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!
Small Employers May be Missing Out on Tax Credit
Attention Small Business Owners Do you employ fewer than 25 full-time employees (or full-time equivalents/FTEs)? Do you provide your employees with health coverage? If you answered YES to both of these questions, you may be eligible for a federal income tax credit on your annual federal tax return! Most people know that under the Affordable Care Act (ACA), small employers (those with fewer than 50 FTEs) are not required 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
Could Affordable Care Insurance Grace Period Lead to “Gaming the System?”
Several weeks ago, we wrote about possible disincentives for doctors to accept health insurance sold on the marketplace (also known as exchanges). A recent article in the Sacramento Bee highlights a loophole in the law that deserves a further look. For subsidized policies sold in the exchanges, a provision in the Affordable Care Act (ACA) (federal law) provides for a three-month grace period during which the policyholder’s health insurance can
Great Overview of Affordable Care Act
Much has been written about the Affordable Care Act in advance of the opening of the exchanges scheduled for October 1, 2013. A recent article in the Wall Street Journal provides a terrific overview of what it will be like to buy health insurance after the exchanges open for business on October 1, 2013. Here are some key points from the article, the full text of which you can read
Four Months and Counting to the Insurance Exchanges
Is anybody else as focused on October 1 as we are here at Virginia Medical Plans? Tomorrow, June 1, will start the four-month countdown to the opening of the health insurance exchanges (also known as the marketplace) created under the Affordable Care Act (ACA). Staying abreast of the latest news about ACA is almost like watching a race — a months-long race to a finish line that presents us with
In the News: Affordable Care Act
Tuesday of this week was a big day in the news for those of us watching developments in the implementation of the Affordable Care Act (ACA). Here is a quick summary: President Obama released a much shortened version of the application for health insurance. If you have been following Virginia Medical Plans on Facebook or LinkedIn, then you remember we unveiled the preliminary draft back in March, which was a
Largest Maryland Health Insurer Proposes 25% Rate Increase
In big news for Maryland residents — and maybe a predictor of what is to come for the entire country — the largest provider of health insurance in the state of Maryland is proposing a 25% hike in its premiums in 2014, citing the increased cost of covering previously-uncovered preexisting conditions as set forth in the Affordable Care Act (ACA). Read the full story in an article published in the
A Race to Educate the Public on New Health Care Law
With April coming to a rapid close, it seems that folks are just beginning to realize that October 1 is right around the corner! What is the significance of October 1? It is the date the new insurance exchanges, created under the Affordable Care Act, are scheduled to open for business. It is therefore the date that an anticipated 14 million currently-uninsured Americans will begin shopping for health insurance in