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Health Reform Benefits and Resources for Young Adults


 

  • Health Insurance Coverage is now available for young adults on their parent's plan up to age 26

 

  • For those young adults that do not have the ability to stay on their parent's insurance, one of the most important aspects of the Affordable Care Act is the development of a new, competitive private health insurance market available to residents of each state. If you're under 65 and don't have Medicare or Medicaid coverage, you can find coverage and pricing options with your state’s health insurance marketplace. Health Insurance Marketplaces are designed to keep prices low and to enhance quality. Enrollment begins on October 1, 2013 with coverage beginning as early as January 1, 2014.
     
  • Depending on your income and household size, you may qualify for savings on your monthly premiums or lower out-of-pocket costs for private insurance. Other provisions that may save you money include efforts to reduce waste, fraud, and abuse, increased care coordination, external review of large premium increases, and incentivization of innovation.
     
  • Those seeking individual or private plans have numerous new protections within their plans, including:
    • The removal of annual and lifetime dollar amounts on benefits
    • The removal of pre-existing condition exclusions
    • Access to certain preventive care services such as screenings and annual checkups with no cost-sharing obligations under a health plan
    • Protection from having the insurance company drop coverage from honest mistakes within the insurance application
    • No more coverage denials without the right to appeal
       
  • Improved quality of care due to the fact that 80 percent of enrollee premiums collected by insurance companies must be spent on patient care and quality improvements, as well as new incentives to promote adoption of electronic health records

 

  • To help patients fully understand their health coverage, all health plans must present the “summary of benefits” in a consistent, easy-to-understand and standard format, allowing the consumer to easily compare coverage options during the application process and at renewal.  In addition, each plan must showcase the costs associated with two coverage examples, allowing better understanding of the potential out-of-pocket expenses related to care.