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1. HEALTH CARE Obama Care: What's in it for Me?
The recent changes in the health care industry in U.S. have many
wondering what’s in it for them. Sunny Sethi explains. California
Health Insurance.
The Good: Since the very beginning of President Obama’s
term, fixing the broken health care system was a high
priority for his administration. On March 23, 2010 he
signed a bill into law that could potentially change the
way the health services are delivered in the U.S. There is
a lot of confusion in the market as no one really
understands the full scope of the bill, things keep
changing in Washington almost on a weekly basis and
people like me who make living in the health care
industry are not sure what the future really holds for us.
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2. Here’s an explanation in
simple words so it makes
some sense.
Graduating Students: The
job market is tough for the
new college graduates.
Earlier, you had to be a full
time student if you wanted to
stay on your parents plan
after age 19. Also, you could
only stay on their plan till age
24. With new reform, an adult
child can stay on the parent’s
plan till they turn 26-years-
old, irrespective of whether
they are full time student or
not. That should provide some
relief to many families as their
children leave college and
hunt for jobs in a tight
market.
Rescinding Coverage: Insurance industry announced that
companies would honor a new ban on canceling the coverage of sick
policyholders. Many insurance companies were blamed that they
canceled coverage for sick policyholders. Even if the change is
designed to improve reputation, it is another indication that reform
is taking hold and benefiting Americans.
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3. Preventive Care (Annual
Physical):
All insurance companies now are
required to offer the preventive
services i.e. annual physical exams
and tests related to the physical
such as glucose, blood pressure,
cholesterol screening at no cost to
the insured. Be careful though as
some employers are allowed to opt
out of some of these benefits so
please check with your employer.
Guaranteed Child Only
Coverage: Children cannot be denied coverage any more. In the
past, children suffering from pre-existing conditions were not able
to get coverage in the individual market. This left children really
venerable and often they had to use the government plans or visit
emergency rooms as uninsured patients. Starting October 23, 2010,
a child applying for coverage cannot be denied for pre-existing
conditions. Unfortunately, for adults this law does not go into effect
till 2014.
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4. California Pre-Existing
Coverage Plan: The
State of California has
established a pre-existing
coverage insurance plan
(PCIP). The plan caters
to adults that have pre-
existing conditions and
cannot get coverage
elsewhere.
Small Business Health Tax Credit: Employers with fewer than 25
workers and an average salary of less than $50,000 can receive up
to 35% in tax credits. But some small employers say they are
reluctant to offer coverage because they fear the law might be
changed.
Some of you reading this might be thinking that it all sounds good
but what’s bad about this law? How does it affect my taxes or how
does it affect the already struggling economy of this country? All are
fair questions; unfortunately the answers will be quite
disappointing. I will talk about the bad in the next month’s issue.
If you want to know more about Health insurance in Bay Area
California free to call Mr. Sunny Sethi @888-704-8243 or visit our
Matrix Insurance Agency.
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