Due to changes at the federal level with the health care law, there may soon be a raise in the rates that you and your employer can expect to pay. The coverage for average employees could go up almost 15% and maybe more because of the health care reform and having to cover the costs of the new law.
Most companies are starting to take a look at what health care coverage is going to cost them as well as their employees. The January 2011 enrollment begins in the fall so companies should be prepared to make their decisions as soon as August. Most of the law is not effective until 2014 but there are pieces of the law that will cone into effect this year and that could cost taxpayers more money. There are not any final numbers and there are no talks that are weighing heavy in either direction at the moment so only time will tell what these costs will be.
The new provisions that will come into effect this year will be the coverage for adult children through the age of 26, more extended coverage for children that have preexisting illnesses and there will be an end to the lifetime spending limits. Not only will there be no spending limits, the insurance companies will no longer be able to cancel membership of a member for any reason, excluding fraud.
The concern is just how much of an increase are consumers going to see when it comes to their health care coverage? Cost of living raises over the past couple of years have not even covered the rising cost of insurance for many lower income leveled employees and this causes a concern to those that are watching their policy unfold. It is important for law makers to ensure that every thing runs smoothly- and that health care insurers do not game the system and take advantage of the new reform.