Affordable Care Act
Healthcare currently costs 25% of the economy. People are living longer with multiple conditions. Because of the recent economic downturn, many of those 50+ have lost significant savings for their retirement. This Act will provide everyone with affordable insurance.Here are the exceptions:
- Those 18 to 25 can get castastrophic insurance only.
- Those on Medicare will not need to be on it.
- Anyone objecting based on religious beliefs.
What It Covers
An insurance pool is being created which will provide health insurance to everyone regardless of pre-existing conditions. The larger the pool, the more costs can be spread around.
- There will be a 30-60 day enrollment period
- If you have a change of life circumstance i.e. divorced or widowed, you will be able to get insurance immediately.
- In the current version, doctors will be incentivized to talk to one another regarding the care of a patient.
- If a person has low income, the government will pay their premium
- If they are over 400% of poverty level, they will need to pay 10% of their income on insurance
- Employers with over 50 employees will be required to provide insurance for them. There may be higher co-pays.
- Doctors will be required to be online with medical records in 2014.
- States will be required to have an exchange ready by January 2014 or to let the federal government handle it. Missouri opted to have the federal government handle it.
- Children can be on the parent’s policy until they are 26 despite living somewhere else.
- Hospitals will be required to ensure that care continues upon discharge and there is no re-admittance within 30 days. Hospitals will not be paid for infections picked up during the hospitalization.
- Those in the age bracket of 55-64 will be charged more because they are likely to use more health care. They will be asked if they smoke and if they are obese.
Possible Negative Consequences
Here are some possible negative consequences from the Act. It is a starting point.
Understanding Medigap Policies
- Coinsurance for day 61-90 of inpatient hospitalization
- Coinsurance for lifetime reserve days 91-150
- Coverage for an additional 365 days of inpatient hospital care in your lifetime
- Coverage for the first three pints of blood
- Coverage for 20% coinsurance for Part B services
- Coverage for hospice 5% coinsurance for Medicare-approved charges for inpatient respite care and 5% coinsurance for prescription pain medications