Nefouse & Associates has actively worked to understand and take advantage of health care reform for nearly 30 years. We have a proven track record of assessing all state and federal health care reform laws and adapting the positive aspects to suit our clients’ needs. We strive to be your go to source for understanding.
The Health Insurance Portability and Accountability Act of 1996 had a huge impact on all companies with regard to the accessibility of health information. We were able to provide our clients with material to help them make informed decisions while maintaining HIPAA regulations.
The Patient Protection and Affordable Care Act (PPACA) of 2010 has and will continue to impact local residents and US citizens. Every employer of the state has felt the impact of the Affordable Care Act (ACA) aka Obamacare.
Small employers in the area have seen an unaffordable increase to their small group health insurance plans. This was from the united consequences of the ACA. When the law was created it guaranteed no policies for individual and small group health plans, this created a negative impact for small group health plans that had low claims. For our clients, we were able to present alternatives that reduced health insurance costs not just for the company but also the employee. In some situations we were able to offer the employees a richer benefit plan at a lower cost than the group plan.
We have also been able to present new health insurance vehicles to small and mid size groups. There have been new product offerings from the Health Insurance companies that were not options prior to the passing of PPACA. We have seen a defined contribution approach to group health become another group option. This combined with a private exchange model has created another solution. Along with the defined contribution approach, the industry has created a partial self-funded product and true self funded products for smaller companies. These are options that groups did not have prior to the ACA.
The Federal Facilitated Exchange has forever changed health insurance in Indiana and the rest of the country. We have embraced this aspect of the law. We had firsthand experiences on Hoosiers getting priced out of the health insurance market. Not to mention pre-existing conditions keeping people from being insured. When we realized that the federal Government was going to subsidize the individual health insurance market with advance-able tax credits, we knew Hoosiers would be able to benefit.
Nefouse & Associates has launched www.indianahealthinsuranceexchange.com as an information source on the future development of the health insurance options. We have been able to help a lot of local residents obtain health insurance, who before the ACA could not afford or qualify for it. As the exchange industry continues to develop we will be the leaders in that industry.
The Complexity of the ACA and PPACA, has created additional liabilities for most local businesses both small and large. We can help reduce those liabilities and administration. Every company must address and be compliant with the new law.
Nefouse & Associates will continue to adapt to healthcare reform to better find ways to help our clients. Our knowledge creates solutions for individual, small groups, & large groups. Everyone is important to us!
We are starting to see the impact of Obamacare, both the positive and negative initial outcomes. It depends on every Hoosier’s individual situation to say if they feel joy or if they feel pain.
There is a lot of joy for Hoosiers that suffer from ongoing health conditions. This segment of our community is now able to get access to health insurance, which will lead them to receiving health care, sometimes for the first time in years. If you have ever been denied coverage then you know how frustrating this can be. Those days are now over. Everyone is guaranteed issue and can not be carry the title of pre-existing condition.
If you have been priced out of the health insurance market, you may experience a lot of joy. With the Federal Facilitated Marketplace, you may be eligible for a subsidy which is going to reduce your monthly premium. We are seeing some estimates that the policy holder may not have a premium at all because the subsidy is more than the monthly premium. To go from not being able to afford a policy to getting a policy for free is extraordinary.
If you are healthy and do not qualify for a subsidy you might be feeling pain right now. You have gotten a notice from the insurance company on how much your premium is going up in 2014, and these are very ugly increases. If you are a family of four, the new budget for health premiums is around a $1,000 a month. This is creating a lot of pain for Hoosiers.
Small group health insurance premiums are going to feel a lot of pain also. There have been projections of 30%-60% increases. Most small companies can not absorb that kind of increase. Neither the employer or employee will be able to pay their portion of the premium. This could turn out to be a significant blow to small business. Small business owners are going to have to get really creative on keeping key employees. It’s difficult right now competing with large companies on employees. In 2014, it may be impossible.
One thing is for sure: we are a part of the biggest transformation in health care history. Everything is going to change.