With all the legislative changes, government rules and regulations concerning health care, consumers are faced with so many decisions about their health care options that it's difficult to make a choice for their families. The Affordable Care Act that President Obama signed into law during March 2010 has promising and far-reaching goals; however, the average consumer probably doesn't have the time to digest the text of the entire bill to make sure he's making wise health care insurance decisions.
Instructions
Group Health Plans
1. Research online sources to determine the percentage of workers who have insurance coverage available through their employers' group health insurance plans. Applicants as well as existing employees evaluate the benefit of employer-subsidized health insurance as a determinant in whether to apply for positions within the company or look for employment elsewhere. The cost of individual health care insurance can be exorbitant without the benefit of an employer's plan, therefore, employees consider health coverage a benefit they cannot do without. In two-income families, couples may enroll in both of their employee group health plans for co-insurance to provide full coverage in the event of substantial, expensive and ongoing health care needs.
2. Evaluate your health care needs by reviewing your medical, dental and vision records for the past two years or longer. Calculate the amounts you spend for annual deductibles, office visits, office visit co-pays, medical costs excluded from regular insurance coverage, and additional expenses related to dental work and vision care. Include the pre tax amount you contribute to your employer's group health care plan. If you are self-employed and, therefore, responsible for your entire premium, consult U.S. Internal Revenue Service regulations for self-employed individuals' health care tax credit to get the maximum benefit for you health insurance needs.
3. Analyze your calculations and form hypothetical scenarios based on previous coverage and spending. Create a spreadsheet or graph to illustrate the rise and fall of health care expenses. A visual model may help you determine the importance of different types of health insurance at various times during the year. For instance, if you have children, you might determine a pattern where costs are higher at the beginning of the academic year than when your children are out of school and not subjected to viruses and other contagious illnesses their schoolmates carry. If you have access to plans that offer fluctuating services, seriously consider the value of selecting a plan that addresses your family's health insurance needs and compare it to maintaining an expensive year round policy that could end up costing you much more.
4. Track legislative changes pertaining to health care reform. The Affordable Care Act contains important information concerning employer provided health care and the penalties to which employers may be subject as a result of discontinuing health care insurance to employees. If you don't understand the implications of the act, contact your human resources department and ask for candid answers in response to questions about the reaction of large employers and small employers to reform measures under the act. For some employers, available tax breaks may create an incentive for providing health insurance to employees. However, large conglomerates may determine government fines and assessments are less costly than a mandate to provide health insurance to an employee base that consists of thousands of workers. Whether you are employed by a small business or large corporation, the future of health care should help you make decisions about your priorities concerning types of health insurance plans.
Tags: health care, health insurance, care insurance, health care insurance, Affordable Care, care needs, decisions about
