How the Health Care Law Will Affect You in 2014

The Health Care Law is still alive and is the first major overall in the health care industry in the past 100 years.  Americans will have the option to shop for the same type of health insurance that Congress has which will reduce medical costs.  The health care law would reduce medical costs and out-of-pocket costs for middle class consumers and small business owners and reduce prescription drug costs for Medicare recipients. 

Over 40 million Americans are without health insurance and would be covered under the law which becomes effective in 2014.  Approximately 64 million women have no health insurance coverage, inadequate health care coverage, high medical bills or debt problems, or problems accessing health care because of the rising cost.  Health care insurance costs increase at a higher rate than inflation.  Consumers have longer appointment wait times, less service, less coverage and get sicker each year. 

Many people go into debt and have bad credit due to high medical bills because they do not have health insurance.  Health insurance reduces medical costs by from 50%-80%. An emergency room visit costs $500 or more without health insurance.  On average a doctor’s office visit can cost $130 for basic service without health insurance.  Purchasing Prevacid for acid reflux without health insurance can cost $176 for a 30-day supply.  If I didn’t have health insurance and only had to pay $95 that would be a small price to pay for medical services.  The $95 fee would pay for itself with just one doctor’s visit.

Health insurance companies will no longer be able to deny coverage based on pre-existing conditions, will be required to disclosure monthly premium increases and justify increases and will not be able to increase rates or cancel service if you get sick.  Health insurance companies will be required to offer coverage regardless of your health condition and cannot increases rates or cancel your coverage when you get sick.

Individual coverage monthly premiums will decrease by 14%-20% for self-coverage and decrease for individuals who receive coverage through their employer.  Over 50 million consumers will be able to receive free preventive services such as cancer screenings.  With these statistics I would rather be insured than not insured.