What is the Penalty for Not Having Health Insurance in 2016?

If you went for more than 3 months without health insurance in 2015, you will be assessed a penalty when you file your 2015 income taxes.

Here are the penalty amounts for not having coverage in 2015 and 2016.  Note that not having coverage in 2016 will cost you more than double the 2015 charge:

2015	2016
$325 per adult $162.50 per child Family Maximum of $975 OR 2% household income, whichever is GREATER	$695 per adult $347.50 per child Family Maximum of $2,085 OR 2.5% of household income, whichever is GREATER

The penalty fee will be adjusted for inflation in future years.

Avoid a Penalty in 2016 – Get Covered During Open Enrollment!

Open Enrollment for 2016 health insurance runs from November 1, 2015 through January 31, 2016. You can save yourself a substantial penalty by making sure you have coverage in place for you and your family.

Virginia Medical Plans works with clients in Virginia, Maryland, and the District of Columbia, and can help you find the best coverage for your needs:

• If you live in Virginia and are eligible for a subsidy, visit www.enrollvirginianow.com to view plans and options.
• If you are not eligible for a subsidy, you can view available plans and options by clicking here.

If you see a plan you like, you may enroll online.

We encourage you to take a look at your options and then call our office to review them with our licensed broker.  We can help you choose the plan that will best meet your needs.

Call our office at 703-707-8270. We are standing by to take your call.

The last day to secure coverage effective January 1, 2016 is December 15, 2015.
We expect heavy call volume during Open Enrollment, so please don’t delay! 

What are Key Dates for 2016 Health Insurance?

If you purchase health insurance for yourself or your family (vs. getting coverage through your employer), it is time to begin thinking about your 2016 coverage.

Here are some dates to keep in mind:

November 1, 2015.  The start of Open Enrollment for 2016 health insurance.

Open Enrollment is the time when you can apply for new health insurance coverage, or, if you already have coverage, you can choose to keep your current plan, or pick a new one.  2016 Open Enrollment is from November 1, 2015 through January 31, 2016.

November 1 – December 15, 2015. Enroll between these dates for coverage beginning January 1, 2016.  If you already have coverage and you want to change plans or your plan is changing, you must enroll by December 15, 2015 to avoid a lapse in coverage.

December 16, 2015 – January 15, 2016.  Enroll between these dates for coverage beginning February 1, 2016.

December 31, 2015.  The date coverage ends for 2015 plans.

January 16 – January 31, 2016.  Enroll between these dates for coverage beginning March 1, 2016.

January 31, 2016.  The last day of Open Enrollment for 2016 coverage.

After January 31, 2016, you will be able to purchase 2016 coverage only if you have a qualifying event that makes you eligible for a Special Enrollment Period.

Get an Early Start on Choosing Coverage for 2016

Each year, health insurance carriers make adjustments to their plans.  This means the benefits, options, and pricing for your current health insurance are all subject to change when the new policy year begins on January 1, 2016.

We urge you to carefully review your options to make sure you are getting the right coverage to meet your needs.

You can check out your options for coverage:

If you are subsidy-eligible and live in Virginia visit www.enrollvirginianow.com.

If you are not subsidy-eligible click here for instant quotes from several carriers in Virginia, Maryland, and DC.

But don’t wait until the last minute!  As in years past, we expect heavy call and email volume during Open Enrollment.

Please be sure to contact us early enough so we may be of assistance as you make your 2016 selection.

It’s best to reach us by phone at 703-707-8270.

Maryland CareFirst Premiums Set to Rise in 2016

If you live in Maryland and are covered by a CareFirst health insurance plan, chances are you’re going to see an increase in your monthly premiums in 2016.

Effective January 1, CareFirst premiums in Maryland will be on average 26% higher than rates in 2015.

What Can You Do?

At Virginia Medical Plans, our number one goal is to educate you about your options and help you choose the one that best meets your needs — and your budget.

Because we work with all the major carriers, we may be able to secure a plan for you with another insurer at a more competitive price.

We may find, however, that because CareFirst continues to have the largest HMO and PPO networks for plans in Maryland, switching carriers is not an attractive option. In that case we can examine other plans with CareFirst. For example, an HSA-compatible plan may help mitigate any premium increase and provide tax breaks to families with higher incomes.

Open Enrollment Begins November 1

Open Enrollment begins November 1 and extends through January 31. During this time, you may select new 2016 coverage for any reason.

If you enroll in coverage …	Your coverage will begin …
November 1, 2015 – December 15, 2015	January 1, 2016
December 16, 2015 – January 15, 2016	February 1, 2016
January 16, 2016 – January 31, 2016	March 1, 2016

If faced with a price increase for 2016, we recommend researching your options.

You can view plans and pricing by clicking the Instant Quote button above and requesting a free quote. We expect 2016 data to be available in mid- to late-October.

Virginia Medical Plans Can Help

We are standing by to answer any questions you may have. Give us a call at 703-707-8270.

There is never a charge for our services, and we are happy to be of assistance!

 

 

 

Buying Health Insurance in Virginia, Maryland, or DC

The Affordable Care Act (ACA) has made it mandatory for most Americans to have health insurance.

In addition to making health insurance mandatory, the new law also makes health insurance guaranteed issue.  This means you cannot be denied coverage for any reason — even if you have a pre-existing medical condition.

If you live in Virginia, Maryland, or the District of Columbia, Virginia Medical Plans can help you get the coverage you need — and avoid a penalty for being uninsured.

Open Enrollment for Health Insurance

During certain times of the year, anyone can buy coverage, for any reason. This time is known as open enrollment:

• For plans effective in 2015: Nov 15, 2014 through Feb 15, 2015 (now closed)
• For plans effective in 2016: Nov 1, 2015 through Jan 31, 2016

Buying Coverage Outside of Open Enrollment

What if you need coverage outside the dates of open enrollment?

Certain life events are considered qualifying events and trigger a special enrollment period during which you may buy a plan.

What are Qualifying Events?

Examples of qualifying events:

• Change in marital status (marriage/divorce/death of a spouse)

• Relocation to a new state or to an area of your current state where the plans offered are different

• Change in family size (birth/adoption/death of a child)

• Involuntary loss of minimum essential health coverage (change in employment status, cancellation of current coverage)

• Certain changes in income

• Expiration of COBRA benefits

• A change in family structure — for example becoming a dependent or gaining a dependent through birth, adoption, or placement in foster care — which causes your current plan to no longer meet your needs.

• An increase in your income to the federal poverty level (FPL) if you live in a state which has not expanded Medicaid. Earning at least 100% of FPL takes you out of the Medicaid coverage gap and makes you eligible for premium tax credits when buying health insurance on the exchange.

• A court order requiring you to provide health insurance (for example during divorce proceedings).

• Termination of your pre-Affordable Care Act plan outside open enrollment.

What Should You Do if You Have a Qualifying Event?

If you have a qualifying event, you must submit proof of the event and the date it occurred in order to purchase a new plan. Without proof, most carriers will not process your application.

You have a limited amount of time after a qualifying event to purchase new coverage, so you must act quickly.

Contact us right away so we can direct you to your best option.

If you have a qualifying event and are eligible for a subsidy (click here to find out), then you need to purchase coverage on your state’s health insurance exchange (healthcare.gov for Virginia residents, marylandhealthconnection.com for Maryland residents, dchealthlink.com for DC residents).

If you are not eligible for a subsidy, you can apply directly with the carrier of your choice:

• CareFirst BC/BS
• Anthem BC/BS
• Kaiser Permanente
• Humana
• UnitedHealth Care
• Innovation Health/Aetna

Whether you buy coverage directly from the carrier or on your state’s exchange, a quick call to our office at 703-702-8270 will allow us to help you understand your options and choose the plan that makes the most sense for your health needs and your budget.

Short-Term Health Insurance

Without a qualifying event, you can purchase a short-term health plan outside of open enrollment. These plans provide limited coverage, so please be sure you understand what you’re buying.

Contact Virginia Medical Plans

Call us today at 703-707-8270 and we will walk you through your options.