Notes

Healthcare Reform - Busting The 3 Biggest Myths Of ObamaCare

Over the previous few months we've seen lots of Health Care Reform rules and regulations being introduced by the Health and People Services Department. Every time that happens, the media gets retain it and all kinds of content articles are written in the Wsj, the New York Times, and also the TV network news applications talk about it. All the pros start talking about the pros along with cons, and what it means for you to businesses and individuals.


The challenge with this is, many times 1 writer looked at the legislation, and wrote a piece about it. Then other writers start employing pieces from that first write-up and rewriting parts to match their article. By the time the knowledge gets widely distributed, the particular regulations and rules find twisted and distorted, and exactly actually shows up in the music sometimes just doesn't truly represent the reality of the actual regulations say.


There's a lot of belief about what is going on with ObamaCare, and one of the things that I've truly noticed in discussions with clients, is that there's an underlying pair of myths that people have indexed about health care reform that will just aren't true. Yet because of all they've read in the media, people think these myths are actually real.


Today we're going to talk about several myths I hear in most cases. Not everybody believes these myths, but enough do, and others are unsure what to trust, so it warrants dispelling these kind of myths now.


The first one is the fact health care reform only has effects on uninsured people. The second you are that Medicare benefits and the Medicare program isn't going to be affected by health care reform. And the last one is that healthcare reform is going to reduce the fees of healthcare.


Health Care Reform Only Affects Uninsured


Let's take a look at the first myth about health care reform only influencing uninsured people. In a lots of the discussions I have with clients, there are several expressions they use: "I already have coverage, and so i won't be affected by ObamaCare, micron or "I'll just hold my grandfathered health insurance strategy, " and the last just one - and this one I can give them a little bit of leeway, since part of what they're expressing is true -- is "I have group health insurance, thus i won't be affected by health care change. "


Well, the reality is in which health care reform is actually planning to affect everybody. Starting throughout 2014, we're going to have a completely set of health plans, and the ones plans have very prosperous benefits with lots of extra features that the existing plans today avoid offer. So these fresh plans are going to be higher cost.


Health-related Reform's Effect On People With Health care insurance


People that currently have health insurance shall be transitioned into these brand new plans sometime in 2014. So the insured will be directly affected by this because the health programs they have today are going away, and they will be mapped to a new ObamaCare plan throughout 2014.


Health Care Reform Affect on The Uninsured


The uninsured have an additional issue in when they don't get health insurance throughout 2014, they face a new mandate penalty. Some of the balanced uninsured are going to look at that penalty and say, "Well, typically the penalty is 1% connected with my adjusted gross income; I actually make $50, 000, and so I'll pay a $500 penalty or $1, 000 for health insurance. In that case Items just take the penalty. " But either way, they will be instantly affected by health care reform. Over the mandate it affects the actual insured as well as the uninsured.


Healthcare Reform Effect On People With Grandfathered Health Plans


People that have grandfathered health insurance plans are not going to end up being directly affected by health care reform. But because of the life cycle of their grandfathered health prepare, it's going to make those strategies more costly as they discover that you will discover plans available now that they can easily transfer to that have a wealthier set of benefits that would be much more beneficial for any chronic health issues they may have.


For people who live those grandfathered plans, the pool of subscribers within the plan are going to start to reduce in size, and as that happens, the cost of these grandfathered health insurance plans increases even faster than they are now. Therefore , people in grandfathered health plans will also be impacted by ObamaCare.


Health Care Reform Effects on People With Group Health Insurance


The past one, the small group marketplace, is going to be the most notably afflicted with health care reform. Even though the healthcare reform regulations predominantly have an effect on large and medium-sized firms, and companies that have 50 or more employees, smaller companies will also be affected, even though these kinds of are exempt from ObamaCare itself.


Just what many surveys and polls are starting to show is always that some of the businesses that have ten or fewer employees are likely to look seriously at their own option to drop health insurance insurance altogether, and no longer understand it as an expense of the organization. Instead, they will have their staff get health insurance through the medical insurance exchanges.


In fact , some of the insurers are now saying they anticipate that up to 50% connected with small groups with 12 or fewer employees are going to drop their health insurance plan sometime between 2014 along with 2016. That will have a very big effect on all people who have set health insurance, especially if they're a single of those small companies in which drop health insurance coverage.


Decades just uninsured that are going to be affected by health care reform, everybody will likely be impacted.


Health Care Reform Will never Affect Medicare


The next myth was that health care reform would not affect Medicare. read more is kind of funny mainly because right from the very get-go, the most notable cuts were specifically concentrating on the Medicare program. If you look at Medicare's portion of the actual federal, you can see that in the 1970s, Medicare was 4% with the U. S. federal price range, and by 2011, it had harvested to 16% of the federal budget.


If we look at it over the last 10 years, from 2002 to help 2012, Medicare is the fastest growing part of the major entitlement programs in the federal government, and it's really grown by almost seventy percent during that period of time.


Because of how big Medicare is and how fast it's growing, it's on the list of key programs that ObamaCare is trying to get a handle about, so it doesn't bankrupts typically the U. S. Medicare is going to be impacted, and in fact the original cuts to Medicare seem to have been set at about $716 billion.


Medicare Advantage Cuts Plus the Effects


Of that $716 tera- cut, the Medicare Advantage program gets cut the most, and will see the bulk of the effects. Exactly what that's going to do is increase the premiums people pay for all their Medicare Advantage plans, and reduce some great benefits of those plans.


Increased Additional info plans Costs


Right now, many people pick Medicare Advantage plans because they possess zero premium. When provided a choice on Medicare plans, they view it as an simple choice because it's a cost-free program for them, "Sure, I get Medicare benefits, My partner and i don't pay anything for this; why not. " Now they're going to see Medicare premiums learn to climb, and go from zero to $70, $80, $90, $100. We've currently seen that with some with the Blue Cross Medicare Advantage programs this year. It's going to get worse even as go forward in the future.


Reduced Medicare Benefits


In order to minimize often the premium increases, what quite a few Medicare Advantage plans will do is actually increase the copayments, increase the deductibles, and change the co-insurance costs. In order to keep the premiums lower, they'll just push numerous costs onto the Medicare Advantage recipients. Increased premiums in addition to reduced benefits are just what we're going to see coming in Medicare advantage policies plan.


Fewer Medicare Medical professionals


And then if that was not bad enough, as Medicare physicians begin receiving lower and lower reimbursements for Medicare Advantage people, they're going to stop consuming new Medicare Advantage recipients. We're going to see the pool of medical doctors to support people in Treatment starting to shrink as well, until changes are made over the course of the next five years. So Trattare is going to be affected, and it's going to be affected dramatically by medical reform. Everybody's kind of about pins and needles, waiting to see what is going to happen there.


Health Care Reform Will Reduce Healthcare Costs


The last one, and probably the biggest myth about medical reform, is everybody thinking that ObamaCare will reduce medical costs. That's completely hogwash. Early on in the process, when they were trying to come up with the rules in addition to regulations, the emphasis then one of the goals for reform was to reduce healthcare expenses.


But somewhere along the collection, the goal actually altered from cost reduction to be able to regulation of the health insurance sector. Once they made that transition, they pushed cost deals to the back burner. There are some little cost reduction components with ObamaCare, but the real concentration is on regulating medical health insurance. The new plans, for example , possess much richer benefits when compared with many plans today: wealthier benefits means richer rates.


Health Care Reform Subsidies: Will They Make Plans Affordable?


Many people hope, "The subsidies will certainly make health insurance plans cheaper, won't they? " Indeed, in some cases the subsidies will assist you to make the plans affordable for those. But if you make $1 a lot of, the affordable plans usually are suddenly going to become very costly and can cost thousands of dollars a lot more over the course of a year. Will any subsidy make it affordable or not affordable is really subject to discussion at this point in time. We're going to have to actually see what the rates look like for these plans.


Brand-new Health Care Reform Taxes Given to To Consumers


Then you will find a whole ton of new medical reform taxes that have been included into the system to help spend on ObamaCare. That means everybody who has a health insurance plan, whether it's in a large group, a compact group, or just as an person, is going to be taxed in order to purchase the cost of reform. Health care change adds various taxes upon health care that insurance companies will have to collect and pay, however they're just going to go it right through to you, the consumer.


Mandate Won't Decrease Uninsured Very Much


During the primary years of health care reform, the mandate is actually pretty fragile. The mandate says that will everyone must get health insurance or pay a penalty (a tax). What that's going to perform is make healthy people just sit on the sidelines and wait for the mandate to begin the point where it finally forces them to buy health insurance. People who have chronic health conditions that am not able to get health insurance previously, are going to jump into health-related at the beginning of 2014.


At the end of in which year, the cost for the options is going to go up in 2015. I can guarantee that that's going to take place, because the young healthy people are not going to be motivated to get into often the plans. They won't see the benefit from joining an expensive plan, in contrast to the chronically ill consumers are going to get into the options and drive the costs upward.


Health Care Reform's Purpose Is simply a Matter Of Semantics


The last area of this is, one of the key points - and it's funny, I could see it for the first couple of years, 2010, and '11 : one of the key things that ended up being listed in the documentation from your Obama administration was: Health Care Reform would help reduce the cost we would see in the future once we do nothing today. That was highlighted over and over again. That was how they introduced health care cost reduction, that this would reduce the future charges. Not today, but it would certainly reduce what we would spend in the future if we did absolutely nothing about it now.


Well, that is great, 10 years from right now we're going to pay less than we might have paid. And we all know just how accurate future projections usually are. In read more , we're all paying a lot more today, and we're going to spend even more in 2014 plus more in 2015 and 2016. People are going to be pretty cantankerous about that.


Conclusion


Those several myths, that health care change is only going to affect the uninsured, which it won't affect Medicare beneficiaries, and that ObamaCare is going to lower healthcare costs, are just that will. They are myths. There's nothing for them.


It's really important that you pay attention to precisely happening with health care reform, because there are more changes which can be coming as we go through this year, 2013. Knowing how to position by yourself so that you're in the proper spot to be able to make the very best decision at the beginning of 2014 will probably be really important for everybody.

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