“Expanding Illinois’ Medicaid program under the federal health-care reform law will cost the state $1.3 billion a year in 2020 and beyond, according to an analysis.
Posts Tagged ‘Costs’
“The White House is increasing its reliance on insurers by accepting their technical help in efforts to repair the problem-ridden online health insurance marketplace and prioritizing consumers’ ability to buy plans directly from the carriers.
The Obama administration’s broader cooperation with insurers is a tacit acknowledgment that the federal insurance exchange — fraught with software and hardware flaws that have frustrated many Americans trying to buy coverage — might not be working smoothly by the target date of Nov. 30, according to several health experts familiar with the administration’s thinking.
“Americans who use flexible spending accounts (FSAs) for healthcare costs may now be able to carry up to $500 of expiring money into the next year, the U.S. Treasury said on Thursday.
For nearly 30 years, about 14 million families with FSAs faced a “use it or lose it” deadline of December 31 when the money in the account would expire.
Accountholders flush with cash at the end of the year would often scramble to spend their fund balance frivolously.
“If you light up, prepare to get burned with higher premiums when buying insurance in the new health insurance marketplaces.
Under rules of the Affordable Care Act, in Illinois and most other states, insurers can charge smokers and other tobacco users as much as 50 percent more on their premiums due to the higher health risks they face compared to non-tobacco users.
In some cases, the surcharge wipes out the subsidy for which some smoking health plan enrollees would qualify in the marketplaces, said Karen Pollitz. She is senior fellow at Kaiser Family Foundation, a nonprofit focused on health-care issues.
“The GOP this week unveiled an alternative plan to President Barack Obama’s healthcare reform law amid a threat from a minority of Republicans to defund the law before the Oct. 1 implementation date and shutdown the government.
The bill–Republican Study Committee’s American Health Care Reform Act–which calls for a full repeal of the healthcare reform law “dramatically opens up options for families, and dramatically lowers costs” compared to Obama’s law, committee chairman Louisiana Rep. Steven Scalise told The Daily Caller.
“The stand-alone long-term care insurance market may be dormant as buyers shy away from high premiums and the relative inefficiency of long-term care coverage, but the combination insurance product market is hot.
Combination products, otherwise known as hybrid insurance, pair long-term care coverage with an annuity or life insurance. In return for one or more premium payments at retirement, a life care annuity pays fixed, periodic payments. In the event of a disability, the coverage provides additional payment to help cover the costs associated with long-term care.
“Some experts have said that the experience of shopping for health insurance on the new online marketplaces that will open for enrollment this October under the Affordable Care Act will be like booking a vacation on Travelocity. But for those who make the wrong insurance purchase, the stakes could be much higher than an inconvenient layover or a hotel room without a view, and consumers who base their decision on price alone may be in for some unwelcome surprises.
“Given recent attention on the impact of health care reform on health care costs and premiums, we wanted to share the following facts:
- The impact the ACA will have on premiums will vary considerably depending on a where a person lives, what coverage they have today, and their age, gender, and health status. Simply looking at averages does not explain what these changes will mean for a particular person in a particular state. To learn more about the wide variation in impact, visit www.TimeforAffordability.org/changes.
“More employers are trying to assuage worker concerns about how much of their salary goes to their health coverage by pegging the cost of coverage to salary ranges.
This trend was noted by Mercer in a study of how companies were managing their health care plans. Mercer’s survey revealed that 12 percent of responding companies were using salary-based health coverage schemes in 2012, up from 10 percent in 2011. Now, signs are that that percentage is about to jump significantly.
Large employers are leading the way; in Mercer’s study, 20 percent of firms defined as “large” were segregating employees into premiums based upon a salary range. But more are following, as Obamacare begins to assume a less-fuzzy shape.