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%
Buying Individual Health Insurance Under the Affordable Care Act
If you currently buy your own health insurance (vs. getting it through your employer), you may be wondering what your next steps will be now that implementation of the next phase of the Affordable Care Act (ACA) is getting closer. Here is a quick run-down of your options. If your current coverage is a grandfathered health insurance plan and you have favorable rates and terms on the current plan, then
Pre-Existing Conditions – Five Things You Need to Know
Here are 5 things you need to know about pre-existing conditions under the new health care law (aka Affordable Care Act), for plans effective beginning January 1, 2014: 1. You cannot be denied insurance because of pre-existing conditions All new health plans will be guaranteed issue. This means health insurance can be purchased by anyone, regardless of health status. 2. You cannot be charged a higher premium if you have
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
Early Renewal for Health Insurance Plans
Why Renew Early? With the next phase of the Affordable Care Act (ACA) going into effect in just under six months, many small businesses that currently provide group insurance for their workers are concerned about the law’s impact on the cost of doing so. Individuals, too, are wondering if their costs will increase under ACA. Under the law, new health plans must cover the essential health benefits, but at the
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
What Does the DOMA Ruling Mean for Health Insurance Reform?
Last month the US Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) in its ruling in United States v. Windsor. The Court’s landmark decision to overturn DOMA extends federal benefits to legally married, same-sex couples. What does this mean in terms of health insurance reform and implementation of the Affordable Care Act (ACA)? Here are some key points: Eligibility for Federal Health Insurance Subsidies
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
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
