Category Archives: Obamacare

Obamacare Exchange Demographics Worse Than Romneycare

By Attorney Nathan Simpson

A recent article by Forbes compares the demographics of those individuals signing up for health insurance under the Affordable Care Act with the enrollment numbers under RomneyCare in Massachusetts. These numbers are important, as a certain number of younger people are required to buy insurance for the business model to be sustainable. It appears that younger people are passing up insurance under Obamacare, just as they did under RomneyCare. Why? In part, it may be due to the limited availability of subsidies for younger individuals.

It remains unclear whether this trend will increase or decrease as the law is further implemented, but there is cause for concern about the long term viability of the Affordable Care Act if younger people do not enroll in larger numbers.

If you would like to learn more about planning for your health care needs in retirements, please contact an Ohio Elder Law Attorney at Cooper, Adel & Associates.

 

 

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

The Biggest Law Change Since Social Security

By Thom L. Cooper
Certified Elder Law Attorney*

69e8f8_73e97fd807b0f9eb4a29adb4eb8d72ef.jpg_srz_307_362_75_22_0.50_1.20_0.00_jpg_srzA friend once told me that dealing with “change in the world” is like trying to figure out how to deal with a stream of water flowing down a hill. You can excavate and build dams to channel and control the water or you can just figure where the water is going to flow and be there when it gets there.

It is the same way in the area if elder law. It's a lot less work to anticipate and plan ahead of actual law changes rather than to try to deal with legal changes as they continually cascade upon us. Right now with Obamacare, I believe that we have upon us the biggest law change since Social Security. I think that the law will dramatically impact on way every senior in the country receives health care services in two very important ways:

The first is our ability to access care. In our new book Over the Hill and Under Obamacare, we have reviewed universal health care programs in the England, Canada and Massachusetts (where we had RomneyCare for several years). What we found was long waits for the most basic care and even longer waits to see a specialist.

The second is our ability to have confidence in the recommendations of our doctors. In the past, our interests have always coincided with the interests of our personal physicians. As patients, we have always wanted the best care for ourselves and our loved ones, and our personal physicians have always been paid to provide it. Our book details the move under Obamacare toward the “clinical team practice of medicine.” Under this new model, our direct treatment will be provided by those with less training under governmental guidelines and treatment categories that are designed to prevent “over-utilization” of medical services. Under this new model, those involved with our care, including our physicians, will be incentivized to provide less care. How can we have faith in the recommendations of our treatment team, including our doctors, if they are paid to provide less diagnostic tests and care?

Time will tell with respect to how this new law will specifically impact on our senior clients. My recommendation is that seniors be more involved in their care recommendations and be prepared to privately pay for tests and health care themselves. They may even need to travel to get the care. Our website, www.OverTheHillAndUnderObamacare.com, provides our specific predictions, as set forth in our book, with respect to the new law. We intend to keep our clients posted with how we did with respect to each of the predictions. The site will also provide some suggestions as to what our clients can do to cope with changes in store for them. Also, we will keep you informed about what is happening with these laws as they evolve in the future. In this way, we hope to show you “where the stream” is going to be with respect to health care and how you can be prepared to deal with the cascade of health changes coming to us all in the biggest change in senior law since Social Security.

 

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Simple Facts About Obamacare

By Attorney Nathan Simpson

Forbes has recently published an article outlining 6 facts about health insurance reform.

Forbes found the following:

  1. Screen Shot 2013-12-04 at 3.26.19 PMThat the majority of Americans will pay more in health insurance premiums over their life than they will use in health care services

  2. That under Obamacare, it will be easier for the sick to find health coverage, and the healthy will see higher costs

  3. Younger people will pay higher premiums under Obamacare

  4. Men and women will see similar costs for health insurance

  5. The cost of health care will continue to rise in the short-term

  6. People who previously had minimal health insurance will see their costs increase

As Obamacare is implemented, we expect to learn more and more about its effects on America's healthcare system. If you would like to discuss a plan to make sure you are protected from a catastrophic health crisis, please contact the Elder Law Attorneys at Cooper, Adel & Associates.

http://www.forbes.com/sites/robertpearl/2013/11/28/6-simple-facts-about-health-insurance-reform/2/

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

Proposed Obamacare Spending Cuts to Impact Seniors

By: Attorney Nathan Simpson

Screen Shot 2013-10-22 at 8.29.54 AMMark Miller of Reuters has written about some of the proposals being discussed for the next round of budget negotiations in Washington relating to Social Security and Healthcare for Seniors now that Obamacare is taking effect. The key numbers:

  • President Obama is proposing a change in cost of living adjustments which will result in $127 billion in lower benefits over the next ten years.

  • President Obama is proposing to lower the income level where Medicare surcharges begin, resulting in over $50 billion in new revenues collected from seniors over the next 10 years.

  • The Medicare Patient Advisory Coalition has proposed a 20% TAX on Medigap supplements, which could effect all seniors.

If you are interested in learning more and how to plan for the rising costs of healthcare, please contact Cooper, Adel & Associates at 800-798-5297.

http://www.reuters.com/article/2013/10/15/us-column-miller-cuts-idUSBRE99E11L20131015

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you. No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.  

What the latest delay for Obamacare means to you

By Attorney Ted Brown

Screen Shot 2013-10-15 at 8.47.06 AMThe Obama Administration recently announced yet another delay in the implementation of the Affordable Health Care Act, also known as “Obamacare.” This marks at least the fourth delay of this kind, stalling a major component of the law.

This latest delay applies to the cap on out-of-pocket health care expenses that was the key component of the legislation touted to make health care more affordable for the average American. To explain the full impact of this delay and what it may mean for you and the ultimate success of Obamacare, I need to start at the beginning.

Typically you pay for health care in two distinct ways: the premiums that you pay for health insurance and the costs that your health insurance does not cover (aka: out-of-pocket costs). Both premiums and out-of-pocket costs depend on the specific health insurance plan that you buy. Typically, lower premiums buy you less insurance and a risk of higher out-of-pocket costs. On the other hand, higher premiums provide more coverage and less out-of-pocket costs. However, the risk for everyone is that a catastrophic condition or complex procedure results in astronomical costs that your insurance won't cover.

One of the goals of Obamacare was to eliminate this risk by mandating a maximum cap for out-of- pocket expenses that a patient could be required to pay in any given year. Those limits are roughly $6,000 for an individual and $12,000 for a family. That means that no matter what the circumstance or what type of insurance you have you cannot be required to pay more out of pocket than those limits. The insurance company will be expected to pick up the difference. This sounds good right?

Well there is no such thing as a free lunch. While Obamacare caps out-of-pocket expenses, it does not prevent insurance companies from increasing premiums. If the insurance company if going to be forced to eat the entire cost of the care you may potentially require, with the exception of $6,000 per year, they will inevitably have to raise premiums to stay in business.

Here's why: the insurance company offers you policies based on their estimation of your potential health problems. In a sense, they are gambling on you. If they gamble wrong, they have a way out known as the lifetime limit. This says that once the company pays a certain amount for you over your lifetime, they are off the hook. Everything else is paid out of your pocket. This is why younger people typically have cheaper premiums, statistically they require less care. Insurance companies are in the business of insuring risk. The more the risk, the higher the premium.

Obamacare outlaws the lifetime limit and puts strict caps on the out of pocket costs the insurance company can require you to pay. So the insurance company no longer has a way out. This means that they will need to take steps up front to better prepare for the risk that you cost more than they predict. They will do this by charging higher premiums across the board regardless of your health.

Rising health insurance premiums will not make health care more affordable or accessible for the average American. This is perhaps part of the reason that the Administration has decided to delay. By postponing the implementation of out-of-pocket caps, they hope to delay the dramatic increase in health insurance premiums. However, the current blessing of reduced insurance premiums is likely to come back as an unwelcome surprise in the form of significant rate hikes when the rate cap is later implemented.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person's situation is different and requires an attorney to review the situation personally with you. No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement. If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.  

The Effects of Obamacare on Labor Unions

By: Attorney Nathan Simpson

Screen Shot 2013-08-06 at 4.33.44 PMIn recent days, news outlets are reporting on a surprising unintended victim of Obamacare: Labor Union health plans. Forbes and The New York Times are reporting that Obamacare will have a drastic impact that Obamacare will have on both public and private sector labor unions, both traditional Democratic allies.

The law contains a hidden tax on so-called “Cadillac” health plans, which was sold to the American people as a tax on the health plans of high powered executives. What most Americans did not know was that it would have the biggest impact on regular, hard-working Americans such as teachers, first responders, or factory workers with union contracts. Over the past few years, unions negotiated increases in health benefits in place of monetary compensation. This was a win-win for employers and employees, who benefited from the preferential tax treatment of health benefits.

Under Obamacare, these benefits are now in jeopardy. Many of these plans qualify as “Cadillac” plans, and those that do not do so currently will in the near future. The definition of a “Cadillac” plans is not designed to keep up with the rising cost of health care. In tough economic times, employers both public and private will be unable to pay the Obamacare penalties to maintain quality health insurance plans, pushing employees to lower cost coverage options.

If you would like to learn more about how to protect yourself from the unintended consequences of Obamacare, contact Cooper, Adel & Associates today.

http://www.nytimes.com/2013/08/05/nyregion/health-care-law-raises-pressure-on-public-employees-unions.html?pagewanted=all

http://www.forbes.com/sites/theapothecary/2013/08/06/labor-unions-latest-problem-obamacares-cadillac-tax-harms-their-gold-plated-health-insurance-plans/

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 



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