Getting Health Insurance on the Cheap Courtesy of ObamaCare

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This power point presentation should be helpful for anyone considering purchasing health insurance as required by the new healthcare law, the Affordable Care Act. The individual mandate goes into effect January, 1, 2013.

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Getting Health Insurance on the Cheap Courtesy of ObamaCare

  1. 1. "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
  2. 2. 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)
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. 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)
  8. 8. 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
  9. 9. 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
  10. 10. Solving the Problem (cont)  Solution #2: Many states are expanding Medicaid eligibility (health insurance for low income Americans)
  11. 11. 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
  12. 12. 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.)
  13. 13. 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
  14. 14. 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
  15. 15. 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
  16. 16. Solution #1 cont (Exchanges)  If you have a chronic illness, buy the best health plan that you are certain you can afford
  17. 17. 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!!!
  18. 18. 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
  19. 19. Option #2 cont (Medicaid)  Enroll in Medicaid if you qualify  Determine if your state has expanded eligibility requirements under ObamaCare
  20. 20. 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!
  21. 21. Option #2 cont (Medicaid) States Approving Expanded Medicaid Eligibility Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Hawaii Illinois Iowa Kentucky Maryland Massachusetts Michigan Minnesota Missouri Nevada New Jersey New Mexico New York North Dakota Ohio Oregon Rhode Island Vermont Washington West Virginia
  22. 22. 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
  23. 23. Most Importantly Remember: Medical care is Expensive so Get Your Health Insurance!!! (and it’s the law on Jan 1, 2014!)
  24. 24. 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!!!

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