Live Insurance News

Insurance news of fines isn’t great for the wealthy

July 28, 2014July 26, 2014 Julie Campbell

Americans in higher tax brackets could find themselves paying a penalty almost $2,500 for being uninsured. The IRS has released an insurance news statement that indicated that the penalty that will be paid by individuals who have failed to comply with the individual mandate of the heath care reform and who have not purchased coverage will be up to $2,448. At the same time, there could be a fine of up to $12,240 for uninsured families with five or more members. The same penalty will not apply to everyone. It…

Health insurance exchange for small businesses is coming

July 1, 2014June 30, 2014 S.Vagus

Small businesses will have to comply with insurance provisions this year This year, small businesses in the U.S. will have to comply with the insurance mandate provisions of the Affordable Care Act. The federal law requires employers to provide their workers with insurance coverage, but businesses with less than 50 full-time employees had been exempt from this provision for some time. The federal government had opted to exempt small businesses from the insurance mandate in order to provide them with more time to prepare themselves for the financial implications of…

Health insurance penalties could add up quickly for the uninsured

March 18, 2014March 15, 2014 Logan B.

Federal penalties may be more costly than people may realize The federal health insurance mandate has been in effect in the U.S. for nearly three months, but penalties for those without insurance coverage are not expected to be seen until after March 31. When the open enrollment period for insurance exchanges comes to a close, those without insurance coverage will become vulnerable to federal penalties. These penalties levy a 1% of annual household income fee or a flat rate of $95 based on yearly income. These penalties, however, may only…

Maryland health insurance computer glitch leaves thousands uninsured

January 7, 2014January 4, 2014 H. Cutner

A problem with the exchange in the state may have left up to 5,000 enrollees without coverage. An issue that has been identified with the Maryland health insurance exchange has made it possible that a few thousand people in the state who believe that they have fully enrolled for the coverage required to comply with the individual mandate have not actually done so successfully. The state’s governor has acknowledged this issue, although a specific number of affected people is not known. Governor Martin O’Malley spoke on the subject of Maryland…

Health insurance plans purchased by over one million Americans

December 24, 2013December 21, 2013 G. Turner

According to Obama, much of this figure came from the over 500,000 who signed up on the federal site this month. According to a statement made by President Barack Obama, over one million people have now purchased their health insurance plans on the exchanges across the country, with over half of that number coming from the federal HealthCare.gov website, throughout the month of December. Despite a very rocky start, it does look as though enrollment has considerably picked up. The president revealed hints at these figures that had been tightly…

Healthcare law loophole opened by President Obama

December 23, 2013December 21, 2013 Julie Campbell

The hardship exemption is designed to put a delay in place for tax penalties for lack of coverage. At the very last minute, the Obama administration has announced that it would be opening up a loophole to the healthcare law that will provide some Americans with an exemption to tax penalties for lack of health insurance coverage if they had previously had a plan which was then cancelled because it did not meet the minimum benefit requirements of the Affordable Care Act. The opposition has taken the opportunity to state…

Healthcare reform insurance deadline will be met, says HHS

December 19, 2013December 17, 2013 G. Turner

The department has vowed that it will be prepared for the start of the insurance plans on January 1. The Department of Health and Human Services has announced that the HealthCare.gov website will be able to handle the volume of visitors that will be required to head to the site on or before December 23, 2013, in order to meet that healthcare reform deadline for purchasing coverage to ensure that the plans will be active by January 1. By noon on Monday, the site had already experienced 165,000 visitors to…