Annual and Lifetime Health Insurance Policy Limits Increased- new healthcare law « Health Insurance Advisory

Welcome to the New Healthcare Law Center and State News

new healthcare reform lawThe new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.

In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.

Our objective is to help Americans make sense of the new healthcare law by explaining key provisions in plain English and assisting individuals, families and the self-employed in using this information to find and secure affordable medical insurance.

Annual and Lifetime Health Insurance Policy Limits Increased- new healthcare law

Author: Allan Z - Founder Editor | Nov 14 2010 | General Provisions - New Healthcare Law

Prior to the new healthcare law, most health insurance companies limited the maximum dollar amount their medical insurance plan (individual and employer group) would pay for each insured during their lifetime (policy lifetime maximum). Once the insured person received benefits equal to this amount, the policy would cease paying benefits. Some medical insurance policies also capped the annual benefit payable for all covered expenses and/or specific covered services, such as mental health and substance abuse, chiropractic care, ambulance transportation services and transplants.  This strategy was commonly used to reduce the medical insurance premium and make health insurance coverage more affordable.

Under the new healthcare reform law, all individual and employer group medical insurance policies (regardless of their effective date) must remove the policy lifetime maximum, including the lifetime maximum for any benefit considered “essential.”  Additionally, all non-grandfathered (meaning policies effective prior to the new healthcare legislation becoming law on March 23, 2010), and all employer group health insurance policies can no longer place an annual maximum on any benefit considered “essential.”  Most health insurance companies have already modified their medical insurance policies to comply with these mandates, effective October 1, 2010.  Many health insurance companies are also increasing the premium to cover the cost of the expanded coverage levels.

Be sure to contact your medical insurance company to confirm the status of your current medical insurance policy.

For affordable online medical insurance quotes, visit healthinsuranceadvisory today.  Our interactive tools and content can help you find and secure low cost medical insurance, even self employed medical insurance.

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