Health Insurance Open Enrollment Ends March 31

If you are seeking health coverage through the Health Insurance Marketplace, be sure to apply before the end of the open season on March 31, 2014.

If you haven't enrolled by March 31, you won't be able to apply until the next open season, unless you qualify for a special enrollment period. The next open enrollment is proposed to run from November 15, 2014 through January 15, 2015.

There's no limited enrollment period for Medicaid or the Children's Health Insurance Program (CHIP) -- you can enroll at any time.

Final 2015 Notice of Benefit and Payment Parameters and Actuarial Value Calculator

On March 6, the Department of Health and Human Services (HHS) provided the 2015 actuarial value calculator and issued final regulations on the 2015 Notice of Benefit and Payment Parameters. While HHS changed a few items from the proposed rule – namely the open enrollment period and cost-sharing limits – many provisions remain the same.

Open Enrollment Period
The 2015 open enrollment period for individual and family plans has been extended by 30 days and will be held November 15, 2014 – February 15, 2015.

2015 Cost-Sharing Limits
The 2015 maximum annual out-of-pocket limits for all non-grandfathered plans will increase by 4.21 percent, lower than originally proposed. The confirmed 2015 amounts are $6,600 for individual coverage and $13,200 for family coverage. The maximum 2015 deductibles for insured non-grandfathered small group plans are $2,050 individual and $4,100 family.

Statement Of The Virginia Bureau Of Insurance Regarding Further Extension Of Individual And Small Group Health Insurance Plans

On March 5, 2014, the Obama Administration proposed a further suspension of the enforcement of certain provisions of the federal Affordable Care Act (ACA) and urged state insurance regulators to allow health insurance carriers to offer renewal of certain non-ACA compliant health insurance plans such that they could remain in effect into 2017.

Following this announcement, the State Corporation Commission's Bureau of Insurance (Bureau) has undertaken a legal and regulatory analysis of the extension proposal.

Virginia state insurance laws were changed to conform to various provisions of the ACA effective January 1, 2014. Therefore, in the absence of specific authorization by the General Assembly, insurance carriers remain subject to conforming Virginia law.

The Bureau previously encouraged carriers to offer policyholders the opportunity to "early renew" their existing insurance plans before January I, 2014, when the new Virginia provisions became effective. This allowed policyholders to continue existing coverage into 2014.

Policyholders with non-ACA compliant policies expiring in 2014 are advised to evaluate all available options tor health insurance coverage in 2014 to replace their coverage that may be expiring due to implementation of the ACA and conforming Virginia law.

Transitional Relief Extended through 2016

When the Obama Administration announced the transitional relief policy that allows individual and small group, fully insured, non-grandfathered policyholders to maintain their 2013 medical coverage through 2014, it indicated it would assess the policy and the specified timeframe.

The Centers for Medicare and Medicaid Services (CMS) issued a memo that it will extend the transitional policy for two years, for policy years beginning on, after or before Oct. 1, 2016, with the possibility of adding a one year extension then, if appropriate.

The transitional relief also applies to large businesses that currently purchase insurance in the large group market if, as of Jan. 1, 2016, they will be redefined by the Affordable Care Act (ACA) as small businesses purchasing insurance in the small group market.

As with the earlier transitional relief policy, State governments and health insurance issuers will have the option to offer the transitional relief or not participate.