It’s September, which means that the opening of Obamacare online exchanges is only a month away. Over the past several months, Discount Drug Network has been working hard to keep you up to date with some of the healthcare reform’s many features. We’ll continue that trend today, so without any further stalling, here’s what’s up with Obamacare!
Bloomberg reports that ‘rate shock’ might not be so shocking
A recent study by the non-profit research group Rand Corp. determined that insurance premiums in some states won’t go up nearly as much as Republicans in Congress have warned. In some states, premiums could decrease as young, healthy people buy insurance plans. However, the study does not appear to anticipate the possibility that healthy young people won’t buy health insurance, preferring to pay the federal penalty. Still, this is welcome and hopeful news at a time when rhetoric and politics cloud the debate on health reform.
The IRS has ruled that same-sex couples will get the same tax treatment as heterosexual couples
Even if they aren’t living in a state that recognizes gay marriage, legally married gay and lesbian couples will be granted the same tax benefits as straight married couples. This means that the income of same-sex couples will now be considered for tax credit eligibility in the Obamacare exchanges. Although the IRS hasn’t said what the effects will be on Medicare enrollment, it’s not unreasonable to think that the decision could help insurance premiums to go down, since now more people will be eligible to buy insurance with federal subsidies.
And finally, Americans are very, very illiterate when it comes to health insurance
The American Institute of CPAs released a study showing that Americans don’t really know as much as they should about health insurance terms. Over half of Americans couldn’t define at least one of the following insurance terms: co-pay, premium, and deductible. With the opening of Obamacare online exchanges right around the corner, this number is unsettling. Here’s what the three previously mentioned terms mean:
- Co-pay: What you pay up front when you use a medical service. For example, if you buy a prescription drug, you may be asked to pay $15 or $30, etc. You pay this amount up front and your insurance company pays the rest of the cost.
- Premium: The insurance premium is what is deducted from your weekly paycheck to pay for your insurance costs.
- Deductible: This is the fixed amount of money that you must pay on healthcare expenses before your insurance benefits kick in. A plan with a high deductible, but a low premium means that less is taken out of your paycheck, but it also means that if an emergency happens, you’ll be stuck paying a very high deductible before insurance takes over.
The opening of Obamacare online exchanges is in a month. Don’t be left in the dark! Trust Discount Drug Network to keep you up to date on healthcare reform.