health insurance

Posted October 7th, 2015 in Producers, Employers, Individuals

On October 1, 2015, the medical industry launched ICD-10 in the U.S.  ICD-10, which stands for the International Classification of Diseases, 10th revision, is a medical classification system adopted by the World Health Organization (WHO). Simply put, it’s an international coding system that requires physicians, hospitals and other medical providers to assign a unique number for every patient disease, diagnosis, abnormal finding, cause of injury, etc.

Posted July 10th, 2015 in Producers, Employers
On June 26, 2015, the Supreme Court of the United States (SCOTUS) provided a ruling on same-sex marriage which is impactful to the health insurance industry. In a 5-4 ruling, the court determined that all states in the country must issue marriage certificates to same-sex couples, and states must also recognize same-sex marriages that are performed in other states.  
 
Posted June 12th, 2015 in Producers, Employers, Individuals
There’s an interesting story developing in Texas which may have a carryover effect to other states. The Texas House of Representatives and Senate have approved House Bill 1514, which would require the letters “QHP” to be included on ID cards of any health plan purchased through the Exchange. QHP, which stands for Qualified Health Plan, would help doctors and medical providers understand the type of coverage a patient has prior to providing any services.
Posted February 6th, 2015 in Producers, Individuals
The Affordable Care Act (ACA) requires most people in the country to have health insurance coverage or pay a penalty. In addition, advanced premium tax credits were provided to millions of people who enrolled in coverage through a state-run or federally-facilitated Exchange. The government will be assessing penalties and reconciling subsidy payments on federal income tax returns effective for 2014.
 
Posted January 23rd, 2015 in Producers, Employers, Individuals

The IRS has released the maximum penalties that are payable by individuals who are without minimum essential coverage in 2015 and who do not qualify for an exemption from the Individual Mandate.

The maximum penalties for this year are the greater of:

  • $325 per uninsured adult or $162.50 per uninsured child under age 18. The maximum penalty using this method is capped at $975.

Posted August 8th, 2014 in Producers, Employers, Individuals
The Affordable Care Act (ACA) limits the maximum waiting period that employers can use for health coverage to 90 calendar days. However, there is something also referred to as an orientation period which seems to have taken a back seat to the 90 day waiting period. The final ACA rules allow employers to use an orientation period of up to one month (in addition to the 90 day waiting period) for bona fide employment reasons.
 
What Does That Really Mean?
Posted January 24th, 2014 in Employers, Individuals

Winter in Chicago. As the joke goes the only other season should be construction. Now that the worst of the polar vortex has passed (or we’ve grown accustomed to it) people are more expressive and passionate about two things this week: food and health care reform.

Posted January 3rd, 2014 in Producers, Employers, Individuals

President Obama had previously announced that individuals could keep their health plan for another year if they received a cancellation letter in the mail. But he ultimately left this decision up to each state to decide. There were several states that chose not to allow these health plans to be continued for another year. As a result, several individuals are being forced to find new coverage.

Posted November 19th, 2013 in Producers, Employers, Individuals

Last week, President Obama announced that Americans can keep individual health insurance policies that they were told will be canceled because they failed to meet requirements established by the Affordable Care Act (ACA).

Posted October 31st, 2013 in Producers, Employers, Individuals

Individuals are required to project their income for 2014 to determine the maximum subsidy that may be available to them through a public exchange to help reduce their insurance premiums

If it turns out that an individual projected their income incorrectly, and the premium subsidy they received was too much, then the individual will have to pay back a portion or the entire subsidy amount when they file their federal income tax return. 

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