Obamacare Enrollment Period Extended for COBRA Participants

June 3, 2014health insuranceaffordable care act, obamacare, obamacare insurancePaul Oliver

Obamacare Enrollment Period Extended for COBRA Participants | JT Insurance Services While the enrollment period for the Affordable Care Act ended on March 31, 2014, there is still time to ensure Obamacare coverage if you are currently covered through COBRA- the Consolidated Omnibus Budget Reconciliation Act. The enrollment deadline for people covered by COBRA is July 1, as Health and Human services deemed options for enrollment were previously unclear. This may provide big benefits to some businesses in potential insurance savings.

Click here to read the full article by Trent Bryson for Entrepreneur.

How Are Obamacare Enrollees Using Their Coverage?

June 2, 2014health insuranceaffordable care act, obamacare, obamacare insurancePaul Oliver

How Are Obamacare Enrollees Using Their Coverage? | JT Insurance Services With Obamacare in full swing and coverage taking effect, many have raised questions regarding how this new coverage is being used. Though the Affordable Care Act has expanded healthcare access to a larger number of Americans, it does not yet seem that the healthcare system is burdened by this increase. Reasons for little change in demand thus far may be attributed to healthy enrollees, a wait time for enrollees in getting appointments, or a low number of enrollees in the first quarter of 2014.

Click here to read the full article by Jason Millman for the Washington Post.

Global Insurance Markets See Rise in Life Insurance

June 2, 2014accident insurance, health insurance, life insurancelife insurancePaul Oliver

Global Insurance Markets See Rise in Life Insurance | JT Insurance Services The global insurance market has seen rate increases in many high volume markets, including life insurance, which are driving premium growth internationally. According to Munich Re, an independent risk management and reinsurance company, 2014 will bring growth for premiums of 2.8% and can expect growth of 3.2% in 2015. Rapid industrialization and growth in emerging markets, as well as steady growth from industrialized countries, have contributed to growth in a variety of markets, especially life insurance.

Click here to read the full article by Claire Wilkinson for Insurance Information Institute.

Is Health Exchange Enrollment Under Obamacare Overstated?

June 2, 2014health insuranceaffordable care act, obamacare, obamacare insurancePaul Oliver

Estimates report that over 8 million people have enrolled in the health insurance exchange created by Obamacare’s Affordable Care Act. But have the figures been overstated? America’s Health Insurance Plans (AHIP) reports that the figures may be exaggerated due to both changing enrollment and duplicate enrollments. The Affordable Care Act under Obamacare launched in 2010, with enrollment for the first year’s healthcare exchange marketplace beginning on October 1, 2013 and ending on March 31, 2014.

Click here to read the full article by Jason Shafrin for Healthcare Economist.

Requirements to Change Marketplace Health Insurance in California

June 2, 2014health insurancecalifornia health insurance, health insurance california, health insurance in californiaPaul Oliver

Now that the open enrollment period for the Marketplace has ended, it is important to be aware of your rights if you need to make a change in your health insurance in California. You can enroll in Covered California private coverage only if you have a life event that qualifies you to do so, or are the victim of a complex situation related to errors within the Marketplace.

The life events that qualify you to purchase private health insurance in California through the marketplace are marriage, divorce, adding a child to your family through birth or adoption, giving a child up for adoption or foster care, becoming a citizen, moving to a new home, and leaving prison.

You can also qualify if you have lost other health coverage for one of the following reasons: coverage was through your employer and you lost your job, your policy was an individual one and it ended in 2014, your COBRA benefits expired, you become too old to be covered on your parents’ plan, or you become ineligible for Medicaid. You do not qualify if you voluntarily give up your coverage by health insurance in California.

If you are already enrolled in Covered California you can make a change to your policy if you have a change in household income or status that affects your ability to be eligible for cost-sharing reductions or premium tax credits. In addition, if you are Native American, and a member of a federally registered tribe, you can change plans or enroll once per month for every month of the year.

Individuals can apply for Medicaid and CHIP coverage at any time. There is no limited enrollment period for those programs. If you qualify, you will be enrolled. If you have one of the above qualifying life events, you can enroll or change your private health insurance. If not, you can always try to appeal the denial of a special enrollment timeframe.

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The Future of Obamacare in the November Election

May 30, 2014health insuranceaffordable care act, obamacare, obamacare insurancePaul Oliver

With the November elections only six months away, many are beginning to discuss the future of Obamacare and whether or not it will be repealed. While Obamacare and the Affordable Care Act are not particularly popular, with 52% of Americans polled still opposed to the law, many against it would prefer improvement of the current law over a full repeal. Regardless of party line or opinion on the healthcare system, it will be very interesting to track the future of Obamacare and what changes, if any, are made to the current system in place.

Click here to read the full article by Robert Laszewski for Healthy Policy and Marketplace Review.

Do People Overuse Free Health Insurance?

May 30, 2014health insuranceaffordable health insurance, affordable medical insurance, cheap health insurance, free health insurance, low cost health insurancePaul Oliver

With the Obamacare’s moves toward a more centralized healthcare system, some have raised the question of whether or not free health insurance would be exploited as a resource. There is fear that that such access and no need for payment would lead people to overconsume resources. However, it seems that this myth may be debunked– there is no proof that countries that provide low-cost or even free healthcare spend more. The United States as a country spends the most per-capita on healthcare in the world, and other countries with free or low-cost healthcare options spend much less.

Click here to read the full article by Michael Hiltzik for the Los Angeles Times.

Individual Healthcare and Cost-Sharing

May 30, 2014health insuranceindividual health insurancePaul Oliver

With family and individual health insurance costs on the rise, the concept of cost-sharing has been discussed on a variety of levels. It has been seen that charging consumers directly for part of their health care costs might put poor and sick people in harm’s way, as they may avoid seeking treatment to avoid paying for part of the cost. Many argue that for the healthy, though, cost-sharing is a good option. Recent studies suggest that moving toward even more cost-sharing will not, however, lead to very significant savings for group or individual health insurance.

Click here to read the full article by Austin Frakt for the New York Times.

What is Critical Illness Insurance?

May 30, 2014health insurancecritical illness insurancePaul Oliver

Co-pays have steadily crept upward over the past ten years as insurers seek ways to mitigate the rising cost of health care. Now, some insurers and employers are adding a new product called critical illness insurance to their offerings in an attempt to fill in gaps in coverage for individuals with certain costly illnesses. Does it make good financial sense to purchase this extra coverage?

Inflation has not kept pace with skyrocketing health care costs, and, as a result, employers have passed some of those costs along to their workers. According to a new study by the National Business Group on Health, when you factor in premiums and other uncovered costs, the total worker share of health care costs is currently around 37%. That works out to $370 employees have to pay in premiums and other costs for every $1000 in 2013 health care expenses.

In addition, there is a rising fear that the tiered insurance coverage individuals are able to receive under the Affordable Care Act may move over to the workplace, which would only increase employees’ costs even more. Those plans include out-of-pocket costs as high as 40%, up to a maximum for individuals of $6,350 and $12,700 for families in 2014. These trends could be the reason that a growing number of businesses are offering their employees critical illness insurance.

If a policyholder is diagnosed with serious, specific ailment such as cancer, stroke, or heart attack, they will receive a lump sum payout. This money can help pay for out-of-pocket medical expenses as well as other costs associated with their treatment such as transportation, child care, or living expenses. These expenses otherwise could be very difficult for a sick person who cannot work to pay. This coverage is usually voluntary and paid for entirely by the employee.

The medical expenses that come along with a serious illness can be financially devastating. Protect your financial future by adding a critical illness insurance policy to your existing health care plan right now.

Getting an Over 65 Insurance Policy

May 29, 2014health insurance, life insuranceover 65 insurancePaul Oliver

If you are looking into an over 65 insurance policy, the rules change dramatically. With the implementation of Medicare, there are a few options to consider when focusing on your health coverage. While you may think that Medicare has you covered, you may want to think about acquiring some additional insurance to help supplement your plan.

There are a few situations in which Medicare does not protect you from potentially large medical expenses:

Medicare does not cover co-payments, deductibles, or any health care that you receive if traveling outside of the United States.

If you find yourself needing a supplement to Medicare, Medigap insurance policies can help finance additional health expenses.

In order to apply for Medigap or any supplemental insurance to Medicare, it is important that you are a part of both Medicare Parts A and B. If you and your spouse would both like to add Medigap coverage, it is possible that you need to apply separately as most plans only apply to one individual.

If you are an immigrant without American citizenship, Medicare may not cover you.

In order to take advantage of the nation-wide insurance program, you need to retain permanent residence in the country for at least five years. While this may allow for some individuals with green card status to apply for Medicare, this leaves many people uncovered by the government program.

Fortunately, as of January 1, 2014, new healthcare laws have come into effect that prevent insurers from turning away individuals based on age or pre-existing conditions. This is great news for people seeking over 65 insurance policies, as they will be able to purchase health insurance from any provider without any questions asked. This new law also prevents insurance companies from charging an exorbitant amount for its older subscribers, which makes coverage within reach for many more deserving individuals.

Acquiring an over 65 insurance policy from a private company may be the best way for you to save money on your health expenses. Whether you are supplementing Medicare or getting an entirely new plan, start by comparing the benefits of several insurance providers to get the best policy that meets your healthcare goals.