Americans are confused about how the new Health Reform Act will work. WebMd tries to shed some light on the situation.
Americans have many questions to ask and with just cause. There is a lot of misinformation on the net about the new Health Reform Act. WebMd will explain what they understand so far from the Act.
Large company coverage
With the Health Reform Act, some individuals will pay more for their company insurance plan while others will pay less. It all depends upon how many new people will need the insurance and how much the portion the insurance companies are required to pay for their part of the coverage.
Self-employed people will purchase the new insurance through their state insurance exchange also called the state insurance marketplace at a higher premium than what they are paying now. The reason for the increase is that there will be more insurance coverage than the existing policies provide. Self-employed individuals can have mental health and maternity coverage with the new Health Reform Act.
WebMd states that, “Luckily, the costs may balance out, because having a health plan cover more services is likely to reduce how much you have to pay each time you get health care. Everything you pay for care added together is known as your out-of-pocket expenses. If you're a young adult and you've been buying your own insurance, your premiums are more likely to go up. If you're a woman or an older adult, they're more likely to go down.
Keep in mind, though, that under the health reform law, depending on your income level, you may receive tax credits to help lower the cost of your premiums. If you are only getting insurance for yourself, you can make up to about $46,000 a year and still qualify for a tax credit.”
Individuals already experiencing insurance increases
People have seen their insurance premiums go up but this is not because of the New Health Reform Act because it hasn’t been approved yet. Insurance companies are just doing that on their own at the time. Once the New Health Reform Act comes in, an outside expert will review insurance hikes and will only approve them if they are felt to be reasonable.
Smokers will pay more under the New Health Reform Act in 2014. Smokers will pay up to 50% more on premiums but one of the advantages of the program is there will be smoking cessation programs available through the state Marketplace
If the insurance company does not pay out at least 80 percent in benefits they will be required to issue rebates to their insured. This does not apply to self-employed individuals.
Preventative Medical Care
Now with the Health Reform Act a number of preventative program benefits will be available without any out-of-pocket-payments. Your insurance will now pay for preventative care such as blood tests for type2 diabetes, mammograms, pap tests, birth control, well-women visits, flu shots, selective services for teens and children, autism screening, some vaccinations, drug treatment, depression, and hearing problems.
“You may need to see an in-network provider in order to get these services at no cost. You can get preventive services before you've paid your complete deductible, but in some cases you may have to pay for an office visit, such as a copay or coinsurance.”