By January 31, the Marketplaces provide Form 1095-A (Health Insurance Marketplace Statement) to the tax filer to assist with computing the premium tax credit and reconciling APTC made on behalf of the tax filer and his or her family. Reconciliation means comparing two figures: The amount of the premium tax credit paid in advance based on …
The health care law requires most health insurance plans to provide breastfeeding equipment and counseling for pregnant and nursing women. Health insurance plans must provide breastfeeding support, counseling, and equipment for the duration of breastfeeding. These services may be provided before and after birth. This applies to Marketplace plans and all other health insurance plans, …
Americans, get ready for sticker shock at the pharmacy. In 2017, the nation’s largest insurance companies will likely exclude up to 154 different drugs from coverage. If you’re taking one of these prescriptions, your co-pay is about to go way, way up. Last year, popular drugs including Viagra and Qsymia were dropped by major insurance …
As the name implies, a short-term health insurance policy offers coverage for a period of less than 12 months (e.g., many offer coverage for just 6 months) and are renewable at the option of the insurance company. Though you may be given an opportunity to request to renew the policy, if you’ve made claims since …
The rule for short coverage gaps is that only the first short coverage gap in a year will be recognized. You wouldn’t be penalized for lacking coverage in March, but you may owe a penalty for your second gap in coverage in August if you don’t otherwise qualify for an exemption during that period.
During Open Enrollment, you can shop for a different plan. If your insurance company won’t offer any other plans next year, you will have to take affirmative action to sign up for new coverage during Open Enrollment in order to remain insured next year. If your insurance company is discontinuing your plan but will continue …
You should buy coverage in the state where you officially reside. Most states consider you a resident if you intend to make that state your permanent home. So-called “snowbirds” may own a second home and live part of the year in another state, but their official state of residence is where they spend most of …
In most states if you enroll in a private health insurance plan any time between November 1st and December 15th and make your first premium payment by the due date specified by your plan, your new health coverage starts January 1st. After that, if you have a Qualifying Life Event and enroll between the 1st …
Yes, leaving your job and losing eligibility for job-based health coverage will trigger a special enrollment opportunity that lasts for 60 days. You can apply for Marketplace health plans and (depending on your income) for premium tax credits and cost sharing reductions during that period. If you enroll in COBRA coverage through your former employer, …
No, voluntarily dropping your COBRA coverage or ceasing to pay your COBRA premiums will not trigger a special enrollment opportunity. You will have to wait until you exhaust your COBRA coverage or until the next Open Enrollment (whichever comes first) to sign up for other non-group coverage.
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