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January 2016

The nature of healthcare has been changing in our country. Here are the ways the Affordable Care Act (ObamaCare) could be affecting you and your family.

How ACA Healthcare and ObamaCare Effect You

Healthcare reform has been a popular topic from everyone to politicians to employees and families. The goal of the Affordable Care Act (ACA) was to provide the millions of uninsured US citizens with affordable, high quality health insurance.

The Impact of The Affordable Care Act (AKA ObamaCare)

This Act, along with the Patient Protection and Affordable Care Act (PPACA) was spurred by the rising costs of healthcare throughout the United States. The Act was implemented in March of 2010, with the hopes of curbing spending on healthcare. Millions of Americans were forgoing health insurance because it was too costly for them and their families. Additionally, many elderly citizens were not receiving adequate coverage with Medicare, but could not afford additional insurance.

Another important aspect of the ACA was its policy change regarding coverage denial. As of 2014, insurance companies cannot deny a patient based solely on a pre-existing condition. Furthermore, it was the goal of ObamaCare to ensure that insurance could not drop a patient because they got sick or reached an annual limit. Before this, many Americans with insurance had to resort to bankruptcy when their medical expenses become too high.

The Act also expands the scope of Medicare for poor families and protects citizens from unjustified increases in premiums. Tax breaks were also offered to small businesses that provided health insurance to their employees. The law went one step further to require large companies to offer health insurance to employees.

How The Affordable Care Act Will Effect Me

If you currently have health insurance through your employer, not much will change as a result of the ACA. You will, however, enjoy the benefit of not being dropped if you get sick. You also have the option of choosing an ObamaCare plan if your employment related health insurance does not meet your needs.

If you work in a big firm, you may have recently been offered health insurance through your employer, as required by the plan. Even many individuals who work at small firms may have seen this change because of the related tax break. Additionally, if your employer offers health insurance, but you must cover the cost for family members, you now have options through the Health Insurance Marketplace.

If you pay for your own health insurance, you may see the biggest change. Before, affordable policies were only offered in group plans. Now, self employed and unemployed individual, as well as individuals whose employers don’t offer health insurance, can afford coverage.

With all of that being said, there are still many complications with the ACA and Obamacare system that will be worked out as healthcare reformation continues in the United States. For more information on how to make healthcare affordable, contact Healthcare Financing Solutions today.

Choosing a plan with low monthly premiums can be beneficial. If you experience unexpected medical expenses, Healthcare Financing can help with high deductibles.

Choosing a Low Premium, High Deductible Plan Can Leave Gaps in Coverage, We Can Help

For many relatively health individuals and families, choosing a health insurance plan with low monthly premiums and a high deductible can be beneficial. If you don’t end up visiting the doctor’s office very often, you won’t be liable for much of your deductible. If, however, you have unexpected medical costs due to an emergency or similar medical event, Healthcare Finance Solutions can help you cover those bills.

A Plan Overview

With the Affordable Care Act, more individuals have access to health insurance than ever. Today, there are many viable options for consumers on the Health Insurance Marketplace. There, you will be able to browse several different types of plans and their related pricing.

For families who expect some visits to the doctor’s office, they may opt for a higher monthly premium, but a lower deductible. As such, they are responsible for less of the overall medical expenses. Even in these situations, individuals may still have co-insurance obligations after they have met their designated deductible. In these circumstances, individuals are still responsible for a portion of the medical bill. Depending on the plan you choose, this portion may vary.

For individuals or families who don’t expect very many medical bills in the upcoming year, it may be smart to choose a plan with a low monthly premium and a high deductible. In this case, the individual will only be responsible for the premium if they never visit the doctor. As we all know, however, accidents and emergencies happen. When you have a health insurance plan such as this, that only covers catastrophes, you may be left to pay a significant deductible.

How Healthcare Finance Solutions Can Help

When you experience an unexpected medical bill, you may be wondering how you can possibly afford it. Whether you were in a car accident, needed surgery, or simply had many doctors’ visits, the bills can add up quickly. Additionally, even with health insurance, there are gaps in coverage for things like dental work, fertility treatment, hair replacement therapy, and cosmetic surgery.

Letting these bills go to collections can be a costly mistake. You may need to hire a lawyer and incur additional expenses if it becomes litigious. Additionally, filing for bankruptcy to get rid of your medical bills also has many negative consequences. If you even qualify for bankruptcy, it will ruin your credit. Furthermore, bankruptcy is only a temporary Band-Aid on the issue, if you incur more expenses in the future, that debt can pile up quickly.

For the best option in paying your medical expenses, contact Healthcare Financing Solutions today. We can help you get the right loan that meets your specific needs and requirements. Call now to see how we can help.

Learn about the top five elective procedures health insurance providers typically won’t cover and find out how Healthcare Finance Solutions can help.

Top 5 Elective Procedures Health Insurance Providers Won’t Cover

If you have health insurance, you might think that you’ll be covered for any medical procedure you wish to have. However, in most cases, this is far from the truth. Nerd Wallet reports: “according to the American Medical Association (AMA), some insurers rejected nearly five percent of the claims they received in 2013.” Often, insurance providers reject claims for or simply refuse to cover procedures they deem “elective.” Medicine Net defines an elective procedure as “one that is chosen (elected) by the patient or physician that is advantageous to the patient but not urgent…the procedure is seen as beneficial but not absolutely essential at that time.”

From the patient or doctor’s perspective, the operation may make perfect sense, but you must remember that health insurance is a business, not a philanthropic activity, and providers have to consider their bottom line. In order to function fiscally, they simply can’t take on every elective procedure. That’s why our team at Healthcare Finance Solutions offers fair, affordable loans to help patients get the healthcare services they desire. Read on to learn about the top five elective procedures health insurance providers won’t cover (but we can help you pay for!).

1. Plastic Surgery

This is one of the most obvious categories for elective procedures. In the vast majority of cases, insurance providers will not pay for plastic surgeries, such as breast enhancement, face lifts, rhinoplasty (nose reshaping), or any other cosmetic treatments. Synonym explains that your provider may cover plastic surgery if it has “a functional purpose. For instance, women who have breast reduction surgery due to neck or back pain may have their treatment covered. Tummy tucks have been covered for bariatric surgery patients that experience irritation or fungal infection under the folds of skin that can form after rapid and permanent weight loss, as well.” However, even these “functional” cases are no guarantee of coverage. Fortunately, as a loan origination service, we can help you with the cost of cosmetic treatments.

2. Vision Correction

Modern technology and techniques have made vision correction a real possibility for millions of people who suffer from myopia (nearsightedness), hyperopia (farsightedness), or astigmatism (hazy vision due to irregular eye shape). While well-known treatments like LASIK (laser in-situ keratomileusis) can dramatically improve your quality of life and reduce your dependence on visual aids like glasses or contacts, most health insurance providers consider them elective and will not provide assistance. If you’d like to see more clearly but don’t have the cash to afford this treatment, a loan could be the right option for you.

3. Fertility Treatments

Many couples want to have children, but face medical obstacles in doing so. According to the Centers for Disease Control and Prevention (CDC), “about six percent of married women 15-44 years of age in the United States are unable to get pregnant after one year of unprotected sex (infertility), [and] about 12 percent of women 15-44…have difficulty getting pregnant or carrying a pregnancy to term, regardless of marital status (impaired fecundity).” These struggles can be serious, emotional, and difficult to solve, but fertility treatments can remedy the circumstances. Daily Mail reports: “five million babies have…been born worldwide with the help of fertility treatment.” The downside is that these procedures can be quite costly. We can help you afford the care you need to have the family you want.

4. Hair Restoration

Baldness can make you feel insecure about your appearance. Strategic haircuts and wigs can only go so far. This problem is unfortunately much more prevalent than it may seem. Hair Toppiks explains: “an estimated 40 percent of men will have noticeable hair loss by age 35, and an estimated 40 percent of women will have visible hair loss by the time they are 40.” Hair restoration is almost exclusively considered an elective procedure, so most health insurance providers will not help patients cover the cost. We love helping patients enjoy thicker heads of hair with our services.

5. Dental Procedures

Your oral health can have a major impact on your overall wellbeing. For example, cavities can interfere with your nutrition and gum disease has been linked to a variety of serious health issues, including heart disease. Maintaining your smile requires at least two dental visits per year, as well as additional treatments as needed. Despite the importance of preventive and restorative oral healthcare, most traditional providers do not cover dental. If you can’t afford to invest in dental insurance or cover your expenses out of pocket, Healthcare Finance Solutions can help you get the funds you need to maintain your pearly whites.

Do You Need Help With an Elective Procedure?

If you need any of the above five treatments or another elective procedure, we may be able to help you pay for it. Contact Healthcare Finance Solutions today to learn more about our services.