A health insurance exchange (also known as a marketplace) is a new organization established under the provisions of the Affordable Care Act (ACA). The theory behind the exchanges is to give people access to an organized, competitive market in which they can research and compare various affordable health insurance options, and ultimately purchase a plan that best meets their needs. Key points: When will the exchanges open? October 1, 2013,
Will Lawmakers Have to Purchase Insurance through the Exchange?
This is an interesting question. When the Affordable Care Act (ACA) was passed in 2010, it included language requiring that Congress and members of its staff obtain their health insurance through the exchanges when they open later this year. There were conflicting news reports last week regarding whether or not this requirement will “stick”, as the Office of Personnel Management (OPM), which administers health insurance plans for Congress and its
Largest Maryland Health Insurer Proposes 25% Rate Increase
In big news for Maryland residents — and maybe a predictor of what is to come for the entire country — the largest provider of health insurance in the state of Maryland is proposing a 25% hike in its premiums in 2014, citing the increased cost of covering previously-uncovered preexisting conditions as set forth in the Affordable Care Act (ACA). Read the full story in an article published in the
A Race to Educate the Public on New Health Care Law
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
