Supreme Court To Rule On Health Care Reform Bill In June: Impact To Be Felt With Consumers Looking For Insurance
Healthcare Solutions Team has seen a 40% surge in insurance policy sales in the first quarter of 2012. Much of this rise can be attributed to today's advantageous prices and benefits, which are a result of the federal health care reform bill. Insurance companies like Healthcare Solutions Team already are responding to comply with the legislation, which the Supreme Court should rule on in June.
- Chicago, IL (1888PressRelease) May 23, 2012 - In June, the U.S. Supreme Court is expected to rule on the constitutionality of the Patient Protection and Affordable Care Act (PPACA), known as the federal health care reform bill.
The purpose of the law, which President Obama signed in 2010, is to provide accessible health care coverage for an estimated 32 million Americans who are currently uninsured, and help people who already have health insurance retain their coverage.
If the PPACA bill stands as written, several significant changes will transpire within the next 20 months for the health care and insurance industries. For example, each state is being required to establish an "exchange" where consumers can shop health insurance carriers and apply online. However, only about half of the states have begun the lengthy process required to comply with this requirement. Some states are requesting waivers, and others may have to rely on a federal exchange.
Insurance companies also must make significant changes to comply with the legislation. By 2014, insurers will no longer be able to deny coverage to individuals based upon pre-existing health conditions. Some experts suggest the impact on health insurance costs could be double, even triple, the premium of today's fully underwritten plans.
So what does this mean for consumers? All of this translates into making now a prime time to purchase health insurance.
"Today's applicants enjoy many of the benefits of health care reform without being saddled by the costs associated with it yet," said Grant Born, principal with Healthcare Solutions Team.
In fact, his company has seen a 40% surge in insurance policy sales in the first quarter of 2012. He attributes much of this rise to today's advantageous prices and benefits, which are a result of changes being enacted due to the federal health care reform bill.
Having a major impact on affordability is the medical loss ratio (MLR) policy, which the Obama Administration issued a regulation implementing in November 2010. It states that all individual major medical carriers are required by law to pay out 80% of their premiums in medical claims, care and health care quality improvement rather than on administrative costs. In 2012, insurance companies became required to provide a rebate to each policyholder if they did not comply.
"Because of MLR, we now see a much richer, unlimited, individual health policy without a much higher cost," said Born.
"Our clients can typically get better coverage and also save money thanks to the health care reform provisions," said Joe Eichman, principal at Healthcare Solutions Team.
For example, applicants now can enjoy guaranteed acceptance for dependent children-a major benefit for parents with children who have medical conditions. And because the "guaranteed issue" provision is not scheduled to start until 2014, healthy applicants can lock into today's lower rates and avoid expected rate hikes.
In addition, all policies include unlimited free wellness with no copays or deductibles as mandated by PPACA. This includes mammograms, pap smears, even colonoscopies. Children can stay covered on their parents' plans, regardless of marital or student status, up to age 26. And all lifetime and policy caps have been eliminated.
"Many of these benefits could go away if the law is deemed unconstitutional and scrapped by the Supreme Court," said Eichman. "Our suggestion is to lock into a policy with today's pricing and benefits."
Named America's #1 Health Insurance Agency by Assurant Health in 2011 and #2 by UnitedHealthOne, Healthcare Solutions Team is one of the country's premier health and dental insurance agencies.
Based in Lombard, Ill., Healthcare Solutions Team has agents across the country who provide personalized solutions and optimized plans to fit each individual's budget and needs. The company's goal is to make affordable healthcare accessible to everyone.
For more information on Healthcare Solutions Team, contact Jackie at (630) 261-3000 or jbuffo ( @ ) aplanforeveryone dot com. Or, visit the company's website at www.HealthcareSolutionsTeam.com.
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