The reform of health care on the horizon, many have expressed legitimate concerns about how the Affordable Care will impact young adults with student policies. In response, the Department of Health and Human Services (HHS) issued a student in final health coverage rule to ensure that students not only have coverage options under the new plan, but also benefit.
The major changes students need to know
No Limits annual More (Finally)
In the past, insurance companies student could impose an annual limit - a dollar limit on their annual expenses for covered benefits. According to the final section of the HHS, students health plans can not have annual limits of less than $ 100,000 on essential health benefits for years of policy as of July 1, 2012 but on or after before September 23, 2012, and $ 500,000 for policy years beginning on 23 September or after 2012 but before January 1, 2014.
for years, the policy from 1 January 2014, annual limits on essential benefits are prohibited.
Increased medical loss ratios
The Affordable Care Act requires that insurance companies comply with a new set of rules for their medical loss rate (MLR). They must spend at least 80 to 85 percent of premiums on health care services to help keep premiums low and ensure that the premium dollars are spent on medical services and not the costs of administration. Under the recent final rule, students of health care providers will be required to comply with the same regulations MLR.
No More Secrets
Until 2014 when annual limits become prohibited, student health insurance providers must clearly inform you if a policy issued does not meet the minimum requirements of annual limits. In addition, students must be informed by the insurance company of their possible right to cover as a dependent under the health insurance policy of their parents until the age of 26.
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