Understanding Obamacare and Its Aims

Understanding Obamacare and Its Aims | JT Insurance ServicesFor many years the health care costs in America have been skyrocketing. It was becoming increasingly difficult for many individuals to afford adequate health care. The object of the affordable care act was to decrease medical costs and make it so more citizens of the United States would be able to afford health insurance. Before this law was put into place, people could be denied health insurance because of a previous injury or illness, be made to pay more expensive premiums because they were female, and they could be dropped in the middle of a medical treatment because tiny mistakes were made on applications. The idea behind Obamacare insurance is that these things will no longer be legal.

This legislation makes it mandatory for all Americans to have health insurance. Anyone who does not have health insurance is required to pay a fee on their taxes for each month that they do not have it. Individuals that do not want to pay the fee have to have minimum essential coverage, which can be obtained during an open enrollment period of every insurance type. It is now possible for more individuals to have insurance because of the expansion of Medicaid eligibility, and the cost assistance made available by health insurance marketplaces.  Many individuals will also be eligible for government subsidies to help them afford medical insurance. If more people are able to get coverage through obamacare insurance, it will hopefully help the overall health costs in America.

Having adequate health care is extremely important. People who become ill or injured and do not have health insurance are often buried in medical debt. Since many of them are simply not able to pay it, that debt gets paid by the tax payers. Overtime this can dramatically increase the amount of money that the United States spends on health care each year. Obamacare insurance is meant to help everyone get the medical care they need, and stop the health care costs from rising so dramatically.

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Child Health Insurance Program Receives Sizeable Grant

Child Health Insurance Program Receives Sizeable Grant | JT Insurance ServicesThe Children’s Health Insurance Program of Pennsylvania has received a $200,000 grant from the National League of Cities to “create an outreach program for enrolling children and families.” The grant will support providing customized assistance for families and aims to achieve full 100% coverage for all children in the city of Pittsburgh.

Click here to read the full raticle by Bob Bauder for TribLive News.

10 Reasons To Purchase Life Insurance

10 Reasons To Purchase Life Insurance | JT Insurance ServicesAs you move forward in the financial planning process and weighthe options for life insurance, these reasons may influence your decision making process, especially in regards to how much insurance you may need. Income replacement, final expenses, estate liquidity, covering debt, and building cash value are some of the many reasons you may want to consider purchasing life insurance.

Click here to read the full article  by AJ Smith for Credit.com.

What You Need to Know About Medical Supplement Insurance

What You Need to Know About Medical Supplement Insurance | JT Insurance ServicesDue to the Affordable Care Act, all Americans must be insured by April 15, 2015. While the types of insurance plans available will vary from company to company, one common additional plan is medical supplement insurance. While not a complete coverage package, this insurance can be used to pay for expenses that usually involve out-of-pocket payments. The following provides an overview of this supplemental insurance and how it benefits individuals and families.

A supplemental insurance plan provides families and individuals with extra help in paying for copayments, coinsurance and deductibles. Some plans even provide lump sums or cash benefits spread out over several months. This money can be used to pay for other costs of medical care. These include medications, specialty foods, lost wages and transportation. It is important to remember that medical supplement insurance is not a complete substitute for a health insurance plan, just an extra piece of the puzzle to help pay for expenses.

It is also important to know the three main types of supplemental health insurance. These are hospital indemnity, accidental death and critical illness. Hospital indemnity covers the cost of staying in a hospital due to illness or injury. These payments are made after a certain amount of time has passed or paid in full in one lump sum. Accidental death insurance provides cash for beneficiaries of someone who has passed away due to an accident. Medical supplement insurance will pay this money in a lump sum. This money can be used for funeral expenses, cremation or other debts that need to be paid. Finally, critical illness insurance helps alleviate the stress of medical expenses of those with terminal diseases such as cancer. Money is typically given as a lump sum payment and can be used to pay for expenses not covered by an individual’s disability plan or regular health insurance.

A supplemental insurance plan is very beneficial for families and individuals who need a little extra help paying for additional costs of medical care. Medical supplement insurance can pay for visits to the doctor’s office, medications, special diet plans or transportation to and from appointments and procedures. Anyone interested in learning more about this type of coverage can discuss it with their insurance agent and healthcare professional.

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The Reinvention of Health Insurance Under Obamacare

The Reinvention of Health Insurance Under Obamacare | JT Insurance ServicesSince the real implementation of Obamacare over the past few years, the health insurance industry has undergone multiple challenges and rough patches. Insurers and consumers alike have changed their options and priorities, as universal healthcare is now mandatory for all Americans. Health care reforms under the Obama administration sought to bring down the uninsured rate — which it has done successfully — while also reining in inflation of medical costs. Moreover, insurers cannot discriminate price or reject coverage on the basis of a pre-existing condition. All of these changes have combined, along with many more factors, to reinvent the idea of health insurance in the United States.

Click here to read the full article by Zacks Equity Research for Yahoo! News.

Subsidies Provide Most Affordable Individual Health Insurance

Subsidies Provide Most Affordable Individual Health Insurance | JT Insurance ServicesWith Obamacare’s moves to make health insurance not only mandatory but also affordable for all Americans, federal subsidies are one part of the equation. A rough estimate places the value of private health insurance subsidies at $4,000. Providing more affordable individual health insurance is key to the implementation and success of the ACA and subsidies form a critical part for those who qualify.

Click here to read the full article by John Goodman for Forbes.

Acquiring Individual Health Insurance

Acquiring Individual Health Insurance | JT Insurance ServicesThe Affordable Care Act is here and in full swing. 2014 is the first year that all American taxpayers are required to be covered by some form of individual health insurance. Rather than face tax penalties, you have options for finding affordable health insurance policies to cover you and your family.

One of the most affordable ways to acquire health insurance is to purchase it through the state health exchanges. These are state-managed programs that apply federal tax credits to your health insurance premium and, in effect, reduce your out-of-pocket monthly costs. Open enrollment for these programs will typically run from November through February, and may vary slightly by state. If you are an individual with lower income and are eligible for Medicaid, you will typically be able to enroll all year round.

If you missed the open enrollment period, your next option will be to purchase individual health insurance outside of the marketplace. You will have to pay full price and will not be able to apply the tax credit to the monthly bill, but you will reduce or eliminate any potential tax penalties. Getting a price quote is easy and you can often times get a preliminary quote online within a fairly short amount of time.

There are many companies online whose websites offer insurance premium comparisons and the web pages explain all of the affordable plans for you to choose from. These sites can be an invaluable tool when navigating through various plans and costs. You may even be able to sign up for a policy and pay for it right from the site once you are deemed eligible

The average hospital stay can cost more than you earn in a month. A trip to the hospital will result in charges from the hospital, the ambulance company, and the doctors and specialists that treat you. These expenses add up quickly and exponentially. Protect your savings and keep it in the bank by purchasing individual health insurance. You will not only save yourself money in the long run, but you will also give yourself and your family peace of mind.

If you are reading this on any other blog than JT Insurance Services or via my RSS Feed, it is stolen content without credit.
You can find me on Twitter via @Obamacare_Guru
Come and visit our blog at http://jtinsuranceservices.com/blog/

States With Highest and Lowest Uninsured Rates Post Obamacare

States With Highest and Lowest Uninsured Rates Post Obamacare | JT Insurance ServicesWhile we now know that the uninsured rate has decreased significantly on the national level with Obamacare, it is interesting to investigate what states have most coverage and least coverage under ACA. Massachusetts tops the list with the lowest uninsured rate of any state, at a tiny 1.2% uninsured, while Texas takes the #1 spot for the highest rate of uninsured, still hovering around 25%.

Click here to read the full article by Melissa Hillebrand for PropertyCasualty360.

Understanding Affordable Individual Health Insurance Plans

Understanding Affordable Individual Health Insurance Plans | JT Insurance ServicesWith changes in legislation stemming from the Affordable Care Act, it seems that it is even more important to understand affordable individual health insurance plans. New health insurance innovations allow consumers to choose the right plan for them, rather than being stuck with a one-size-fits-most plan. Allowing individuals to choose plans that address areas that matter most to them will facilitate the best care and support for all Americans.

Click here to read the full article for Market Watch.

Would You Donate Your Life Insurance?

Would You Donate Your Life Insurance? | JT Insurance ServicesWhen investing in life insurance, many individuals will immediately select family or friends as the policy’s beneficiaries. However, another option has been receiving attention lately — that of donating your life insurance to either a charity or a college. Individuals can either “name the charity as the policy’s beneficiary (and the charity receives the proceeds when the client dies) or they can transfer ownership of the policy to the charity while they’re alive.” While not all charitable organizations or colleges might be able to own such a policy, it is an interesting option to give charitably.

Click here to read the full article for LifeHealthPRO.