In recent years the cost of healthcare has increased greatly. This rise in cost has been seen in many ways. One way It can be seen in the amount of money that we pay for our health insurance and high deductible plans. Federal policies have made these costs rise. I would like to discuss the impact that our state and federal policies are having on consumer costs.
Effects of Policies
Increased costs can somewhat be attributed to the Affordable Care Act. In 2012 the Supreme Court made some rulings in regards to the requirements of individual health coverage. It was reviewing “Whether Article 1 of the Constitution allows Congress the power to mandate requirements for individuals to maintain a minimum level of health insurance coverage or pay penalty.” ( April,2012). We know that they did approve this measure and that it imposed a fee on individuals who did not have health care. That was up until 2019. There is no longer a penalty for not having health insurance on a federal level. However according to an article by Ryan Kennaly, there are still four states who have penalties for not having an Affordable Care Act compliant policy.
High deductible plans are another major player in health care policies today. They can be viewed in different ways. Healthcare.gov states that if you enroll in a HDHP (High Deductible Health Plan) you may have a lower premium but pay more for health care costs. Which leads us to a place where we have to weigh the pros and cons. On one hand, you see the negative of a high deductible plan with the up- front out of pocket costs. On the other hand, the premiums are lower and you are able to set aside tax-free dollars in a Health Savings account to help off-set some of those costs. These plans do work well for those individuals who do not need as much health care. They are able to use those dollars in their health savings accounts to offset some of the costs for those situations that arise and they need medical care.
On other positive piece of health care regulations is the portability of insurance. When HIPAA was put in to place in 1996 it has allowed the consumer to carry their insurance policy from employer to employer. This is a great cost savings to the consumer. By having to purchase an individual plan they would be paying a great out of pocket costs each month. By allowing them to carry their insurance from place to place without fear of being held to preexisiting conditions. (Policymedical.com, 2021)
Conclusion
In conclusion, there are many health care policies that we could discuss. This would take more time than we have. These policies some are good and some are not. The cost of healthcare is going to continue to increase as technology changes and the government continues to make changes. There will be benefits to the consumer in areas like the HDHP where you can help plan for the future with additional savings. There will also be costs associated for some individuals for not having health care. It will cost on the back end when they are paying for services out of pocket with no insurance help. The policies that we have in place today have the pain points as well as value. You just have to look at the whole picture to see which side of that coin holds more weight.
Effects of Policies
Increased costs can somewhat be attributed to the Affordable Care Act. In 2012 the Supreme Court made some rulings in regards to the requirements of individual health coverage. It was reviewing “Whether Article 1 of the Constitution allows Congress the power to mandate requirements for individuals to maintain a minimum level of health insurance coverage or pay penalty.” ( April,2012). We know that they did approve this measure and that it imposed a fee on individuals who did not have health care. That was up until 2019. There is no longer a penalty for not having health insurance on a federal level. However according to an article by Ryan Kennaly, there are still four states who have penalties for not having an Affordable Care Act compliant policy.
High deductible plans are another major player in health care policies today. They can be viewed in different ways. Healthcare.gov states that if you enroll in a HDHP (High Deductible Health Plan) you may have a lower premium but pay more for health care costs. Which leads us to a place where we have to weigh the pros and cons. On one hand, you see the negative of a high deductible plan with the up- front out of pocket costs. On the other hand, the premiums are lower and you are able to set aside tax-free dollars in a Health Savings account to help off-set some of those costs. These plans do work well for those individuals who do not need as much health care. They are able to use those dollars in their health savings accounts to offset some of the costs for those situations that arise and they need medical care.
On other positive piece of health care regulations is the portability of insurance. When HIPAA was put in to place in 1996 it has allowed the consumer to carry their insurance policy from employer to employer. This is a great cost savings to the consumer. By having to purchase an individual plan they would be paying a great out of pocket costs each month. By allowing them to carry their insurance from place to place without fear of being held to preexisiting conditions. (Policymedical.com, 2021)
Conclusion
In conclusion, there are many health care policies that we could discuss. This would take more time than we have. These policies some are good and some are not. The cost of healthcare is going to continue to increase as technology changes and the government continues to make changes. There will be benefits to the consumer in areas like the HDHP where you can help plan for the future with additional savings. There will also be costs associated for some individuals for not having health care. It will cost on the back end when they are paying for services out of pocket with no insurance help. The policies that we have in place today have the pain points as well as value. You just have to look at the whole picture to see which side of that coin holds more weight.