When President Obama campaigned for his first term as president, he promised that healthcare premiums would decrease by $2,500 for a typical American family with his plan for health reform. By the end of his first term, premiums had actually risen by more than $3,000 per family. With Obamacare set to go into effect during his second term, experts anticipate another increase in premium costs. As a healthcare professional, you must understand how these increased insurance costs could affect the care you deliver.
One of the biggest effects of increased healthcare premiums is that fewer employees will be provided with health insurance as part of their benefits packages. Chad Terhune of the "Los Angeles Times" reports that only 53 percent of California residents get their health insurance through work, which is a decrease from 62 percent in 2000. Due to rising insurance costs, fewer employers are offering company-sponsored insurance coverage. Terhune also reports that the Robert Wood Johnson Foundation found that 47 states, along with the District of Columbia, experienced a substantial decline in the number of residents with employer-sponsored coverage since 2000. Some workers are choosing not to accept employer-sponsored coverage because they cannot afford to pay their portions of the healthcare premiums.
Anna Mathews and Louise Radnofsky of "The Wall Street Journal" reported that health insurance companies have actually warned insurance brokers that healthcare premiums will increase for small businesses and individual policyholders once Obamacare goes into effect. In 2014, consumers could end up paying double what they pay now for individual plans. This is a stark contrast to the Obama administration's claim that the health reform plan will make health insurance more affordable. You may find that patients who cannot afford these higher premiums will resort to skipping important medications or failing to undergo tests that are needed to diagnose or monitor serious health conditions.
One of the provisions of the Affordable Care Act is that health insurance companies must accept everyone who applies for coverage. The law also forbids health insurance companies from charging more because a customer has a serious health condition. Insurance experts predict that these provisions will drive up premium prices, as eight states have already tried imposing these conditions on insurance companies. In Kentucky, rising insurance costs forced the government to repeal much of the law. Several of the other states modified the provision against charging people more for coverage based on the presence of chronic health conditions.
Merrill Matthews and Mark E. Litow of "The Wall Street Journal" say that some actuaries are predicting a 50 percent increase in premiums for individual policies. Small businesses will also see a significant increase. Increased healthcare premiums are not the only issue causing controversy. People who apply for subsidized healthcare under the new plan will be forced to fill out dozens of forms with information about their incomes and employment statuses. These administrative hassles could also deter people from getting the healthcare they need.
Once the Affordable Care Act goes into effect, you are likely to come across several patients who are forced to drop their insurance coverages or choose plans with higher deductibles due to increased healthcare premiums. Until then, healthcare professionals must continue to provide the best care possible to a diverse patient base.
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