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Healthcare Reform - Updates
Here's what you need to know in a nutshell: Slowly but surely, the cost of healthcare coverage is going higher and higher.
On its healthcare reform website, the Government states that the law put into place on March 23, 2010 will "hold insurance companies more accountable and will lower health care costs, guarantee more health care choices, and enhance the quality of health care for all Americans."
This is pure politics folks, and there is at least one bold-faced lie: Your health care costs are most assuredly NOT going DOWN. They're going up. That process has already started and cannot be reversed. It *may* be trimmed back depending on the results of November elections, but the long term outlook for costs is not good.
IMPORTANT ALERT: PREMIUMS ARE GOING UP SEP. 23!
Due to healthcare reform, insurers are required to include numerous new "benefits" to ALL healthplans issued on or after Sep. 23. This means that premiums on plans issued after Sep. 23 will be substantially higher than premiums on plans issued prior to Sep. 23.
Our recommendation is simple: If you are considering a new healthplan, you should apply in time to request an effective date NO LATER THAN Sep. 23. This will keep your premiums as low as possible for as long as possible.
Questions? Comments (contact your Congressional Representative?) We're here to help - we can help you identify the best plan options in your zip code area (but please don't shoot the messenger).
What's the solution?
High deductible plans, of course! More and more people are "seeing the light" and replacing high cost copay plans with high deductible plans. With or without an attached health savings account, be sure to get quotes from our search engine and see for yourself - the difference is amazing!
Timeline for Implementation
Here is a brief list of changes that either already are in effect or will go into effect by Sept. 23, 2010 (6 months after the law was enacted):
- •No pre-existing conditions for dependent children
- •Elimination of lifetime maximums, i.e. $2 million max becomes "unlimited"
- •Full coverage for preventative care, i.e. no deductibles or copays, 100% benefits
Then in 2014, "guaranteed issue" for everyone takes effect. Conveniently, this is just after the next presidential & congressinal election cycles in Nov. 2013. Coincidence??
Here is a link to a PDF file with the complete list of changes.
Now folks, do you see anything in that list that will force insurers to reduce premiums? Of course not. It's a fallacy that this reform mechanism is going to drive costs down. Prices only have one way to go, and that's UP.
Beginning in 2014, it will be mandatory to purchase coverage, but some people will qualify for government subsidies based primarily on income.
Between now and then, insurance companies have been forced to make changes - in order to stay in business.
As a result, premiums are already rising (as I write in July 2010) and are expected to rise more before January 2011 when yet another change impacts insurers - being forced to live with Minimum Loss Ratios. If they don't spend enough money on claims and benefits, they have to rebate policyholders. Well, guess what that does? It creates a huge new bureaucracy within the insurance company, which adds costs.
Between now and January 2011, things are very much up in the air. Our best advice to clients is - do the best you can for now.
Insurability still matters, now more than ever. In 3 years, insurers will not be allowed to decline anyone or restrict coverage on any pre-existing conditions. In the meantime, they can - and they are. It is getting more difficult to get people insured, for now.
So here's my best advice. Use a professional insurance broker. Their services are very valuable right now.
We charge nothing to help people navitage the healthcare nightmare. All we ask in return is the opportunity to be named agent of record on your new plan.
If you have specific questions, please do not hesitate to let us know.