Health Insurance in 2019
According to a Gallup poll that was conducted this past March, health care is at the top of people’s concern. Of the 1,041 adults surveyed, 55 percent said that they worried “a great deal” over the cost and availability of health insurance, and 23 percent that they worried “a fair amount.”
Concern over health care is nothing new; in fact, this is the fifth consecutive year that Americans have ranked health care as a top concern. With all the changes that we’ve seen in recent years, and even more pressing, in recent months, it’s easy to understand why this is the case.
What Has Changed With Health Insurance
The current administration has weakened ACA rules on state insurance standards and has essentially eliminated the individual mandate. Once again, states have greater control over what benefits they have to ensure coverage for. Instead of being limited to covering 10 essential health benefits (EHBs), states will now be able to choose from 50 EHB-benchmark plans or select specific EHB categories to cover or not cover. Additionally, state regulators must review premium increases on 15 percent or more; previously, they had review premium increases of 10 percent.
Short-term health insurance plans, which were previously available for a 90-day period, will soon be available for nearly a full year. These health insurance plans, which are generally significantly cheaper than long-term options, do not have to provide coverage for ACA’s 10 essential health benefits. Young, healthy individuals who are not eligible for subsidies may be enticed by lower monthly premiums (and hope that they never actually have to use their insurance).
Increase in Health Insurance Premiums
With all of the changes that we’ve already seen, not to mention those that are on the horizon, there’s one thing that probably won’t be changing: for many Americans, high quality health insurance will come with a high premium. In fact, according to a recent study, health insurance premiums could increase for individual plans on the ACA marketplace between 35 and 94 percent by 2021.
This is largely due to the repeal of the individual mandate, which imposed a hefty tax penalty on those who didn’t sign up for health insurance. As healthy people whose income is too high to qualify for subsidies turn to cheaper health insurance policies (with fewer benefits), the individual market will be made up of low income people who qualify for subsidies and sick people who can’t go without coverage. In other words, the market will be made up of those most likely to file a health insurance claim, and higher premiums are necessary to offset that expense.
When shopping around for health insurance, your monthly premium is just one aspect to consider. Sure, a low monthly premium is nice, but if your insurance is all but worthless if you find yourself facing a major health crisis (which can happen to anyone at any time, regardless of health and lifestyle), you haven’t saved yourself a single dime. Talk to your Nevada Insurance Enrollment health insurance agent to determine what health insurance plan will fit within your budget while accommodating your current and future health needs.
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A health insurance carrier provides plans to cover medical expenses, like doctor visits and prescription medications. Understanding your insurer’s network, plan types (HMO, PPO), and costs (premiums, deductibles) is key to choosing coverage. In Nevada, carriers collaborate with Nevada Health Link to offer ACA-compliant plans, ensuring access to preventive care and essential benefits. Learn how to select a dependable health insurance company and manage costs effectively.
What is a Prescription Drug Deductible?
In the world of health insurance, “deductible” is a common word. It refers to an amount of money that you pay out of your pocket before the insurance company begins to pay. A prescription deductible is the portion you’d pay first, then after you’ve paid the deductible, you may only have to pay a co-pay when you pick up your medication.
If you are single, you would only have to meet your prescription deductible. If you have two or more people in your family, each member may have to meet their own prescription deductible which could be up to 2 deductibles in the family. A prescription deductible is different and separate from the medical deductible, unless otherwise stated. One deductible is for medical, ie: hospitalization, doctors, etc., and the other deductible is for filling your prescriptions.
Are Ambulance Rides Covered By Health Insurance?
If you have a qualified health plan (QHP) the answer is yes, ambulance rides are covered. A QHP is an insurance plan that is certified by Nevada Health Link in Nevada that covers “10 essential health care benefits” including emergency transportation. You may need to pay a deductible, co-payment, or co-insurance for your ambulance trip.