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 Health Savings Account (HSA)?
(This post was originally published in May 2013 and was updated in Nov 2016, Oct 2017, May 2018, Aug 2018, Nov 2019, May 2020, June 2021, May, 2022, and September, 2023) When you have insurance coverage through a high-deductible health plan (HDHP), you may establish a Health Savings Account (HSA). An HSA is an account into which you deposit money to pay for medical-related costs. There are many benefits of
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
Why Do I Need an Insurance Agent?
People often ask this question. And with just cause. After all, it seems pretty straightforward to go online, click a few boxes, and purchase health insurance. Or, if your employer offers group coverage, you simply read the employee handout and make your selection. But, without professional advice, can the average person really understand all of the provisions of an insurance plan and navigate an often-complicated claims process? Sometimes, it takes
Controlling Your Own Health Care Expenses
Wishing there was a way you could control your own health care expenses? We came across two interesting pieces in last week’s news that could mean help is on its way. First, the Centers for Medicare and Medicaid Services (CMS) released the results of a study which reveal enormous discrepancies in the fees hospitals charge their patients. Click here to read more, and be sure to check out the interactive
What is an Employer’s Obligation to Notify Employees about Affordable Care Act?
The Affordable Care Act adds a new provision to the Fair Labor Standards Act, mandating that employers provide notification — in writing — to their employees: Informing the employee of the existence of the Marketplace (referred to in the statute as the Exchange) including a description of the services provided by the Marketplace, and the manner in which the employee may contact the Marketplace to request assistance; If the employer
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
Concerned about Affordable Care Act?
If you answered yes to the question above, then you’re not alone. The buzz in the news is that individuals, small business owners, lawmakers, and insurance companies themselves are all concerned — and unsure — about how the provisions of the Affordable Care Act (ACA) will possibly be implemented by the first of the year. There is talk of… initiating summer campaigns — both from the government and from insurers
The ins and outs of Grandfathered Health Plans
You may start hearing the term “grandfathered plan” as we get closer to 2014 and the next phase of the Affordable Care Act (ACA). As you begin to plan ahead, it is important that you understand what a grandfathered plan is. Here’s what you need to know: What is a Grandfathered Health Plan? A grandfathered health plan is one that was in effect prior to March 23, 2010. If a