“While the Affordable Care Act is designed to reduce cost and increase access to health insurance, many U.S. citizens still are uninsured and underserved due to obstacles not based on cost, such as technical problems and lack of information from health insurance companies and health exchanges, according to the inaugural J.D. Power 2014 Health Insurance Marketplace Shopper StudySM released today.
Posts Tagged ‘Affordable Care Act’
J.D. Power Reports: The Uninsured Remain Underserved by Health Exchanges, As Many Continue to Struggle to Enroll in Healthcare CoverageMonday, July 21st, 2014
“Employers can impose a one-month orientation period before a 90-day waiting period starts to either offer qualifying employees group health insurance or face a penalty, according to the latest federal guidance on complying with the health care reform law. The rules, issued last month by the departments of Health and Human Services, Labor and Treasury, said employer orientation periods are “commonplace” for the estimated 5.1 million new employees per year and are reasonable as long as they are short.
“The Affordable Care Act (ACA), aka Obamacare, provides subsidies to Americans making up to 400% of the poverty level, about $94,200 for a family of four. Can you juggle finances to best cash in on subsidies?
Rather than limiting subsidies to only those with a small net worth, the ACA provides aid to all persons with low incomes, including those early or partial retirees.
“Employers are allowed to impose “orientation” periods of up to one month before a maximum 90-day waiting period on the start of health care coverage for new employees, under final health care law reform rules.The rules, issued Friday jointly by the U.S. departments of Health and Human Services, Labor and Treasury, finalize and clarify how such orientation periods would work.
Under the final regulations, the one-month orientation period would be calculated by adding one calendar month and subtracting one calendar day, measured from an employee’s starting day.
“When United Parcel Service (UPS) announced a major change in spousal insurance coverage, it was the shot heard ’round the benefits world.
“I have been talking about working spouses with access to their own health insurance for more than 10 years,” says Scott Snow, president of S.M. Snow & Associates Inc. in Berlin, Mass. “I was ahead of my time, and now it’s catching up with me. It’s a hot topic.”
“Illinois’ only co-op health insurance program lost more than $4 million and enrolled fewer than 2,500 people in its first quarter of operation as it struggled to enter a market dominated by one massive competitor.
Land of Lincoln Health Inc. Co-op had just 2,451 members by March 31, 97 percent of whom bought individual plans. The carrier was established under President Barack Obama’s health care reform law and aimed to increase competition in Illinois’ individual and group insurance markets.
“The nation’s employers could save a whopping $3.25 trillion over the next decade by shifting most of their employees from workplace health plans to the public exchanges.
That’s according to an S&P Capital IQ report that notes government subsidies and individuals themselves would be left to pick up the tab.
The S&P 500 alone, it said, could save $700 billion through 2025 – potential savings that represent 4 percent of those companies’ market capitalization.