A Consumer's Guide To The Health Law

Kaiser Health News published a consumer guide to the health law. According to the article, here is what is to come by 2014:

• In 2014, if you don't have health insurance you will have to have it or you will have to pay a fine.
• Individual penalty will be $95/year or 1% of their income (whichever is greater) it will rise to 2.5% (or $695) by 2016
• Family penalty will be $2,085/year or 2.5% of their income whichever is greater.
• Requirement may be able to be waived for reasons for example: financial reasons or religious beliefs
• Federal law will override state laws on blocking requirements to have health insurance.
  
• Insurance at work is likely to stay the same
• Plan may change
• May change premiums, deductibles, co-pays and network coverage.
  
• Some parts of the law that are in place now:
• Eligible for preventative services with no out-of-pocket costs
• Health plans can't cancel your coverage if you get sick
• Children with pre-existing conditions cannot be denied coverage
  
• Government will pay for anyone with an income at or lower than 133% of the poverty level
• $14,856 for an individual and $30,656 for a family of 4
  
• If you don't qualify for Medicaid:
• Subsidies will be available for individuals and families between 133% and 400%
• $14,856-$44,680 for individuals $30,656-$92,200 for families
• 
  
• Information on small businesses providing insurance
• No employer is required to provide health insurance
• In 2014, if your business has more than 50 employees the business will have to pay a fee.
  
• If you're over 65, there are changes listed in the article too.

For the full article, please click the following link: After the Election: A  Consumer's Guide To The Health Law

For additional billing, coding, and reimbursement resources, please click the following link: Medical Reimbursement Resources Page.

More Health-Law Changes Coming in 2013

The Wall Street Journal published an article titled: "More Health-Law Changes Coming in 2013". The article listed the following 5 changes that will come about in the year 2013. They are as follows:

1. Higher Premiums
• 13% of companies planning to raise their employees contributions by 5% or more.
• Insurers give rebates to consumers if the insurers spend less that 80% of premiums on medical care.
• In 2012, 13 million consumers got rebates worth $1.1 billion dollars
  
2. Straightforward Summaries
• Easy-to-read descriptions of how the plan works.
• What it covers and doesn't cover - no fine print.
• New glossary of insurance words that you may not understand
  
3. FSA Limits
• $2,500 is the maximum you can put in a flexible spending account.
• FSA are tax free money that you can use to pay qualified out-of-pocket expenses for 
• Examples: copayments for doctor visits or prescriptions
• If you don't use the full amount that you put aside, you will lose that money.
  
4. Dependent Coverage
• Children up to age 26 can stay on their parents' policies
  
5. Higher Spending Cap
• This year (2013), the spending cap is $2 million
• In 2012, the spending cap was $1.25
• In 2014 the spending cap will go away entirely.

To view the full article, please click the following link: More Health-Law Changes Coming in 2013

For additional billing, coding, and reimbursement resources please click the following link: Medical Reimbursement Resources Page.