If you are currently insured under your company’s group health insurance, then there is a big possibility that after Obamacare is repealed, you will not be able to do so anymore. Under Obama’s Affordable Care Act, there are many provisions an employer must have to provide health insurance to their employees.
The repeal of Obamacare means that 150 million individuals insured under their company’s group health insurance will be affected, which is more compared to the 20 million individuals from the individual market.
Free health check-ups? What about the ten essential benefits?
Under the ACA, companies with 50 or more full-time employees are required to provide group health insurance that includes the ten essential benefits. If they don’t, they will face a fine. Benefits include free annual health check-ups, vaccinations, maternal care, mental health, child vision and dental care, and more.
Before Obamacare, annual health check-ups and vaccinations were not free! If Obamacare is repealed, then what’s going to happen with these employee benefits?
Little changes to premiums, but benefits reduced?!
To those companies who are renewing, they must look at both premiums and plan benefits. In 2017, many group health plans changed their benefits such as increasing the outpatient registration fees from $10 to $20.
Hospital billing methods have also changed. It’s not like before where you make a one-time payment but instead pay by day. For example, you pay for 3 days or 5 days, but once you stay more than 5 days, you won’t have to pay anymore. In 2017, some plans start charging as co-insurance so it’s possible to pay up to $5000 just for going to the hospital one time. Once you reach the annual deductible, you won’t have to pay anymore.
As a result, employers must carefully review the content of renewal changes and let their employees know as soon as possible.
Are high deductibles good or bad for you?
During the campaign, Trump stated, “…your deductibles are going up, so that unless you get hit by a truck, you’re never going to be able to use it.” A high deductible plan has its advantages and disadvantages. If you are healthy and don’t see the doctor often, then a high deductible, low cost plan is a good choice! However, if you visit the doctors more often and go to get medication, then a high deductible plan would be very troublesome and you would never get a chance to use the insurance you bought!
Group health insurance came up with a smart plan in 2017 to avoid a high deductible plan conflict! Receiving outpatient care and seeing specialists would be a fixed payment, but for other situations such as going to the emergency room, calling for an ambulance, getting an MRI, x-ray, or CT scan, you would only need to pay a co-pay. By doing this, it would save you all the thousands of dollars you would have spent on deductibles before even getting a chance to use your benefits!
Compared to individual health insurance, group health insurance provided by the company usually has more and better options because it covers benefits that individual health insurance does not have such as acupuncture, chiropractic, and many more. It is also more affordable and many companies use this as one of their company benefits to attract future employers. To learn more about “Trumpcare,” feel free to contact a licensed agent at KCAL Insurance now!