The Affordable Care Act, or Obamacare, is going into full effect beginning in 2014. Many people are concerned about how their health care will be affected. If you use health savings accounts (HSA) now is the best time to understand the changes that will take place. HSAs will be available, but there will be limitations attached.

HSAs are accounts that allow employers to place tax-free monetary contributions for the employees to use in connection with their health plan. This account is primarily used to help cover health care costs. You may choose to invest it, much like a retirement account. The money in HSAs carries over without an end date or penalty for withdrawal. The contribution is currently capped at just over $3,000 for individuals and just under $6,500 for families. Since the accounts are for health care plans with high-deductibles, the deductible is at least $1250 for individuals and $2,500 for families.

HSAs are different from health reimbursement accounts (HRA) and flexible spending accounts (FSA). Both of these, the HRA and FSA, are use-it-or-lose-it accounts. This means that whatever is not used up by the end of the year is forfeited. Employees chose these accounts as they are not subject to payroll taxes. With the modifications that the healthcare act is putting on the HSAs, they will have limitations on what the HSAs will cover. HSA funds will no longer cover over-the-counter medications without a prescription. If money is used for non-medical purposes, there will be fines. While many preventative care services will not work towards the HSA plans, all health plans will be required to provide necessary health benefits.

Finally, health savings accounts will also be available on all plans, including the “Bronze Plan.” The “Bronze Plan” has the lowest premiums with the highest deductibles. Many employees will continue to be able to use their health savings accounts to help with the cost of the doctor visits.

You will still have the ability to have money deposited into the account, and it can still be used to cover medical expenses throughout the year. However, you will be required to get a prescription from your physician if the medication is sold over the counter if you wish to use your HSA funds to cover it. The health savings accounts will not really be affected under the Affordable Care Act. It will continue to service employees the way it originally was enacted for.

On October 1st the Affordable Care Act, known as Obamacare, launched throughout the United States. Unfortunately, the system that was put into place had numerous technical issues and has not had a successful start. The few glitches that Obamacare has experienced have numerous Americans at risk for identity theft and have prevented many people from being able to sign up for health insurance. While Obamacare is not necessary for all Americans, health insurance now is. So whether or not you choose to use Obamacare as your primary provider, here are a few of the key facts surrounding the new healthcare options.

Enrollment

While enrolling in Obamacare has been difficult thus far, it was intended to be a simple process. The government has set up HealthCare.gov in order to assist people in signing up for government health insurance. However, this website has been littered with technological glitches and has allowed a limited number of Americans to sign up. While the known issues are being fixed, you can still visit the site for FAQs and details of the plans, and apply via phone if the site is not working properly.

Details of Obamacare

Obamacare helps those who could not attain affordable healthcare.  While the figures are not out yet to determine if this is the case, so far it seems that the underinsured and uninsured are enrolling. Many analysts attribute this to Americans not wanting to be fined for not having insurance.  The penalty for not having insurance will equal at most 1.0% of your income maxing out at $95 for adults and $47.50 for children.

Obamacare and Businesses

Many businesses across the nation are feeling the effects of Obamacare. They are choosing to lay off employees in order to deal with the rising costs of health insurance. Other companies  have switched their full time employees to part-time schedules as a way to decrease health care benefits. The business sector of the economy is dealing first hand with rising costs of health insurance.

Differences in Healthcare

The main differences in healthcare with Obamacare affect Medicaid recipients. The most noticeable changes for 2014 will include:

• Higher premiums

• Fewer supplemental policies

• Higher costs for hospital-based surgeries and cancer treatments

• Longer waits to see doctors

• Higher out-of-pocket costs

Although there are thousands of Americans complaining about the delays that surround getting health insurance, those that have signed up are thrilled. In time, the website will function properly so that more individuals can enroll and take advantage of affordable health insurance.

The Medicare program supports an open enrollment period during which you can make changes to the benefits packages, rules and plans available to you. This time varies slightly every year and for 2013 it extends between October 15 and December 7. The options are endless and the information is difficult to navigate sometimes which results in many beneficiaries keeping the same plans year after year. In some cases, the plans are getting better but the complexities between combining insurance plans discourage enrollees from switching their plans. Here are a few tips to help you prepare for the next open enrollment period and maximize your benefits with the most convenient plan.

You can get more with part C
Many people covered by part A and B of the Medicare program are unaware of the additional benefits they can have access to if they were to sign up for the Medicare Advantage Plan, also known as Part C. Although more expensive at first, you should look into the costs of upgrading if your current plan does not cover all of your current needs.

Sign up for Part D
This is the prescription part of the insurance. If you expect to be taking additional medication in the upcoming year, make sure to consider this when you are looking for options because it is more costly to sign up for it later in the year. In most cases, there are penalties for switching or enrolling late. Try to get all your prescribed medications through the plan’s preferred pharmacies as you can get better benefits and less out-of-pocket costs.

Get a clear idea of the total costs you have to incur
Premiums are often only a portion of what you might need to pay. Make sure you read the fine prints and look into things like deductibles and copay’s fees. By knowing these exact costs, you will stay within your healthcare budget.

Get informed early
Keep in mind that the plans change from year to year and you might not be getting the same services this year. Pay attention to the newsletters and notices you get in the mail. This is how you can keep informed and have everything you need by the time the open enrollment period commences. You can sign up for the plan quickly and easily and not risk missing a deadline because you were not prepared.

By being mindful of the open enrollment dates, you can save yourself time and money. It is advised that you talk with your healthcare adviser and get all your questions and concerns addressed weeks before open enrollment.

Medicare and Medicaid are commonly confused for one another. The fact is that they’re both government programs involved with healthcare also further confuses people. Both Medicare and Medicaid differ in regards to the people they cover, their funding and how they’re governed by the state and/or federal government. Although these healthcare-related programs serve different purposes for Americans, they’re considered a necessity for low to middle income workers in need of healthcare.

Behind Medicare

Medicare is primarily an insurance program. The program involves patients deferring payments to trust funds while they are working full time, which cover their medical bills once they retire.

This program mainly covers people over age 65 at any income level; younger disabled holders and other patients, like dialysis patients, are also covered by the program.

Patients are required to pay a portion of their costs through deductibles for hospital and other related costs. Smaller monthly premiums are also required for other types of coverage. The program is run by the Centers for Medicare & Medicaid Services, a federal government agency. As a federally run program, its standards remain constant across the United States.

Medicare may require payment or co-payments for deductibles against certain services provided to beneficiaries. The program reserves the right to refuse to pay for treatments otherwise considered unnecessary.

Behind Medicaid

Medicaid is primarily an assistance program for low income individuals and/or families. The program helps pay medical bills via state, federal and local tax funds. Patients under the program usually aren’t required to pay any part of the costs for their covered medical expenses.

As a federal state assistance program, it can vary across states. State and local governments run this program according to their federally imposed guidelines.

Low income individuals and families of any age are eligible for receiving Medicaid. The eligibility criteria, however, is considered strict, varying on a state by state basis. Beneficiaries of this program must hold less than $1,000 USD in liquid assets. The income restriction, too, varies by state. As an example, New York residents who earn less than $700 per month are eligible.

Some states require beneficiaries to pay their healthcare or other provider a ‘co-payment,’ usually up to $30 per month or a one-time payment upon receiving medical-related services. People who qualify for both Medicare and Medicaid are known as ‘dual eligible’ beneficiaries. If they qualify and subsequently enroll in both programs, they might be able to have both programs work together to cover most of their healthcare costs.

Medicare has been around for over 4 decades and has morphed into more than President Lyndon Johnson could have imagined back in the day. The government insurance program offered to seniors and people with disabilities has helped millions of low income Americans get affordable healthcare. Medicare is paid for by working Americans through taxes. Most US citizens that reach the age of 65 will benefit from it. In recent years, this program has incurred much debate about the direction and reform it needs in order to offer seniors and the disabled better healthcare options.

While many Americans have yet to enter retirement age, it is important to know about Medicare and how your tax dollars are helping millions of retirees. Here are seven things everyone should know about Medicare.

Different parts have different costs
Medicare comes in four parts. Part A covers hospital costs and is free for you and your spouse if you have paid into it for at least a decade. Parts B and C offers services that Part A does not but comes at a monthly cost that will vary slightly depending on state and region. Parts D covers prescription drugs and comes at an additional cost as well.

Medigap offers additional options
If you are receiving the traditional Medicare benefits, it would be beneficial for you to have a Medigap plan. It is offered by a private insurance, and covers the areas that Medicare does not address. Keep in mind that you can be charged extra or denied service if you sign up for Medigap 6 months after you pick your Medicare plan.

If you make more, you will pay more
Individuals earning more than $80,000 or couples making more than $170,000 per year will have to pay anywhere between $146.90 and $335.70 more per month for part B and between $11.60 and 66.40 for part D.

Part D offers you more services and saves you money
The cost for prescribed medication will decrease gradually starting in 2013. So by 2020 beneficiaries will only have to pay 25% of the total cost of their prescription drugs. What’s more is that Part D offers its beneficiaries additional preventative services such as screenings for some types of cancer and cardiovascular diseases, mammograms, and flu shots.

Medicare does not cover long-term care
It covers the necessary hospital visits to treat immediate health problems without offering an assistance for the recovery period.

Decisions can be appealed
If a service or a payment is denied, you have the right to appeal the decision. Make sure to gather all the information needed so you have a stronger case.

Timelines
You are eligible for Medicare at 65. If you already receive benefits, you will be automatically signed up for part A and B (which you could chose to change). If you don’t, make sure to sign up three months before your 65th birthday. Medicare gives you a 7 month window for initial enrollment.

There is endless debate over Obamacare and what it means to the working American without healthcare. The Affordable Care Act (ACA) affects both businesses and consumers. Americans enrolled in Medicare have been trying to sort out the pros and cons. Many seniors are worried about how it affects their benefits and premium.
Medicare is in no way impacted by the ACA, so you will not need to change the care you are already receiving. The good news is without making any changes to your policy, you automatically will get increased coverage. Many Americans have been concerned that they would pay higher premiums but through reforms, the Medicare program will be solvent for at least the next decade. By reducing fraudulent usage and claims, legitimate care will be provided for those in need. The Affordable Care Act will strive to increase benefits for both patients and providers and utilize the system as it was conceived.
The Affordable Care Act gives those who qualify new benefits with Medicare. These benefits include eliminating the Donut Hole coverage gap for prescription drugs. This closes the coverage gap for prescription drugs which will keep more cash in your pocket. The ACA adds an annual Wellness visit to reduce the cost of “sick care”. It also increases free preventive services such as vaccines, screenings, and other tests for qualifying beneficiaries.
It also creates Accountable Care Organizations (ACOs) – Health care providers can organize into ACOs. These organizations are held accountable for the overall care of their Medicare beneficiaries. They must have adequate participation of physicians and deliver quality care medicine to their patients. ACOs that voluntarily meet quality thresholds share in the cost savings they achieve for the Medicare program and are overseen to maintain the quality.
In the end, everyone wins with the Affordable Care Act. With the ACA, Medicare fraud is reduced, quality care from experienced and competent providers is assured and costs are reduced in the long run. Creating a health care society that strives to keep people well is what the ACA is all about. Regardless of your political views, if you have Medicare, rest assured that you will be taken care of and given quality care. The Medicare program was enacted to help people stay healthy in an affordable way. The nation’s retirees and disabled count on Medicare to lead the healthy lives they deserve. The Affordable Care Act will see that it continues to do just that.

Not sure whether a low or high deductible health plan is right for you? You may not realize it, but depending on your stage in life, your overall health, and several other factors, you could benefit greatly from an HDHP (high deductible health plan). Yet many are better off with lower deductible plans. The health insurance world can be tough to navigate, but when shopping for coverage it’s important to know your options.

This infographic from Health Insurance Online compares low deductible health plans to coverage options with higher deductibles. Understand your choices, the advantages and drawbacks of each type of plan, and what it means for your wallet. Read on and find out which coverage option better suits your healthcare needs!

The Deductible Dilemma: A Look At Low Vs. High Deductible Health Insurance Plans from Health Insurance Online

For the world traveler there are some concerns when it comes to your health. Although many countries have fully capable health care, some are less updated than others. Many foreign countries also host different diseases than what you would find in the U.S. And even the “safest” places to visit don’t guarantee you won’t get hurt or fall ill while traveling. Making sure you’re prepared for a trip abroad includes more than just making reservations and packing, it’s important to plan for your health needs as well.

Insurance For Travelers

Having travel insurance and medical insurance abroad is not the same thing. Travel insurance refers to the trip itself and the services you pay for (flight, hotel room, etc.). Travel health insurance is referring to your well-being while on the trip (the same as it would here in the states). If your insurance does not provide coverage abroad, you should consider additional, temporary, health insurance while you’re traveling in another country.

Travel medical insurance can cover you if an emergency happens while you are staying abroad. No one plans to need it, but if you are not covered, you may be paying out of pocket for care if you become ill. Ask your current provider about whether your policy covers you and your family while traveling abroad. When considering your options, it is best to assess all of your potential needs. Do you have any pre-existing conditions? Where are you going? How long will you be there? What kinds of activities will you participate in? These are the questions to ask before making a decision.

If you’re lucky enough to be covered, make sure your insurance covers a wide array of services. If you’re not, make sure that you look for comprehensive coverage when shopping around. Depending on where you go (and what you plan to do) you may need more than just money for a doctor’s visit. Some travel health policies include a wide range of emergency services, which can cover you even if you require evacuation by helicopter… so if you’re climbing a mountain, don’t skimp out!

When shopping for travel medical insurance, pay attention not only to the coverage, but also to the accountability. Look for medical policies that guarantee their payments abroad, pay directly to foreign hospitals and doctors, and have a 24-hour customer support center. The U.S. Department of State maintains a list of reputable companies that offer medical insurance for travelers, so check out their website if you don’t know where to start.

Get Vaccinated

Before you get on that plane (or boat), check the vaccination requirements and health alerts of the country you’re traveling to. The Centers for Disease Control and Prevention website provides users with details about current health alerts in each country. The site is updated frequently, offering different alert levels and descriptions of the diseases that may be harmful to a foreigner.

MyVaccs, another useful source, has an interactive map containing the required vaccinations for each country. Select where you’re going from the map, and it will list the diseases visitors to that region are prone to and which vaccines are required for travel. If you’re a frequent traveler, you can register for an account with them to help keep track of your vaccination records.

Enjoy Your Trip

Obviously there is a lot to consider when traveling, but if you plan on having the time of your life, you have to protect yourself. Don’t let unexpected medical expenses ruin your trip; make sure you’re covered before you leave. And be sure to research the country you are visiting and take the essential steps toward preventing local illnesses. If you know you’re covered, you can travel abroad with peace of mind. Now get out there and see the world!

Individual health insurance can be one of the most confusing (and expensive) aspects of adult life. Of course the best scenario is that your employer, your spouse, or perhaps still your parents, provide you with insurance. But unfortunately that is not always the case, especially for part-time employees or interns. So if you’re stuck without health insurance, here are a few tips to consider while you hunt down care.

Be Healthy And Stay Healthy

If you have a pre-existing medical condition, a health plan may either refuse to cover you, or impose a pre-existing condition exclusion period. However, effective January 1, 2014, insurers will no longer be allowed to impose a pre-existing condition waiting period or refuse insurance to anyone with such a condition. If you’re waiting it out until then, do your best to stay otherwise as healthy as possible. Practice good habits, like following a balanced diet and staying active. It really will make a difference in your overall health, and hopefully limit your need of additional medical care.

Know The Health Insurance Laws And Regulations Of Your State

When shopping for health insurance, it’s important to remember that every state offers different plans, and their prices can be affected by certain regulations that are in place. For example, New York State has a guaranteed-issue policy that requires companies to insure everyone regardless of their health. So before you get discouraged about factors that may affect your eligibility, make sure you include your state when researching insurance policies. This will give you more accurate estimates, and less surprises when you decide which plan to go with.

Does Your School Offer Health Insurance?

Some colleges and universities require that their students have health insurance in order to attend. The good news – many offer low-cost coverage through contracts with private health insurance companies. So if you’re a student desperate for healthcare, get in contact with your admissions office to see if your school does offer healthcare plans.

Your school may offer many different types of student health insurance policies that can cover different needs. As a college student you will have access to different care options, such as student health services, so be careful! The policy may only cover trips to your school’s health services, meaning you may not be covered if you see your normal doctor. Be sure to carefully investigate the coverage options thoroughly before selecting the one that’s right for you. And evaluate your risk of needing to see specialists, have medically necessary procedures, and diagnostic tests and screenings, as they may be excluded from some student health plans.

Health Coverage Through Medicaid

If your family’s income is low, has high medical bills, or if you have a disability, you may qualify for Medicaid. Don’t think you qualify? Think again. The new healthcare reform laws will also expand Medicaid eligibility to include all Americans under age 65 with incomes up to 13% of the federal poverty level, including adults without dependent children. To find out if you are eligible, check with your state’s insurance department.

Get By With A Little Help From Your Parents

Nowadays, you can remain on your parents’ health insurance until you are 26 years old. Every case is different, but in many instances the best option may be to stay on that plan as long as possible, especially if you are receiving full coverage for almost any test or condition. If you find that it is more difficult or expensive to switch to your own individual policy, or if you have no available option on your own, then stay on your folks’ plan.

Once you are over 26 tough, you may lose the health coverage that your parents have been providing, even if you are still attending college. However, you may be eligible for COBRA continuation coverage for some period of time. Your parents, who have been carrying the insurance for you, will need to check with their insurance agent or benefits manager to make sure that you are eligible.

Consider a Health Savings Account

If you have health insurance, but are still reluctant to seek care due to the cost, consider a health savings account. Available for those with HDHPs, or high deductible health plans, an HSA is a great option for people who typically only have to whip out their insurance card once or twice a year. Maybe you go for a yearly checkup, and then to the doctor if you have the flu.

This scenario goes hand in hand with an insurance policy that has a high deductible (typically $1,100 for individuals; $2,200 for families), but low premiums. The money you save on premiums each month can be deposited into the HSA pre-tax, where it grows, tax-deferred. You then use it to pay for any unexpected medical expenses. Since the majority of health claims are less than $2,500, this can reduce your insurance premium by half or more. The best part is once you turn 65, you can withdraw any money you didn’t use and spend it on anything you want, including funding your retirement.

Even if you’re desperate for healthcare, making a hasty, uniformed decision is not the best route. Take the time to do your homework, keep an open mind, and know exactly what you want, and more importantly what you need from a policy.