COBRA stands for the Consolidated Omnibus Budget Reconciliation Act of 1985, which is the federal law that allows many workers to be able to continue their group health insurance coverage, at least temporarily, through a continuation of coverage program. Although COBRA does not apply to all employers, there are other state and federal laws which make it possible for most employees who lose their employment due to a qualified event
Health Insurance Glossary
Shopping for health insurance? Deciphering the costs and provisions of the various plans out there can be very confusing. Here are some key terms that will help — whether you’re selecting a new plan or just trying to figure out your existing one. Quick-Reference Guide to Health Insurance Terms Allowed Amount – (also known as eligible expense, payment allowance, or negotiated rate) Your health insurance company has negotiated a pre-agreed
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
Policies Sold in the Health Care Exchanges May Offer Fewer Providers
Mandatory health insurance coverage under the Affordable Care Act (ACA) for most Americans starting on January 1, 2014 will cause a flood into the market of previously-uninsured individuals and those needing to get new coverage. Coupled with the fact that insurance plans will be required to cover a comprehensive list of essential health benefits, insurance companies and government officials are trying to find ways to hold down medical costs. Renegotiating
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
What is a High-Deductible Health Plan?
(This post was originally published in May, 2013 and was updated in Nov 2016, Oct 2017, Aug 2018, Nov 2019, May 2020, June 2021, May 2022, and September 2023) A high-deductible health plan (HDHP) is just what the name implies. It is a health insurance plan that has a higher deductible than traditional insurance plans. An HDHP also has lower premiums than traditional coverage. In plain English, when you’re covered
Virginia Medical Plans — Keeping a Watchful Eye on Unfolding Health Reform
One of the provisions of the Affordable Care Act (ACA) is for Americans to be able to obtain health insurance regardless of pre-existing medical conditions. However, when ACA was signed into law in March of 2010, it was still nearly four years (until January of 2014) until insurance companies would be required to cover people with pre-existing conditions. As a transition for affected individuals who had been uninsured for at
Healthy Spring Activities
Our experience helping thousands of clients get the right insurance coverage over the years has taught us firsthand that maintaining a healthy lifestyle is one of the best things you can do to manage the cost of health care. Springtime is a great time to take advantage of the nice weather and enjoy some outdoor activities. Here are some great ideas to consider: hiking/walking biking golfing planting and gardening throwing
What is a Health Insurance Exchange?
A health insurance exchange (also known as a marketplace) is a new organization established under the provisions of the Affordable Care Act (ACA). The theory behind the exchanges is to give people access to an organized, competitive market in which they can research and compare various affordable health insurance options, and ultimately purchase a plan that best meets their needs. Key points: When will the exchanges open? October 1, 2013,
