“What the Health Care Bill Means for You in 2011 - FOX News” |
| What the Health Care Bill Means for You in 2011 - FOX News Posted: 28 Dec 2010 02:24 PM PST Last updated : Tuesday, December 28, 2010
What you should know on how to prepare for the New Year.
One of the biggest financial disasters consumers can face is a medical crisis. Not only does an illness rob you of your health, it pillages your bank account. Most consumers only think about their healthcare when medical assistance is needed or when they are participating in their employer's annual benefits enrollment. While no one likes to think about getting sick, it is important to educate yourself about your medical insurance coverage, health care current events and expenses. This is especially important information considering the new health system reform law. The new reform law has many different provisions, which are going to be put into effect over a period of years. The following are a few changes that consumers should be aware of in 2011. - Over-the-counter (OTC) medicines and drugs will now require a prescription for reimbursement from a Health Care Flex Spending Account (FSA), Health Reimbursement Arrangement (HRA) or Health Savings Account (HSA). If you participate in one of these programs, start planning out your medical spending for the year. According to the Employee Benefits Research Institute, employees with medical flexible spending accounts deposit an average of more than $1,100 annually and an average balance of $100 is left in their accounts at the end of the year. What you don't use, you lose! So make sure every dollar is allotted for the New Year. - Consumers will have greater protections from excessive premium increases as some states can now require insurance companies to justify the increases and apply penalties for extreme rate hikes. - Medicare and Medicaid patients who are subject to the "doughnut hole" or drug coverage gap will receive a 50 percent discount on those prescription drugs, according to the American Medical Association. Other budget friendly benefits that went into effect in 2010 that consumers should keep in mind include: - Immunizations for children and preventative services like mammograms for women are covered by insurers with no required deductible or copayments. - If you have private insurance, your insurer cannot drop you from your plan if you get sick. - Health insurers cannot impose lifetime financial limits on benefits. So your benefits cannot "run out" if you have a long-term, pricey illness. Even with insurance, medical costs can be exorbitant. While no one can predict their future health, consumers should make strategic savings plans to cover unexpected medical costs and take time to invest in their personal health and wellness. Simple, inexpensive lifestyle changes incorporating exercise and smart nutrition habits can make a big difference in improving your health and keep you out of the doctor's office. For more financial tips, visit Clarky's website. And for more career tips, click here. Clarky Davis is a debt management expert with more than 10 years of personal and professional experience. As The Debt Diva she offers financial fitness education and "real world" money saving tips to help consumers trim their spending in just about every area of their lives. As The Debt Diva, Davis has appeared on "ABC News Now," "Fox Business," "Fox and Friends" and "Nightline."
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