Tip: It goes beyond the employees Recruitment and retention
with more Americans who buy health insurance, the Act affordable care (ACA) has undoubtedly accomplished an important goal: to decrease the number of uninsured.
In fact, the Ministry of Health and Social Services indicates that 16.4 million uninsured people previously purchased health insurance under ACA.
So how was the ACA able to achieve this?
One reason is due to a key provision known as the individual mandate, requiring most Americans to obtain health insurance or pay a tax penalty. With the mandate, many people are eligible for tax credits of the premium, which makes the purchase more affordable health insurance.
Health Affordability still a struggle
Despite these efforts, the ability to afford health insurance is always a struggle for many. Some people choose to buy individual health insurance plans have lower monthly premiums but higher deductibles. This means that a person will have to pay more costs out-of-pocket before the start of their insurance coverage.
This approach has not always fare well for the consumer. A recent investigation Kaiser Family Foundation found that people who chose a higher deductible plan so they can pay lower premiums are not satisfied with their coverage. Specifically, the survey found that people with higher deductibles are much more likely to say they feel vulnerable to high medical costs than those with lower deductibles.
These results do not stop here. Families USA , a group of consumer health, found that adults 1-4 who had insurance were forced to abandon tests or medical treatment, including the purchase of prescription drugs or visiting the doctor because of their high deductibles and out-of-pocket costs.
a disturbing scenario, especially for small businesses
The scenario is worrying, especially for small businesses that can not afford a traditional group health insurance policy. Before 2014, small businesses have been able to help their employees cope with this financial conundrum. Companies could offer health reimbursement arrangements (HRA) to reimburse employees for individual premiums and Medicare eligible out-of-pocket medical expenses tax free.
Unfortunately, due to recent IRS action small business use is limited CRH and most can not l use it as a vehicle to reimburse employees for expenses out of pocket.
With prescription costs increased 55%, deductibles doubled over the past decade, Americans spend 1.7 times more on their costs out-of-pocket ( US News health care Index ), small businesses need increased health benefit options such as CRH, now more than ever.
Fortunately, lawmakers in Washington, DC are listening. Legislative efforts of Congress are working on a solution to revive autonomous CRH for small businesses. With subsidies to face risk insurance to the decision of the Supreme Court in King vs. Burwell, the question of how individuals can pay their health costs is increasingly vital.
Conclusion
Despite individuals more assured, many are underinsured and can not afford the costs out-of-pocket in their plans high deductible health insurance. Affordability is a key issue. While Congress is working on a solution to give small business access to CRH, any help to people giving up treatment due to high costs can not come soon enough.
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