IQ expert Jason Beans: People with pre-existing conditions will benefit greatly from health reforms
Q: I have a pre-existing health condition that has hindered my ability to get health insurance. How will the new health care reform law affect my situation?
A: People like you, with pre-existing conditions, are likely the biggest beneficiaries of the new law. Health care reform will make it illegal to deny health care coverage because of a pre-existing condition.
However, this won’t be in full effect until January 2014, when all U.S. citizens or legal residents will have access to health insurance, regardless of age, sex, race, family history or health condition. The delay in implementation is due to the amount of time it will take for states to establish their health care exchanges.
The state-run exchanges will be organized, competitive marketplaces for buying health insurance. The exchanges primarily will benefit individuals buying insurance on their own and small businesses with up to 100 employees. These organizations are designed to give buying power to individuals and small businesses, thereby leading to lower insurance costs.
How the exchanges will work remains up in the air. Each state can come up with its own solution. If a state chooses not to set up an exchange, the federal government will establish one.
Currently, if you can’t get health insurance, the health care reform law provides a backup plan — a national pool of high-risk individuals who have pre-existing conditions. A subsidy will be given to these individuals to help them pay for health insurance.
Every state must offer this temporary, high-risk insurance pool. Adults with pre-existing conditions who receive coverage through the national high-risk insurance pool will be able to shop within the pool for health insurance providers. This high-risk program is expected to end in January 2014.
Jason Beans is CEO of Chicago-based Rising Medical Solutions, a medical cost containment/care management company serving the workers’ compensation, group health, auto and liability markets. Beans founded Rising in 1999. Since then, Beans has received a number of honors, including Business Council Advisory Man of the Year and Midwest finalist for Ernst & Young Entrepreneur of the Year. Rising has appeared several times on the Private Company Index’s Top 10 Growth list and Inc. magazine’s Inc. 5000 list.
Beans earned a master’s degree from MIT’s Entrepreneurial Masters Program and a bachelor’s degree in finance from Boston College.
For more information, visit www.risingms.com.
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