How does a Deductible and an Out-of-Pocket Maximum Work?

December 21, 2022 / By / All Posts, Did You Know?, Health Insurance

When an individual or family enrolls in healthcare they are often bombarded by insurance jargon that isn’t the easiest to understand. The health insurance world speaks a different language than what most of us are used to. So what exactly is an out of pocket maximum and how does that work with a health plan deductible? An out of pocket maximum is the most you’ll have to pay during a policy period (usually Jan 1st-Dec 31st) for health care services. Once you’ve reached your out-of-pocket maximum, your plan begins to pay 100 percent of the allowed amount for covered services. I …

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How To Shop For Health Insurance

December 21, 2022 / By / All Posts, Did You Know?, Health Insurance

As Open Enrollment for 2016 is fast approaching do you know what to look for when selecting your health insurance? Many Americans are unsure what they are getting when they enroll in their plan until they go to use services and realize that they are under-insured. Consumer Reports highlights three key points to go over as you select your healthcare plan. First off “What does the plan cover?” With the Affordable Care Act (ACA) each health plan must cover certain items including: maternity and newborn care, mental health and substance-abuse treatment, preventative services, and pediatric services including dental and vision care. These are …

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Cadillac Tax

December 21, 2022 / By / All Posts, Health Insurance, In The News

It sounds like a tax on the new shiny car you just purchased, but when you are talking about healthcare it’s something entirely different. Cadillac Tax coined term for the excise tax of 40% of the value of employer sponsored health insurance plans that exceeds $10,200 for individuals and $27,500 for families, and takes effect in 2018. There are many parts of the Affordable Care Act (ACA) that need to be revised and this is one of the major ones that’s on the Democratic candidates agendas. The majority of Republican candidates aren’t even looking at the Cadillac tax because they want …

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Bipartisan Support Is A Win For Small Business

December 21, 2022 / By / All Posts, Health Insurance, In The News, Small Business

One of the first big changes to the Affordable Care Act (ACA) was voted on last week and passed. The bill was approved in both the House and the Senate eliminating a provision in the law that would have imposed costly requirements on businesses with 51 to 100 employees. The bill was signed into law by the President yesterday. This is great news for the bill that had bipartisan support and is a win for small businesses. The ACA has already made it hard on small businesses and if the definition of a small business had been redefined to include those …

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Colorado Health Op In Jeopardy

December 21, 2022 / By / All Posts, Health Insurance, In The News

Just a few days after it looked like Colorado Health Op was in the clear and moving ahead with a bright future news broke that stated the opposite. The problem with this potential closing isn’t due to the cooperative being managed wrong. This is due entirely to the Affordable Care Act (ACA) not upholding their end of the law. When the healthcare cooperatives were created there were three plans that gave the cooperative money to help them on their feet and make their way into a very competitive healthcare market. One of those plans is called the “risk corridor” and …

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A Health Co-Op Doing It Right

December 21, 2022 / By / All Posts, Health Insurance, In The News

With news revolving around health co-ops that are closing their doors at the end of this year it’s nice to hear about one that are confident about keeping their doors open. U.S. Sen. Cory Gardner asked, “Has Colorado HealthOp been meeting its application projections, or has it been placed on boosted oversight by your agency?” A rather poignant questions, but one that has to be asked as yet another co-op in New York is ordered to stop writing new business and close its doors after current policies expire. A nice reprieve to the constant news of co-ops closing was Colorado HealthOp’s …

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