Thursday, June 6, 2013

Insurance Revolutionized After Health Bill

A landmark has been achieved. Sanction of the health bill was supported by a voting ratio of 219 to 212 in congress. History was made on March 21st, 2010 with the passing of health reform bill which is regarded as one of the most controversial and politically debated legislation in history record of America.

The bill introduced many unorthodox rules and regulations covering the areas of Medicare, Medicaid and insurance markets. The features and characteristics of health bill were something which were long awaited and were a very dire need of US Insurance market.

Mainly health bill have addressed the most important loop holes in the current insurance system, such as exploitation of insurance companies, which were earlier excluding people with pre-medical conditions out of their coverage plan. Now they won't be able too. Insurance companies cannot just out of the blue drop policy holders like that.

Other most revolutionary steps were that now dependent children will remain under the insurance coverage of their parents until the age of 26 years. Further individuals and small and medium size businesses without coverage will have access to multiple insurance coverage plans.

The main target of health bill is to restructure insurance markets for better health care provisions. Honoring its main purpose of providing affordable and better health care for US citizens, health bill offers new health insurance exchange along with public health and private insurance plans.

Restrictions on increased insurance premium has also been devised as from now on insurance companies will not be able to change or vary their risk premium in a specific grandfather insurance coverage until or unless they change the rate of whole group with same risk factors, further the change in premium rate will also require a approval from the commissioner.

This has also been put forward that now all individual will assured of guaranteed issuance and renewal regardless if the insurance coverage is being offered through health insurance exchange or employment based health plans.

The bill prohibits any kind of discrimination in health benefits and their structures. This will be monitored as every insurance company is required to strictly comply with rules and regulations defined by the commissioner.

The best part about health bill is that it has added the minimum services to be covered by insurance coverage. Now every insurance health plans has to cover the basic and extra value added services such as hospitalization, the expensive services of physicians and other health professionals, in patient/out patient clinical and emergency department services, metal health services, substance disorder services, maternity care, prescribed drugs, rehabilitative services and baby/child care.

The health bill 2010 has taken a bold step towards restructuring and reforming the insurance policies which are sure to be in the direction of revolutionizing the health insurance industry.

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