Health insurance news is coming fast and furious. We have yet to hear in detail from the insurance carriers themselves. Anthem, Aetna, Blue Shield, Health Net and others have not announced pricing changes and modifications to their existing policy holders, let alone, company plans for new customers.
The Patient Protection and Affordable Heathcare Act as Congress titled the “healthcare bill indicates the following that you may wish to know.
- Dropping you or cancelling will be next to impossible.
- The elimination of maximum policy limits.
- Offers a solution to pre-existing conditions that have prevented you from obtaining coverage by creating a government run “high-risk pool” with maximum out of pocket limits.
- “Exchanges” will be operated by the states to provide additional health policy choices.
- FSA’s (flexible spending accounts) will have lower contribution limits.
- Children will no longer be denied coverage due to a pre-existing condition.
- Medicare improvements – $250.00 check to help pay for prescription drugs currently not covered as a result of the Medicare Part D “doughnut hole”, preventive care such as an annual physical or routine laboratory work should be covered. The bad news, millions who have chosen the Medicare Advantage plans will most likely be facing increased higher costs for coverage. The government subsidy will be significantly reduced.
The exact timing of these changes varies from fall of this year to 2014. The insurance companies will be contacting policy holders directly so READ all the “Stuff” CAREFULLY for specifics and pricing changes. Of course, Congress can always change their minds, and the 110+ new agencies and departments have yet to weigh in.