COBRA Subsidy Extended!!!

Good news!

Anyone who was involuntary laid off or lost their job, and have currently been receiving a subsidy from the government of 65% towards their COBRA premium, have now had the benefit extended from the original 9 months of subsidy.

see below:

On Saturday, December 19, 2009, President Obama signed a measure to extend the federal COBRA subsidy for continued health-insurance coverage for involuntarily terminated employees under employer group plans. The law extends the subsidy an additional six months for a total of 15 months, up from the current nine.


Eligibility for the subsidy had been due to expire on December 31, 2009 but is now extended to February 28, 2010. In addition, there will be a special election period for individuals who had reached the end of the reduced premium period before the legislation extended it to 15 months. They will have additional time to pay the reduced premiums related to the extension. To continue their coverage they must pay the 35% of premium costs by 60 days after date of enactment or, if later, 30 days after notice of the extension is provided by their plan administrator. The bill requires employers to notify current and future COBRA participants of the extended 15-month eligibility.

A bill was voted on today

This morning,

Both bills between the House and Senate were passed.  The next few weeks after Christmas, will the two bills try to be converged into one that works.  But for now, Americans can expect near universal coverage beginning in either 2013 and 2014.

In the end, it would be mandatory that people become insured, just like auto.  Americans will see an increase in their taxes to cover the cost of these bills.

As for a Public Plan, there would be requirements to be met in order to qualify.  For instance, if your income is more than 400% of the FPL, which is $3,600/month - $43,200/year you would not be able to purchase a plan from "The Health Insurance Exchange" and must seek out private insurance through a company such as mine, or through your employer, if provided.

Now an employer can opt out of providing insurance, but will pay steep penalties.

Stay tuned...

The Senate and House bills to be voted on tomorrow

Depending on the outcome of tomorrows vote, below are some of the likely changes that might begin to take in effect sometime in 2010 if the House Bill wins over the Senate Bill :

• Insurance companies can no longer reject coverage based on an exisiting medical or prior medical condition (to begin in 2010, House Bill)
• States can mandate that you will be required to purchase an insurance either through a private, employer or public option.  A penalty would be applied to someone who declines to acquire coverage (House and Senate)
• Public Option (to begin in 2013, House Bill)

Now if the Senate Bill were to win, Reform would not start until 2014, however there can be some changes to how insurance companies can currently decline an offer of coverage based on medical history.  The House Bill is the richer of the two, but costs substantially a lot more than the Senate.

Stay tuned...

The Health Insurance Shoppe on WGN news!

Please click on the below link to see coverage of the President of The Health Insurance Shoppe.

enjoy!

http://www.wgntv.com/news/weblinks/wgntv-health-insurance-shoppe-dec21,0,7965896.story

office visits

did you know that an office visit can cost anywhere from $75-$150 w/o health insurance.  If you had health insurance, than the cost of the office visit could be reduced anywhere from 20-60%.  You could end up paying $65 for an office visit, that would be applied towards your plans deductible.

If you have health insurance with an office visit copay, you could be paying anywhere from $30-$75/month just so you would owe anywhere from a $20-$40 copay for this visit.  The copay paid does not apply towards the plans deductible.

Does having an office visit copay sound better?

Welcome to The Health Insurance Shoppe!

Our goal is to work with you, one-on-one, to educate you on the nuts and bolts of how health insurance works--from acquiring a plan to understanding what that plan covers to how it can be used to pay for medical expenses. In the end, we hope to remove the cloak of mystery that surrounds the health insurance industry and achieve a level of transparency that empowers you with the comprehensive information you need to choose a plan of insurance that best meets your financial and medical needs.