The ACA (Obamacare) is getting a bad rap these days because of the flawed roll out of the website and the fact that a small percentage of current policy holders have had their insurances cancelled supposedly because they don’t measure up to the standards now required under the ACA. There is a lot happening right now. Tomorrow is a deadline for signing up if you want coverage to start on Jan 1st 2014.
Here is a review of what we have so far:
1) Young adults can stay on their parents’ insurance until age 29 (in NYS) whereas it was 22 before the ACA
2) Seniors who have Part D Medicare coverage (prescription drug plan) pay less for co-pays and deductibles since ACA was passed. (Closing the donut hole.)
3) Insurance companies are now required to direct 80% of their premium revenue to medical care. Before, some companies spent as little as 60% with 40% directed to salaries, advertisement and other admin costs.)
There is more and I promise to post regularly. Most of all I want to help those of us who are struggling to sign up for what ever reason.