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The 30% will impact you if you are 61 days without coverage and will be in effect for 12 months. There are no details about health sharing ministries maybe contact your congress member and ask them to see if they can get those to count as credible care?
But here's what I don't understand, it sounds to me like companies can offer whatever they want in terms of benefits and can underwrite and charge you whatever they want. There's nothing about a limit for how much more you can charge an older or a sicker person.
They can't charge more for sick people, but they can charge older people 5x more than younger people (for the same type of plan). Under the ACA, it was capped at 3x. States can levy their own cap but I'd bet that option will be utilized along red/blue lines.
With no minimum level of benefits mandated for each plan, my prediction is you'll see insurance carriers offering lite plans that cost and cover very little and "useful" plans that are very expensive. That's how they'll get away with charging sicker people more, like in the pre-ACA era. Those are the ones that'll self-select into the most expensive plans. This does nothing to lower costs for them.
This bill is all about killing the ACA. It does nothing for the systemic problems of cost which plagues our health care.
Agreed although there are a few things I like about it:
Expanded use of HSAs which I feel should be available for every plan due to their high deductibles
Expanded tax credits for older people are needed due to raising of ratio to 5:1 which was needed to lower cost for younger folks so they might even buy into the system.
How exactly does a tax credit have an impact on me, my doctor, the government etc?
A tax credit helps you pay the cost of the insurance. It has no impact on the doctor or the insurance company. However, it does mean the government gets less taxes from you (because you get a credit) and that's why people like Rand Paul are saying it's another entitlement program. The government is continuing to subsidize everyone's healthcare.
The main difference to you between a tax credit in the current bill and a subsidy in the ACA is the difference between a refund and a coupon. You can use the coupon (subsidy) immediately so that you pay less at the point of sale, aka your monthly premium. With a refund, you have to pay the full price and then wait to get some money back later (tax credit). This is why Dems say it's going to screw over poor people, because they may not have enough money to pay the full price of the premium and then wait until tax season to get some money back.
A tax credit helps you pay the cost of the insurance. It has no impact on the doctor or the insurance company. However, it does mean the government gets less taxes from you (because you get a credit) and that's why people like Rand Paul are saying it's another entitlement program. The government is continuing to subsidize everyone's healthcare.
The main difference to you between a tax credit in the current bill and a subsidy in the ACA is the difference between a refund and a coupon. You can use the coupon (subsidy) immediately so that you pay less at the point of sale, aka your monthly premium. With a refund, you have to pay the full price and then wait to get some money back later (tax credit). This is why Dems say it's going to screw over poor people, because they may not have enough money to pay the full price of the premium and then wait until tax season to get some money back.
Thanks for the explanation.
I thought it might be something like that.
I cannot fathom how this will help. Pay full premium now and then-in theory-get a reimbursement at tax time. How does this help people struggling with premiums now the cash to pay full price?
I thought I read somewhere govt will be sending monthly checks to people to help pay their premiums. For sure, poor will never have money to pay the full premium upfront - and then deductibles/copays, too. It's back to the ER and charity clinics.
Agreed although there are a few things I like about it:
Expanded use of HSAs which I feel should be available for every plan due to their high deductibles
Expanded tax credits for older people are needed due to raising of ratio to 5:1 which was needed to lower cost for younger folks so they might even buy into the system.
All in all, a disappointing start IMO
the tax credit for a 60 year old is 2x that of a 30 year old. But the premium can be 5x higher, did you try that math out and speculate about how many 60 year old's will be able to pay for health care?
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