The Future of the ACA (aka “Obamacare”)
Many of our clients have been asking us about the future of the ACA (Affordable Care Act) or “Obamacare.” At this time, many ideas have been presented, but no concrete plans have been released regarding the repeal of the ACA. Accordingly, we are now working with clients for 2017 as if the current regulations…
Special Enrollment Periods Under The ACA
One MAJOR difference brought about by the ACA is in the enrollment process for health insurance. If you purchase your own insurance through the Marketplace or directly through an insurance company, there are two ways in which you can enroll in coverage: During Open Enrollment: Open Enrollment is scheduled to take place from November 1st…
Have a Highmark Plan? Check your January invoices!
For 2016, Highmark discontinued most of its individual plans available both on the Marketplace and directly through Highmark. If you were in one of these plans, you were automatically enrolled in their Off-Marketplace Bronze level plan with a $6,000 individual deductible. This means that, if you enrolled directly with Highmark, you want to look at…
Understanding Medicare Part B Rising Premiums
You might have been hearing about a possible rate increase for some Medicare subscribers. There have been a number of very confusing newspaper articles over the last several days. Unless some sort of political deal is struck over the next few weeks, about 30% of Medicare beneficiaries will receive significant Part B rate increase for…
Taxes, Penalties, and an Upcoming Healthcare Insurance Deadline!
So the blog posts took a bit of a hiatus during this Open Enrollment season but I wanted to sneak one in before the 2/15 deadline to get health insurance for 2015. I want to focus on your 2014 tax filing and also use it to highlight the reasons why you want to make sure…
Important Reminders for Marketplace Users
If you signed up for health insurance this year through healthcare.gov, there are some important reminders for Marketplace users as we approach the end of 2014 and the beginning of Open Enrollment for 2015. Income Verification Requests from the Marketplace The Marketplace will likely be reaching out to you in the upcoming weeks if…
IRS asks Healthcare.gov subscribers about subsidy eligibility
IRS Asks for Documentation If you signed up for insurance coverage as a Healthcare.gov subscriber and received a subsidy, the IRS may come knocking on your door asking more questions about your income eligibility for those subsidies. I know I have worked with many clients who had major changes in income in 2014 in comparison…
Are There Deadlines to Sign Up for Health Insurance?
Open Enrollment Unlike in previous years, you cannot sign up for an individual insurance plan at any time in 2014. There are health insurance deadlines now. The open enrollment period ends on March 31st – this means that you either have to be signed up on healthcare.gov for a plan or have an application submitted…
If I Qualify for a Health Insurance Tax Subsidy, How Do I Get It?
In order to find out if you qualify for a tax subsidy, you can use this subsidy calculator. In general, it is very accurate, but to get your final subsidy ruling, you must go through the application process at healthcare.gov. If you definitely do NOT qualify for a subsidy, you probably just want to go…
How to Notify Employees About the Health Care Reform Exchange
In most cases, yes, you must distribute a Health Care Reform Exchange Notice by October 1st, 2013. The rule applies to any business that falls under the Fair Labor Standards Act. The main qualifications are companies that have more than 1 employee, engage in interstate commerce, produce goods for commerce, or have >$500,000 in annual…
