Covered California and the Affordable Care Act are health reform initiatives meant to help Americans get access to quality and affordable medical benefits. One of the primary benefits of these initiatives is the ability to receive subsidies to help reduce the costs of monthly healthcare premiums. However, according California Healthline and a recent study by H&R Block, nearly two-thirds of taxpayers who received a subsidy on the Covered California exchange are now having to repay taxes to the federal government. Individuals who were granted too big of a subsidy had to repay about $729 on average compared to those who were given too little of
California Encourages Higher Education for Healthcare
Healthcare is a growing field requiring more doctors, nurses, dentists, etc. With these professions, higher education is becoming more important and even required in some hospitals. According to a researcher at the Public Policy Institute of California, over 40% of all jobs will require a bachelor’s degree which is about 7% higher than the current rate. Hospitals may also require bachelor’s degrees from 80% of their nurses to address to the new responsibilities for employees in this field. Covered California has changed the responsibilities of people in the healthcare industry, especially in the field of nursing. Current nurses with two year degrees from community college are still qualified
Three Insurance Bills in California Under Review
In August, California lawmakers will discuss three important bills related to health care reform that may affect both consumers and insurers. The three bills tend to be opposed by insurers while consumers are considered to be the advocates. What are the bills? SB1176 would require insurers to record any out of pocket costs made by plan policy holders and then any expenses that go over a set limit would be reimbursed by the insurer. AB1917 is a bill that is trying to decrease the costs of specialty medications for policy holders with chronic medical conditions. This bill would also require insurers to cover Hepatitis C
Health Insurance Rates for 2015 Unknown
With the implementation of the Affordable Care Act, insurers are unsure of how the new rates will impact their bottom line. It is predicted that the rates in 2015 will increase but it is unknown as to how much they will increase by. The increase will depend primarily on the number of people enrolled in the Affordable Care Act and their medical needs. While the 2014 rates are finalized, insurers must submit their rate increase requests to the federal government in late May or early June for 2015. However, this task is challenging to many of the insurers since they don’t understand much of the
Obamacare Enrollment Numbers
A report was finally released by the Department of Health and Human Services detailing the number of people who enrolled in the Affordable Care Act (also known as Obamacare). According to the report, 8 million people enrolled in Obamacare between October 1, 2013 through March 3, 2014. More importantly, the report also revealed demographical information about the enrollees. Demographic Insights from the Report: 8 million+ people signed up for insurance under the Affordable Care Act There were more female enrollees than males (4.3 million+ females and 3.6 million+ males) The majority of people who enrolled were between the ages of 18-34 followed by 55-64 85%
Pay or Play Tools To Understand Healthcare Penalties
The “Pay or Play” mandate determines whether employers will pay the penalty to avoid purchasing coverage for their employees or they’ll “play” and provide the coverage required by law. There are two penalties stated by the employer mandate that go into the decision of whether employers will “pay or play”: If an employer has 50 or more full time employees, they must offer the minimum essential benefits to those employees and their dependents. Employers must offer affordable coverage that meets the minimum value requirements. So would you rather pay or play? Employers with 100+ employees have until 2015 to decide and employers with 50-99 employees
What to Look for in a Benefits Package
Finding health insurance for employees is never easy. With the implementation of the Affordable Care Act, it makes it even more challenging. That’s why we’re here to help. At Steve Grady Insurance Services you’ll find the straightforward answers you want regarding all of your benefits questions. We won’t beat around the bush or sugar coat anything. We believe in giving direct, honest answers. Some things we consider when recommending benefits packages include: How much each plan will cost you and your employees How each plan will benefit your employees’ needs Whether a wellness program may be a beneficial addition to your health plan Whether you
Government to lower prices, ease rules on health plans for people with preexisting conditions
The Obama administration, expanding a program created by the new healthcare law, reduces premiums on preexisting condition insurance plans and loosens restrictions on who can sign up for them. By Noam N. Levey, Washington BureauJune 1, 2011 WASHINGTON — The Obama administration, expanding a program created by the new healthcare law, moved Tuesday to make health insurance more affordable and accessible for Americans who have been denied coverage because they are sick. Across the country, the federal government is reducing premiums on special coverage available to uninsured people with preexisting conditions such as cancer or diabetes. And the administration is loosening restrictions on who can
Pros & Cons of California’s Pre-existing Condition Insurance Plan (PCIP)
What is a Pre-Existing Condition Insurance Plan (PCIP)? The Pre-existing Condition Insurance Plan is a federal program that offers health coverage to medically-uninsurable individuals who live in California. This federally-funded health coverage program is the result of federal health care reform and is meant to help individuals who are unable to obtain traditional, individual health insurance due to a pre-existing condition. To qualify for the PCIP, a person must: Be a California resident Have no health insurance coverage for the past 6 months prior to application date Be a U.S. Citizen, U.S. National, or lawfully present individual Provide a social security number Have been denied