President Obama has succeeded in signing into law one of the most comprehensive social programs in the country’s history. But for many, questions remain. What now? What does it mean for us? How does it affect Medicare and Medicaid? How does it affect doctors and nurses?
Some healthcare insurance reform actions are going to be available immediately, like the limited relief that may Medicare recipients will have for their prescription bills. Even better, it is now against the law for people with serious and costly illnesses to be denied coverage.
Insurers must offer a good deal
Once the law goes into full force in 2014, insurers will no longer be able to deny coverage to people with pre-existing conditions. They also cannot use the idea of “rescission,” where they will find a reason to revoke your coverage once you get seriously sick.
However, do remember that they can insist on higher premiums, based on your state of health. Still, no matter how you look at it, rates will come down, if only a little bit.
Subsidies will help
Subsidies will bring healthcare insurance costs down to around 10% of a family’s annual income. The way the system is designed will affect mostly the middle class, giving them more breathing space with their expenses. The tax credit connected to this is refundable. That means you’ll get it, no matter how much you pay in taxes, and that the money can be sent directly to your insurer to lower your payments.
Shopping will be easier
Healthcare insurance will come in four basic packages that the companies can tailor for specific needs and types of customers. A certain block of needed benefits will be included in all types.
Reminders
Of course, do remember that you have to join up, and that depending on your income level or demographics, you may end up paying more. But the fact is, you will be taken care of much better than before.
Sign up on the box at the right for more information on medicare, medicaid and other health insurance reform options.
Add A Comment