Essential Health Benefits are basically what the Affordable Care Act says must be covered with no lifetime maximums, on every fully insured small group and individual health insurance policy starting January 1st, 2014 (or on the first day of the plan year following January 1st, 2014): • Ambulatory patient services • Emergency services • Hospitalization…
Category: Health Care Reform
The Price of Smoking is About to Go Up Significantly.
If you smoke or otherwise use tobacco, starting in 2014 you can have your insurance premiums increased by up to 50%. BUT, there is some good news on the horizon. There is a proposed rule that would exempt tobacco users from this premium increase IF you enter a smoking cessation program. So, if living a longer,…
Employer Penalties under the ACA in 2014
Employers, you need to be aware of the penalties that will be imposed come 2014 if you are not compliant with health care reform law. Check out this flow chart created by The Kaiser Family Foundation to see how you may or may not be impacted. Employer Penalties Flow Chart Not sure how…
While most of us can understand the basic meanings of our health insurance terminology such as deductibles, co-pays, co-insurance, etc., there is a whole new language being spoken within Health Care Reform. Wondering what in the world an EHB or QHP is? This list should help. ACA – Affordable Care Act, fully known as…
Colorado Health Insurance Exchange User Fees
The Washington Post is reporting that the Feds are proposing a 3.5 percent fee on insurers who want to participate in new health care markets (this would include the Colorado health insurance exchange). The fee is to cover administrative costs of the new markets, which were designed to be self-supporting. Like most administrative and/or regulatory costs…
Should I just drop group health insurance and offer an HRA instead?
In an effort to dodge some of the rules and challenges that are part of Health Care Reform, some “slick” sales organizations are encouraging Colorado employers to just “get out the health insurance game” and offer a Health Reimbursement Arrangement (HRA) instead. Here is one of the marketing e-mails that we just received. Their pitch sounds…
Am I eligible for the Advanced Premium Tax Credit?
Starting in 2014 you may be eligible for the “Advanced Premium Tax Credit” (which was created as part of the Affordable Care Act). If youare eligible, this could substantially reduce the cost of your Colorado health insurance plan. In order to determine your eligibility for these tax credits, consider these questions: 1. Are you eligible for…
Hospital Overhead Costs are Piling On to the Cost of Health Care
Here is an interesting story about how one surgery center in Oklahoma City is turning healthcare upside down. How can the same procedure from the same surgeon cost $27,000 less at this surgery center rather than the local hospital? The answer: 1. The surgery center has much lower overhead costs than the hospital. “In 2010,…
Not right away. The Colorado Health Exchange will initially serve individuals buying insurance for themselves and their families. Most people will continue to get their health insurance through their employers via Colorado Group Health Insurance. Colorado is also setting up a separate exchange for small businesses called the “Small Business Health Options Program” (SHOP). Individuals may…
Colorado Health Insurance Exchange
If your employer does not offer health insurance, then beginning in 2014 you will be eligible to purchase your Colorado health insurance from the Colorado Health Insurance Exchange. What is the Colorado Health Insurance Exchange? Colorado’s health insurance exchange will be a competitive and transparent marketplace where you can purchase health insurance (even if you…