affordable Care Act (ACA). This time the change is regarding how an individual’s eligibility for a health insurance subsidy will be verified. A person is eligible for a subsidy if: (1) he or she earns less than 400% of federal poverty level (those earning less than 133%
What Happens if I Do Not Have Health Insurance after January 1 2014?
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 will the Penalty Tax be Collected? The penalty tax will be collected by the Internal Revenue Service (IRS). When you file your taxes, if you have a gap in health coverage for a continuous three-months or more
Employer Mandate Delayed until 2015
On July 2, the US Treasury Department announced that the employer mandate — a key provision of the Patient Protection and Affordable Care Act (ACA) — will be delayed until 2015. REMINDER: What is the Employer Mandate? Companies with 50 or more full-time or full-time equivalent employees must offer full-time employees and their dependents (i.e., children up to age 26) coverage that is affordable and provides minimum value beginning in
Three Months Until the Start of Open Enrollment for Health Insurance
Today is July 1. For us at Virginia Medical Plans, the date signifies the start of a three month countdown to open enrollment for health insurance and the October 1, 2013 opening of the health insurance exchanges. Between now and then, we will all continue to see a lot of publicity about the Affordable Care Act (ACA), as both the government and the insurance industry launch widespread campaigns to educate
Affordable Care Act – Determining the Business Size and Employer Mandate Applicability
The Affordable Care Act (ACA) requires companies of a certain size to provide health insurance to their workforce. You have probably heard the number 50 as the cut-off: companies employing at least 50 full-time (or full-time equivalent) employees are subject to the requirements of the employer mandate — sometimes referred to as “employer shared responsibility” — and those employing fewer than 50 are not. UPDATE: Employer Mandate will be phased
What Every Business Needs to Know about the Affordable Care Act
We’ve added a new resource — What Every Business Needs to Know about the Affordable Care Act — on our Resources page. This is a terrific, easy-to-use guide that we think will be very helpful as companies and individuals do their best to learn about the new health care law. Take a few moments to check it out! Better yet, bookmark the page and refer back whenever you need to!
Employers Must Notify Employees About Health Insurance Information by October 1
Last month, we wrote about the Affordable Care Act’s (ACA) requirement that every employer provide written notice by October 1, 2013 to every employee about options for health insurance. In addition, after October 1, 2013, employers must provide the exchange notice to new hires within 14 days of the employee’s start date. We also posted a link to the Department of Labor’s (DOL) model notices that employers can use as