Health Care Reform Update
I just attended a training meeting with a local health insurance carrier. The discussion was heavy on the preparation for and ramifications of health care reform. Here are a few of the comments that came from that meeting.
· Health insurance costs are expected to triple over the next two to three years as
Obama Care and health care reform is enacted.
· Wait times to see a doctor are expected to go up dramatically as new people enter
· For those individuals who are forced to go into the system of the exchange because
their employer chooses not to provide health insurance will be limited to only four
choices and those choices will be more expensive (similar to the choices seniors
have with Medicare). The choices will be federally mandated and all carriers will have
to offer the exact same choices.
Employers who choose to continue to offer health insurance will be stuck with some very hard choices. With the cost of health insurance rising so quickly, how do they pay for it and how much will they ask from their employees to participate.
Employers who choose not to offer health insurance pay a penalty to the federal government to help offset the cost of the health insurance to those who have to go through the exchange to obtain their health insurance. Here are a couple of examples of what is intended to happen soon.
Here are some scenarios that with hypothetical numbers to show what is about to happen with health care reform.
Hypothetical Costs for an Employer in 2014 with ObamaCare
|Offer Insurance Gov.||Pay Penalty to Fed|
|Monthly Employer Cost Per Employee||$450||$200|
Hypothetical Costs with Obama Care for a Family in 2014 through the Exchange
|Cost to Employee||Health Care Reform|
|Employee Works at Company A
Employer Pays 100% for Employee
|Spouse Works at Company B
Employer Pays 100% for Spouse
|Children Covered Under Empl Plan
Employee Pays All
|Federal Subsidy Based on Family Income||($700)|
|Total Paid By Family||$240||$700|
No matter where you employer ends up in this situation, the bottom-line is that all employees are looking at much higher costs in the future for their health insurance and their health care.
We do have some programs that can help!
Change is not fun for anyone. We all resist change but with health care reform, we all need to start thinking differently. Even if health care reform is changed, the root problem is still there on how to control health care costs and health insurance costs.
We as individuals need to find ways to help ourselves and at the same time to help our employers. We need to look for alternative ways to avoid costs such as prevention and wellness programs to be healthier as a way to avoid excess health care costs. When we all look for ways to control our individual costs, we are helping our employer control their costs so they can continue to offer health insurance as an employee benefit.
WMC Business Services LLC has a program that utilizes alternative medical practitioners to help give additional treatment choices while helping to prevent illness as a cheaper alternative to our current condition and programs. We encourage all of you to learn about each of the different types of alternative medicine practitioners to see if any one of them could assist you in becoming healthier both physically and financially.
Here is to your health.
John J Barker