Individuals whose employer does not offer adequate and affordable employer-sponsored group coverage will be able to purchase individual health insurance in the exchange. What exactly is adequate and affordable insurance? Adequate Coverage The employer-sponsored plan must cover at least 60% of a person’s medical costs on average Affordable Coverage Insurance premiums can be no more than 9.5% of an employee’s household income Not sure if the health plan offered through
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
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,
Will Lawmakers Have to Purchase Insurance through the Exchange?
This is an interesting question. When the Affordable Care Act (ACA) was passed in 2010, it included language requiring that Congress and members of its staff obtain their health insurance through the exchanges when they open later this year. There were conflicting news reports last week regarding whether or not this requirement will “stick”, as the Office of Personnel Management (OPM), which administers health insurance plans for Congress and its
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
Saving for Retirement? Don’t Forget About Health Care Costs
Have you begun saving for retirement? When determining the amount of money you need to retire, have you figured in your expected health care costs? According to an article in USA Today, more than half of retirees surveyed by the Employee Benefit Research Institute say they are not confident they have saved enough money to cover their health care costs during retirement. We see this all the time, and we
Estimating Your Premiums and Possible Tax Credits in 2014
Wondering how much health insurance will cost you in 2014, when the next phase of the Affordable Care Act goes into effect? Curious about your eligibility for tax credits? Check out this quick and easy calculator. Give us a call if we can be of assistance!
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