While talking about medical insurance in Virginia, the effect of healthcare reforms on the dynamics of health insurance industry can’t be overlooked. The White House has provided an extensive list of impacts and changes that consumers in Virginia can expect over a period of time.
In this article, we will discuss some of the Virginia specific impacts of healthcare reforms on medical insurance industry:
– A tax credit is offered to possible 109,000 small businesses in Virginia for making it easier to offer health cover to their employees. The small businesses that will offer affordable health insurance to their employees will be able to avail this tax credit.
– As per statistics available, last year, roughly 91,500 Medicare beneficiaries in Virginia hit the donut hole, or gap in Medicare Part D drug coverage. But no extra help to defray the cost of their prescription drugs was provided to them. However, Medicare beneficiaries in Virginia who hit the gap this year will automatically be mailed a one-time $250 rebate check.
– Around 82,100 people from Virginia retired before they were eligible for Medicare and have health coverage through their former employers. A temporary early retiree reinsurance program will be provided beginning June 1, 2010 offering $5 billion for its functionality.
– There will be no lifetime limits on the coverage provided by the insurers in Virginia. This means that around 4.7 million Virginians will never have to worry about their coverage running out and facing catastrophic out-of-pocket costs for their medical plans.
– Insurers in Virginia will not be able to exclude children from coverage because of a pre-existing condition, giving parents across Virginia peace of mind while they look for family medical plans.
– $113 million federal dollars are available to Virginia starting July 1 to provide coverage for uninsured residents with pre-existing medical conditions through a new transitional high-risk pool program. This is funded entirely by the federal government and will function till the state-run exchange becomes functional.
With so many options coming to protect the interests of Virginians, it is clear that healthcare reforms will have a definite impact on the dynamics of health insurance industry. Choosing a medical plan is never an easy task but given the thoughtful reforms that the federal government is driving into this industry, it becomes quite obvious that Virginians will have better choices within economical means.
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