Most of the time whenever there are adjustments in the health insurance laws the major concerns will revolve around how that would affect your income at the same time if you will be forced to look for a new policy that will be budget considerate. In other words, the new health insurance law stands under the scrutiny of many insurance policy makers at the same time under the scrutiny of many income earners around the country. Therefore, if your main ambition is to get insurance premiums that are budget friendly then you may have to look into the new health insurance law and weigh the general effects it will have on the health insurance companies all over the state. Therefore, below are some of the significant impacts the new health insurance law will have on the insurance companies which are:
- At least with the new health insurance law besides the taxes deduction there will be an increment in your threshold from 7.5% to 10% of your income. In other terms, after making deductions of all your expenses at least 10% of your income will have been deducted. The threshold remains constant for the elderly till 2016 with 7.5%.
- According to the new health insurance law as far as the health insurance premiums are concerned those whose health insurance are covered by their employer the rates will remain the same. However, the insurance companies may be forced to use 85% of the premiums on medical covers to small markets with 80% in the large markets.
- On the other hand in the new health insurance law for those with children they can remain under the parents insurance cover until they are 26 years old and this stands to benefit most dependent where in the past they were forced to get their own insurance cover after they reach 19 years old or after college. Otherwise, its up to parents to decide when the adult children can start making some co-payments and deductibles.
- Furthermore, for the senior citizens the current insurance law has made it almost impossible to get good medical attention since if on average you have been using around $2,700 to $6, 154 on drug you will have to pay it from your pocket. However, with the new health insurance law the Medicare beneficiaries will be able to enjoy free annual wellness visits and a personalized prevention plan service. The new health insurance law will ensure that the preventive services will be covered with little or no costs for the patients.
- The new health insurance law has made amends to some of the policies that rendered the medical insurance benefits worthless. Therefore, in the event you are seriously ill you will not be dropped from your health plan, you will still get an insurance company if you need a policy cover with an existing sickness, there is no limit in the level of coverage you will need in your lifetime.
In other terms there are numerous benefits that you will stand to gain by adopting the new health insurance law which will also assure you more benefits by the year 2014 and others will become effective in 6 months time. On the other hand, the less privileged in the society have been taken into consideration with better medical covers