With April coming to a rapid close, it seems that folks are just beginning to realize that October 1 is right around the corner! What is the significance of October 1? It is the date the new insurance exchanges, created under the Affordable Care Act, are scheduled to open for business. It is therefore the date that an anticipated 14 million currently-uninsured Americans will begin shopping for health insurance in
Saving for Retirement? Don’t Forget About Health Care Costs
Have you begun saving for retirement? When determining the amount of money you need to retire, have you figured in your expected health care costs? According to an article in USA Today, more than half of retirees surveyed by the Employee Benefit Research Institute say they are not confident they have saved enough money to cover their health care costs during retirement. We see this all the time, and we
Estimating Your Premiums and Possible Tax Credits in 2014
Wondering how much health insurance will cost you in 2014, when the next phase of the Affordable Care Act goes into effect? Curious about your eligibility for tax credits? Check out this quick and easy calculator. Give us a call if we can be of assistance!
Will Doctors Accept Insurance Obtained Through the Exchange?
This is an interesting question. And, of course, we hope the answer is Yes. But, there are two elements of the Affordable Care Act (ACA) that may actually dis-incent doctors from accepting patients whose insurance comes from the exchange. Premium Grace Period – Under the ACA, insured individuals will be given a three-month grace period during which their coverage remains in force, even if the premiums are not paid. The
Will Employers Really Drop Health Insurance Coverage?
In an earlier post, we discussed the possibility that employers, in the face of increasing insurance premiums, are likely to discontinue offering health insurance coverage for their employees when the next phase of the Affordable Care Act (ACA) goes into effect in January. There are many reasons to believe that this will happen. However, the only absolute certainty when it comes to the future of health insurance in the U.S.
Insurance Premiums on the Rise in Rhode Island
Blue Cross/Blue Shield of Rhode Island announced that health insurance premiums for its small business customers will increase by 15% next year. Individuals can expect an increase of approximately 18% next year. The company says without the passage of the Affordable Care Act (ACA), the increase would have been 10.3%. Does this signal a trend? We will keep watching and posting as more companies begin announcing their 2013 rates. Give
President Obama discusses Affordable Care Act with Insurance Industry Executives
Last week, President Obama met with executives from the insurance industry to discuss the impending roll-out of the health care exchange system, scheduled to occur in October of this year. Read more. The President was not originally scheduled to attend this industry meeting, but it seems he did so to help allay industry leaders’ fears of dramatically rising premiums as the next phase of the Affordable Care Act (ACA) is
What Should I do if my Employer Stops Providing Health Care Coverage?
With health insurance premiums on the rise and companies struggling to survive tough economic times, more and more employers have stopped offering health insurance coverage for their employees. According to a recent study by the Robert Wood Johnson Foundation, the number of Americans who got their health coverage through their employer fell by 11.5 million between 2000 and 2011. Although many of these workers may have been able to get
Essential Health Benefits under Affordable Care Act (ACA)
Beginning in January of 2014, health insurance plans must include items and services in the following 10 categories, known as essential health benefits under the Affordable Care Act (ACA): Ambulatory patient services Emergency services Hospitalization Maternity and newborn care Mental health and substance use disorder services, including behavioral health treatment Prescription drugs Rehabilitative and habilitative services and devices Laboratory services Preventive and wellness services and chronic disease management Pediatric services,
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