Health Insurance Coverage Changes | ACHA

by | Guides and Instructions, Health Insurance

Healthcare reform tends to be tricky and complex as it attempts to find a common ground that is beneficial for all people. Burdened by the political firestorms that surround it, the new healthcare bill approved by the House of Representatives will continue to change and adapt as it passes through the process of becoming law. Here are a few key components of the American Health Care Act (AHCA) in its current form that will likely affect you and your health insurance coverage.

Low Cost | Free Health Insurance Coverage!

 

Tax Credits | Health Insurance Coverage Changes

The Affordable Care Act (ACA), or Obamacare, uses several factors in determining tax credits, including income above or below the poverty line, age, the cost of plans available in the area, and what percentage of income the individual would spend on insurance. Enrollees with incomes over $47,500 are not eligible for subsidies. People with lower incomes tend to receive higher tax credits to offset the costs of healthcare.

The replacement bill proposes refundable tax credits based solely on age and income. The credits begin to phase out after an income of $75,000 for individuals and at $115,000 for joint filers. Individuals on Medicare, Medicaid, or other public health programs will not be eligible. In general, lower income families will receive less in the form of tax credits while higher income families will receive more.

Low Cost | Free Health Insurance Coverage

 

Tax cuts | Health Insurance Coverage Changes

Under Obamacare, those who refuse to participate in the healthcare system or in the online marketplaces are penalized in the form of a tax penalty. This mandate from Obamacare will no longer exist. Regardless of income, individuals and families will not be forced to pay a tax penalty for not participating in the marketplace or in the healthcare system.

 

Buying insurance

The online marketplaces set up by Obamacare will become non-existent. Without the tax penalties levied under the ACA, people will be encouraged to prohibit insurance companies from cutting them off. But, if healthcare is lost for a period of 63 days, insurance companies may charge up to a 30% penalty over a period of one year. Individuals and families will be required to seek out insurance on their own or through employers.

Pre-Existing Conditions and State Waivers

Much of the current debate over the AHCA has revolved around pre-existing conditions. Pre-existing conditions are those medical conditions that existed before the start of coverage. This includes health issues such as cancer, asthma, high blood pressure, surgeries, seizures, and acne as well as mental health issues such post-traumatic stress, postpartum depression, and behavioral disorders. Under Obamacare, people with pre-existing conditions could not be charged extra or be denied coverage. Everyone would receive the same coverage, regardless of these conditions. The AHCA seeks to keep that component with a notable change.
States may request waivers that allow insurance companies to opt out of all regulations and consumer protections that existed under Obamacare. This means that the elderly may be charged up to five times the amount of younger people who are covered. Essential health benefits (maternity care, mental health, prescriptions, etc.) will be no longer be required to be covered. Also, consumers may be charged more or denied coverage for pre-existing conditions.
In order to apply for the waiver, states must set up a pool for high-risk consumers up to $138 billion over ten years, but this amount would not be enough to provide full coverage for people with serious illnesses.

Low Cost | Free Health Insurance Coverage

 

Employer Coverage | Health Insurance Coverage Changes

Under Obamacare, employers are allowed to choose whichever state’s definition of essential health benefits they wish to abide by. This provision became meaningless with the nation-wide standardization of what qualified as an essential health benefit.
With the AHCA, a large employer in any state may use the essential health benefits definition used by a state that has gained a waiver in order to cut costs. Provisions for such benefits as prescription medication or mental healthcare may be scrapped to reduce costs if any waivered state chooses a definition that does not include those benefits. Though it is unlikely that many employers reduce essential benefits for fear of losing employees, they have the ability to do so.

 

Medicaid | Health Insurance Coverage Changes

Obamacare permitted the expansion of Medicaid so that states may allow for coverage of single, nondisabled adults slightly above the poverty line. The Federal government pays most of the cost in the expansion. This allowed 10 million additional people to enroll under the new requirements. Single adults with an income below $15,800 are currently eligible for Medicaid benefits. Many people join or leave the program as their income fluctuates.
The AHCA proposes cuts to the program that will equal up to $880 million dollars for the Federal government. States will not receive reimbursement for individuals leaving the program, so as people fluctuate out due to income, the allotted resources will dwindle and less people will be eligible.

Medicaid will change from an entitlement program to a grant program, meaning states will have the option of providing a set amount of money to the individual or receiving a set amount of money for all recipients in the state. As federal reimbursements to the states fade, the available resources for Medicaid will decrease. Fewer people will be eligible and fewer health concerns will be covered.

Low Cost | Free Health Insurance Coverage

 

Healthcare Summary | Health Insurance Coverage Changes

Healthcare may be complicated, but it is important for everyone to understand their coverage. Political rhetoric often gets in the way of a basic understanding on what the individual or family is entitled to. Under the proposed healthcare plan, some restrictions on insurance companies will be loosened and less people will be covered. Middle class and higher income families will see greater tax benefits and decreased premiums, but lower class families and the elderly will see their insurance costs rise or become ineligible for coverage. There will be changes to this bill before it is approved, so some of what has been discussed may change. The key takeaway should be that both Obamacare and the AHCA will provide different benefits and coverage for different people. Ensure that you find the coverage that is best for you and your family.

 

 

 

5 Strategies to Save Money on a Shoestring Budget
 If you are one of the many people who live on a tight budget, you may feel the stress of your situation on a daily basis. Even a seemingly small issue that arises and has reasonable expenses can throw your budget off track. Reducing your costs is a great...
Public Assistance Study
 According to a new public assistance study conducted by the University of Illinois and the University of California-Berkeley, a overwhelming majority of fast food worker's families are enrolled in one or more public assistance programs. These programs...
Which Student Loan Repayment Options Work for You?
Which Student Loan Repayment Options Work for You? The student loan process can be tricky and difficult to understand. Students often overlook the process from the beginning of college until graduation, never realizing the impact of the loans until payment become due...
Morning Habits for Success
Are you a morning person? Many people enjoy getting up at the sunrise and having a cup of coffee while they browse the web and others prefer to sleep in as long as possible but the most successful people in the world embrace the mornings and in fact there...
Unsecured Personal Loans
Unsecured Personal Loans are those that do not have any collateral attached to them. This type of loan is often easy to get, but know in advance you will be paying a higher interest rate on the loan.This is because there is a great risk of non-payment due...
Denied Insurance Claim? Don’t Give Up!
Buying insurance is a common and thoughtful step that people take to protect themselves financially from a major mishap, accident or other type of loss. When you purchase insurance, you understandably expect the insurance company to pay out on a claim so that you can...
The FHA and Home Loans
 The Federal Housing Administration (FHA) insures mortgages on loans provided through FHA-approved lenders. Since its creation in 1934, the FHA has insured tens of millions of homes for families in the United States. These mortgage insurances protect...
“Believe in The Power of 3”
The number 3 is the first number to which the meaning “All” was given. It is the number of the whole as it contains the beginning, a middle, and an end. When you raise the number 3 to a second power, it simply magnifies everything you already have and...
Job Hunting at Career Fairs
Are you looking to find a new job or a new career? If you are, you may want to try career day job hunting, as it is a great way to not only find available jobs, but also apply and interview the same day. Looking for new and exciting careers? Click the link below!...
Unpaid Wages Recovery Guide
If you worked for it, then you should get all upaid wages. Everyday can be a struggle and still come up on the short end of the stick. That is why you may be frustrated when you are not paid the money you are owed. Fortunately, there are many steps that you can take...
Affordable Health Insurance
Is finding affordable health insurance as improbable as encountering a unicorn walking across your back lawn? It doesn't have to be. Here are seven steps you can take to lower your costs.   1. Understand your options to buying affordable health...
Is Rent to Own Housing An Option?
Rent to own housing is a popular term that should be carefully considered. It can be an agreement between owner and seller to rent or lease a property until it is paid in full. The plan can work several different ways, some have zero deposits and no...
Save Money When Grocery Shopping
 It is a good idea to be aware of the amount of money that we spend on items when we go grocery shopping on a regular basis. When times are tough, it is this knowledge that can help us to survive on less income than usual, which can help in a big way if we...
Social Security Disability Benefits
Sometimes in life, events occur that prevent people from working in order to make a living. Accidents occur and illness strikes at the most inopportune moments. The Social Security Administration may be able to help. They provide disability benefits to...
Government Assistance for Unemployment
Government Assistance for Unemployment Sometimes, life does not go as smoothly as planned. Fluctuations in the economy lead to periodic lay-offs. Sometimes, a company fails and workers find themselves out of work. Often, an employee and employer simply part ways after...
Positive Thinking Can Change Your Life
Positive Thinking Can Change Your Life Enthusiasm Is Positive Energy “No pessimist ever discovered the secret of the stars, or sailed to an uncharted land, or opened a new doorway for the human spirit.” - Helen Keller Enthusiasm is the sunshine of your mind’s garden....
Women Grants in The United States
A lot is being granted to the citizens of America in the name of grant scheme. Various categories of financial needs are being accomplished through these grants. Some of the most popular grants schemes ever are the grants for men, grants for women, grants...
Modern Millionaires Mindset
Here’s A Modern Millionaire Rhetorical Question:   If you have a spare million dollars in your bank account today… How will you spend it? Pay off all your bills and loans? Buy your dream car? Dream house? Give your family a better life? Travel all...
Walmart Owes Money
Wal-Mart is a nationally recognized big box store offering low prices for customers who have everyday needs. The store employs more than 1.2 million people, and many of them are currently in a situation in which they could receive a big payout from the company for...
Run A Background Check When Applying for Jobs!
 Social media is everywhere in the air around us today. Hence it is natural for you to assume you can handpick and choose what you want your employees to see. Most people therefore imagine that once they clean up their Facebook wall and delete those...

Subscribe

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email to Receive New Assistance Updates

Due to the overwhelming response, please enter your name and email to ensure proper results.

Thank You! You will now receive the latest assistance updates!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

Share This