getting health insurance on the cheap courtesy of obamacare

"Getting Health Insurance on the Cheap Courtesy of

ObamaCare"

In Just 39 Short Bullet Points!

Copyright 2013 Global Health Options, Inc. DBA Riczo & Co. and Steve Riczo

The Making of…The Affordable Care

Act or ObamaCare became law in March, 2010

ObamaCare survived a tumultuous political environment and US Supreme Court ruling - see Riczo USA Today Magazine article (right)

Concern of Young Adults

While young adults have concerns about an insurance mandate, a recent Kaiser Family Foundation poll of 18 – 30 year olds say 75% believe having insurance is something they need and important to have

Making the Most of It

• Whether you love the new law, hate it

or somewhere in between - it is the law the land - use it to help you, your family & friends

The 3 Big Provisions in the New Law

#1 - Requires Americans with no health insurance to get it and helps them to do so (or pay penalty the IRS)

 #2 - Aims to help moderate

healthcare costs

 #3 - Eliminates discrimination

against Americans who have pre-existing medical conditions

The Facts about America's Uninsured:

Fact 1 - 50% of American adults have one or more chronic conditions like heart disease, cancer or diabetes - ie, "Pre-Existing Condition"

 Fact 2 - 50 million

Americans go part or all of the year without health insurance

Facts about America’s Uninsured (cont)

Fact 3 - 45,000 Americans die every year because they don't have health insurance (Source: Harvard University Medical School)

Facts about America’s Uninsured (cont)

Fact 4 - 80% of America's uninsured have at least one member of the household who is employed

  Fact 5 – More than 65%

of America's small businesses do not offer health insurance because it is too expensive

What Does ObamaCare Do about this Problem?

Two Solutions in New Law to Help the Uninsured

  Solution #1:

Individual Mandate Requires Americans to Have Health Insurance on January 1, 2014 or pay penalty to IRS

Solving the Problem (cont)

Solution #2:

Many states are expanding Medicaid eligibility (health insurance for low income Americans)

Solution # 1 cont (Exchanges)

New Online Marketplaces or Exchanges opened in every state in the US on October 1, 2013

 Health insurance companies

will be offering multiple health plans from relatively cheap to expensive – Catastrophic (under age 30), Bronze, Silver, Gold & Platinum

Solution #1 cont (Exchanges)

 Not to Worry - every

health plan must meet the federally mandated minimum benefit package (ie, cover hospitalization, doctor visits, emergency room, labor and delivery, etc.)

Solution #1 cont (Exchanges)

Middle income Americans should consider an inexpensive plan to keep it affordable - 50% selected lowest price health insurance in Massachusetts healthcare reform

Solution #1 cont (Exchanges)

Rule #1 in buying health insurance - be sure you can afford the monthly premiums so the policy does not get cancelled

Solution #1 cont (Exchanges)Individuals and

families with earnings between 100% - 250% of federal poverty level: Buy Silver Plan to get maximum federal subsidies

100% to 250% of federal poverty level

# of People Household Income 1 $11,490 - $28,725 2 $15,510 - $38,775 3 $19,530 - $48,825 4 $23,550 - $58,875 5 $27,570 - $68,925 6 $31,590 - $78,975 7 $35,610 - $89,025 8 $39,630 - $99,075

Solution #1 cont (Exchanges)

If you have a chronic illness, buy the best health plan that you are certain you can afford

Solution #1 cont (Exchanges)

Take advantage of the new federal subsidies if your household income is between 100% - 400% of the federal poverty level

For individuals in 2013, that means annual income between $11,590 and $46,000!!!

Solution #1 cont (Exchanges)

Low cost plans still have the federally mandated minimum benefit package but higher copayments and deductibles

 If you have financial hardship,

you stand a reasonable chance to negotiate down your hospital & doctor bills that insurance does not cover under high deductible plan

Option #2 cont (Medicaid)

Enroll in Medicaid if you qualify

Determine if your state has expanded eligibility requirements under ObamaCare

Option #2 cont (Medicaid)

You may already qualify even if the state does not have the expanded eligibility so do not be afraid to try!

Option #2 cont (Medicaid)

States Approving Expanded Medicaid Eligibility

ArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaHawaii

IllinoisIowaKentuckyMarylandMassachusettsMichiganMinnesotaMissouriNevadaNew Jersey

New MexicoNew York North DakotaOhioOregonRhode IslandVermontWashingtonWest Virginia

Option #2 cont (Medicaid)

How do I apply for Medicaid?

  Apply for insurance

coverage on new online Marketplace – Healthcare.Gov

You will be notified if you are Medicaid eligible and next steps

Most Importantly

Remember: Medical care is Expensive so Get Your Health Insurance!!!(and it’s the law on Jan 1, 2014!)

But what if I already have health insurance?

If you are lucky enough to already have health insurance, help a friend or relative who does not

You might be saving a life. But how???? 

 Share what you have

learned here!!!

Need a little help getting health insurance?

Need help with getting health insurance

 Use the "Contact Us" Link at

StevesHealthcare.com – no cost to you – as licensed insurance agent, our fees are paid by insurers

StevesHealthcare.com

http://www.steveshealthcare.com/

Steve Riczo has 30 years of healthcare management experience, is certified by federal government on new health insurance Marketplace, taught healthcare management at the University of Akron, is a regular contributing author to USA Today magazine on healthcare system issues and is the CEO of Riczo & Co.