Five Advantages of Affordable Health Insurance

Five Advantages of Affordable Health Insurance

Affordable health insurance is now much easier to purchase. Following President Obama’s Affordable Care Act being enforced, we are even now beginning to see the advantages of affordable health insurance.

The Affordable Care Act was put into place so that all health insurance companies had to comply with certain standards. This Act lists ten “essential health benefits” that all health insurance companies must offer. However, following an independent survey it was found that less than 2% of the health insurance providers were currently at that standard.read more information on “essential health benefits” at http://www.forbes.com/sites/investopedia/2013/10/11/essential-health-benefits-under-the-affordable-care-act/

The “essential health benefits” will cover issues in the following ten areas to create affordable health insurance:

  • Outpatients
  • Emergency care
  • Prescription drugs
  • Mental health services
  • Hospital care
  • Maternity and new-born care
  • Laboratory services
  • Pediatric care
  • Rehabilitation and Habilitative services
  • Preventative and wellness services

Five Advantages of Affordable Health Insurance

Benefits of Affordable Health Insurance

  1. The MarketPlace

    Now, all health insurance companies can be found in a central marketplace. There you can compare the details and costings of the health insurance companies in your service area, and find the most affordable health insurance plan to suit your budget.read more information on health insurance by clicking here

  2. More people will find cover

    There are over 15 million people in the US that are uninsured, unable to meet the costs of the premiums. Countless other millions often find themselves underinsured. Now it has never been easier to find an affordable health insurance plan.

  3. Money saving

    By issuing regulations to health insurance companies, they are now able to lower their prices. This saving is in part then an additional advantage to the individual or family, hence improving the economy as they will have funds to spend on other things.

  4. Cover provided till age 26

    By enforcing this, the Affordable Care Act has now provided a way for the younger generation to be able to get cover. It is now stipulated that young adults up to age 26 must be offered a health insurance plan through their parent’s family plan. This has already begun to see an increase in policies being taken out by those in that age bracket.

  5. Financial security

    With the Affordable Care Act now in force, health insurance companies now have certain limitations. They are no longer able to drop the level of cover, or raise the premium should someone become sick. Also, they can’t refuse to offer a health insurance plan if you have a pre-existing medical condition.

There has also been a cap put in place for the plans’ out-of-pocket expenses. This is now $6400 for individuals, and $12800 for families. By doing this, it means that more people will be able to find affordable health insurance.

The far-reaching benefits and advantages of affordable health insurance may take a while to begin becoming apparent. Such as the economic benefits that will ensue do the Affordable Care Act. This will be more clearly seen with small companies who have health insurance plans for their employees. Due to premiums becoming more affordable, staff will find more in their paycheck, making them more productive in the work-place. Whether an individual, or as part of a small group, you can be sure that affordable health insurance can be of benefit to you.

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