The US government has implemented a number of policy frameworks and regulations in relations to the insurance sector, which have had significant effects on accessibility, and scope of coverage of comprehensive healthcare insurance policies. The Affordable Care Act (ACA), a…
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ely to improve the coverage of the comprehensive healthcare insurance and thus expand the benefits and coverage subsidies for most American businesses and individuals. The ICA policy is likely to results into several market reforms that will see many Americans, who previously could not afford healthcare insurance, take advantage of the expanded Medi-cal and federal subsidiaries through covered California; a health benefit exchange that will increase benefits covered under the comprehensive healthcare insurance while lowering the costs of insurance. However, with increased enrollment, improved benefits and implied limitations on the sharing of costs, most Americans are going to experienced increase in costs and premiums paid while purchasing individual medical covers for themselves and their families.
According to the Californian Association of Health Plans (1-4), the ICA provisions are likely to affect costs of insurance in a number of different ways. One, individuals will be forced to buy insurance polices that offer almost similar benefits like those offered by the employer and this is likely to cost more and attract more premiums. Two, according to the National Institute for Health Care Management(1), the ACA requires insurance healthcare plans to cover a higher percentage of medical costs, which is likely to increase the annual premiums. Three, ACA will increase the insured benefits, which will result into a proportionate increase in the insurance costs because of increase in average premiums charged. Four, ICA forces insurance companies to cover pre-existing conditions and prohibits them from exerting extra charges for poor health conditions; this is likely to force them to raise the healthcare premiums for the entire market in order to widen the common pool. Five, based on the Milliman client report (10), ACA provisions make it very impossible to lower premiums based on age of applicant; this implies that younger people will be charged higher premiums just ...
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