Since Obamacare, the environment for health care has become radically different than the offerings prior to 2015. With regulations limiting providers administrative costs to 40% or less, the objective of the legislation has catapulted plans to catastrophic coverage. The intent of the law was to reduce the cost of healthcare but instead, consumers are paying premiums increased by 400% with huge deductibles as well as coverage limits.
On Exchange allows for subsidized policies based on income to supplement the cost for those who qualify but is limited to specific enrollment periods and must be reconciled each year.
Off Exchange policies are also limited to specific enrollment periods with no subsidy in which to reconcile.
Short Term Care policies have evolved to cover more than the original 90 day coverage with renewals which may cover up to 5 years in some cases. It is important to note, these policies do not cover the following:
- Preexisting conditions
- Preventative care
- Prescriptions