Bernardini & Donovan Insurance Services

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Affordable Care Act Filing Deadline Extended for Employers

If you run a business that has 50 or more full-time employees (or the equivalent of full-time employees), then there’s a good chance you need to fill out and submit both 1094-C and 1095-C forms as you prepare for the coming tax season. Specifically, a 1095-C is a form that you must send out to each individual employee; this form contains information on the health care coverage that was offered to the worker, the lowest premium cost that was available, and the number of months the coverage was available. You are required to submit this form to all employees, regardless of whether they accepted their coverage options or not.On the other hand, a 1094-C is a form that’s submitted to the IRS as a means of reporting the number of employees you have, the number of 1095-Cs you sent out to your workers, and some other basic information about your

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What To Do When You Miss the Insurance Enrollment Deadline

The healthcare marketplace officially closed on January 31. That can mean big trouble if you did not enroll in a healthcare plan and do not have one through an employer. However, there are ways you can enroll after the enrollment deadline. There are some catches though. There is a special enrollment period outside of the open enrollment period. To be able to sign up for health insurance through the marketplace after the open enrollment period, you must have a qualifying life event.   What is Classified as a Qualified Life Event? There are some common life events that allow you to enroll after the deadline. Some of these include, but are not limited to, the following:   Getting married (or divorced) Losing health insurance coverage from another party Having a baby Adopting a baby or placing one for adoption Leaving prison Losing coverage due to age (i.e. turning 26 and

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The Best Time of Year to Review Your Insurance Policies

Experts encourage people to review their insurance policies at least once per year. The same rings true for your healthcare insurance. The best time to really do this is during open enrollment when you can actually change to a better or more affordable plan. Importance of Reviewing Your OptionsWhen it comes time to re-enroll, it is very important to take a look at your current plan and the other options that are out there. There are several good reasons for this. First, you may find a better plan that will fit your needs more efficiently. Second, you may find a cheaper plan that you can better afford. Keep in mind that it is highly likely that the premium for your current plan has gone up and you will have to pay more throughout the year. Thirdly, you may find the best of both world’s and find a plan that is

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Is Medicare Advantage the Right Fit For You? Use This Helpful Guide to Find Out

One of the key components to making sure that you have the health insurance that you need is making sure that you understood all of the options that were available to you in the first place. Because many Medicare-related plans all have similar sounding names, it can be easy to confuse one from the next. By learning a little bit more about Medicare Advantage including what it does and who it is for, you can help find out if it is a right fit for your own personal situation.What is Medicare Advantage?At its core, Medicare Advantage plans are those that are offered by private health insurance companies that provide you all of the same benefits that you would receive under Original Medicare. Medicare Advantage health plans have HMO and PPO options. Another important thing to understand about the Annual Enrollment Period is that it isn’t just for new Medicare patients.

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The Medicare Annual Enrollment Period: What You Need to Know

The Medicare Annual Enrollment Period officially begins on October 15th, 2015 and ends on December 7th. Because healthcare is such an important part of our lives, it’s easy for people to feel overwhelmed when thrust into the middle of such a complicated topic. By understanding a little more about the enrollment period, you can do your part to make sure that you’re ready when October 15th comes around.The Specifics of Medicare EnrollmentExactly what you have to do on October 15th will vary depending on a number of factors. If you turn 65 before October 15 and are receiving Social Security, for example, you are automatically enrolled in Medicare Part A, but must elect part B, as there is a premium associated with Part B enrollment. If you have turned 65 but are still working, you might want to consider your coverage options.  You can remain on your employer plan, or,

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What Affects Individual Insurance Prices

When picking individual insurance plans, one of the first things that you’ll notice is that the price will often vary wildly depending on exactly what type of plan you’re talking about. Many people also don’t realize that price fluctuations are common for the same plan when two very different people are involved. Person A might pay $100 a month, while Person B might get quoted $200 a month for the same plan. Understanding what affects individual insurance prices is one of the keys to making the right decision moving forward.   Risk Factors One of the major things that can affect individual insurance prices involves certain risk factors with your body, your lifestyle or both. Individuals with a high Body Mass Index, for example, are much more likely to develop diseases like heart conditions, diabetes and more. Likewise, smokers are much more likely to develop cancer than someone who has

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