Must Know: How Health Care Reform Will Affect Your Family

This guest article is by Autumn Robertson, Co-Founder of Golden Gate Health Insurance, a local health insurance brokerage serving Marin, San Francisco, and the East Bay.

Health care reform is here, but how will it affect you and your family?

With all the changes taking place in the health care system these days, it can be difficult making sense of what it means for families. While businesses may not be cheering for the reforms, there are many benefits families will be able to take advantage of, such as insurance companies putting more money toward wellness benefits and preventative care. Wherever you and your family fit into the reforms, these times offer an opportunity to re-evaluate your current coverage and potentially, save money.

Although changes will take place between now and 2014, some will immediately affect your family:

Pre-Existing Health Conditions
Reforms will prohibit insurance companies from excluding children with pre-existing health conditions. This means your insurance company can’t drop you if a child gets sick or deny your family if one of your dependents is deemed “high-risk.”

Continuation of Coverage
Older dependents up to age 26 will be able to continue on their parent’s health insurance plan (keep in mind that this reform doesn’t specify cost to the insured however).

Wellness and Preventative Care
Reforms start putting more requirements on insurance carriers to offer preventative health such as immunizations at 0% co-pay. These benefits are part of broader requirements that will be made of insurance providers to spend 80% of plan premiums on wellness and preventative care.

Employers will begin evaluating their benefits to comply with these reforms and it’s a good time for families to do the same with their current coverage.

You may want to consider comparing your current plan to quotes obtained by an independent agent, even if you get health insurance from your employer. There is a rampant myth that employee benefits are the way to go, but that is not always the case.

Employer coverage is not necessarily the best deal for you or your family. These plans are built for the group, not custom tailored to your family’s needs. Employer plans can also be more expensive than a plan you buy yourself because they may include extra bells and whistles such as maternity or more expensive brand-named drug coverage. These plans can also be more expensive if your family is healthy. This is because health insurers take into consideration age and lifestyle habits of the company as a whole and adjust pricing according to risk.

That being said, you may be able to save money by comparing your current plan with quotes gathered from an independent agent. If you’re looking for other ways to save money, consider:

1. Getting a higher deductible plan, which will lower your monthly costs
2. Getting an HSA compatible plan. Instead of putting money every month toward your health insurance premiums, get a cheaper plan and put aside the extra money into a tax-free Health Savings Account to cover medical expenses as you encounter them.
3. Reviewing your current plan with a health insurance agent and comparing quotes from various carriers will also ensure the best deal for you and your family.

Just a few of these changes could save your family hundreds of dollars on health insurance.

Golden Gate Health Insurance is an independent health insurance brokerage dedicated to providing objective information to individuals, families, and small businesses. To get a quote, apply, or speak with an agent, visit www.gghealthinsurance.com or call (415) 519-3008.