Obamacare Pre-existing Conditions

Do you have questions about Obamacare pre-existing conditions coverage? You are not alone. We had PCIP, the pre-existing condition insurance plan for almost 2 years before the government ran out of money   Obamacare pre-existing condition

Starting in 2014 you can apply for individual health insurance and carriers cannot refuse to issue a policy because of any pre-existing conditions you may have. Or as some have said, “Health insurance companies can no longer discriminate against you”.

Yeah, we heard that before except it was mortgage companies that had been discriminating against you if you had bad credit or insufficient income. Banks and lenders were forced to make loans that did not make sense and most of these loans were backed by Fannie Mae and Freddie Mac.

We know how well that worked.

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PCIP Disaster

The precursor to “full blown” Obamacare pre-existing conditions coverage was PCIP. The plan began in July of 2011 and closed their doors to new entrants in March of 2013.

The plan was to enroll 375,000 of an estimated 4 million eligible individuals and keep the program open through 2013. At the end of 2012 the government had enrolled 103,000 individuals in PCIP which is significantly less than the 500,000+ cars sold over 6 weeks through Cash for Clunkers.

Apparently more people are interested in new cars than new health insurance.

PCIP was allotted $5 BILLION to make coverage affordable (and it was) but ran out of money in about 21 months, closing the open enrollment 9 months early. PCIP paid out $5 in claims for every $1 they received in premiums and subsidies.

January 2014

Starting in October, 2013 anyone hoping for health insurance without regard to pre-existing health conditions can view rates and plans for coverage to be effective in January, 2014.

Remember the promise that your health insurance premiums will drop by $2500?

Won’t happen.

People age 55 and older will see their new Obamacare pre-existing conditions health insurance premiums rise by 50%. If you have a high deductible, over $3500, your premiums could rise even more.

Males and individuals under age 30 could easily see premiums on the new plans to be 300% of current rates . . . and even more if you use tobacco.

Males will pay the same as females even though typically women have more claims and higher claims than males. Healthy individuals that currently enjoy significant discounts will pay more, a lot more, in order to subsidize premiums for those with expensive claim histories.

 

Obamacare Pre-Existing Conditions – What Will be Covered?

Just about everything.

If you are currently pregnant and do not have insurance you can buy a plan.

Just diagnosed with cancer or serious illness? No problem. You can purchase health insurance.

Injured in an accident and need extensive care and physical therapy? No problem.

Heart attack, stroke, diabetes, terminal illness . . . no longer a problem.

But there are a few catches.

You can only buy Obamacare pre-existing condition health insurance coverage during open enrollment or qualified events. No buying health insurance in the ambulance or once you get to the hospital ER. And coverage is not immediate but will begin in most cases in 60 – 90 days after you apply.

Your premiums will be based on your age, tobacco use, zip code and the plan you select. Some will qualify for a premium subsidy. You will be required to complete an extensive financial disclosure form that could take 45 minutes or longer and contain up to 21 pages.

No doubt many will benefit from an Obamacare pre-existing condition insurance policy but many will be turned off by the bureaucracy, delay and the cost.