The new Health Care Reform laws launched on March 23, 2010. If you purchased your medical health care insurance plan before March 23, 2010, then your plan may be “grandfathered out” of many new medical insurance benefits now being offered.
You could also be missing the free benefits in the new government compliant healthcare medical insurance plans:
- Free preventative and wellness care. Things like physicals, pap smears, mammograms and colonoscopies are all covered at 100% with no co-pay or deductible.
- Unlimited lifetime benefits with no annual maximums. Conversely, the older health care plans have a $1-5 million cap on lifetime coverage.
- If you have dependents, they are guaranteed acceptance of medical insurance with no exclusions or pre-existing conditions up until at least the age of 19.
You might also be overpaying for your medical health care insurance:
There’s another new rule for medical insurance companies: the 80% Minimum Loss Ratio (MLR). For every $1 in premium that is collected, the insurance company must, by law, pay out $.80 in medical claims. If they don’t meet this requirement, then you get an automatic rebate check in the mail!