The Affordable Care Act and the ongoing healthcare reform in the United States have changed the nature of insurance coverage. Despite these efforts to ameliorate health insurance, many Americans are still left with hefty uninsured medical expenses. To help these families afford their necessary healthcare costs, many turn to healthcare financing options.
The Affordable Care Act
In March of 2010, President Obama implemented the Affordable Care Act (ACA). The goal of this healthcare insurance overhaul was to provide Americans with affordable, high-quality healthcare. Before this time, there were at least 44 million uninsured citizens in the United States. Many had remained uninsured because of the exorbitant cost of private health insurance coverage.
Though it was a popular incentive package for some big companies, many employers still did not offer healthcare coverage. Additionally, before the Act, insurance companies could deny coverage and drop patients who no longer qualified for their plans. With the ACA, this concept changed and insurance companies are now obligated to accept patients with pre-existing conditions.
Today, those without employer-sponsored health insurance coverage have to sign up for a plan through the newly implemented Health Insurance Marketplace. Even many Americans who had employer-sponsored coverage signed up for new health insurance if their coverage was not adequate or did not extend to their families.
Gaps in Coverage
Despite these changes, many Americans are still experiencing major uninsured medical expenses due to gaps in coverage. Many procedures, such as cosmetic surgery, hair replacement therapy, vision correction, fertility services, and dental care are not covered.
Additionally, many individuals and families chose plans with low monthly premiums, but high deductibles, in the hopes that they would require little to no doctors’ visits in the upcoming year. Unfortunately, unexpected medical expenses are a real possibility; accidents and emergencies happen whether you plan for them or not. For individuals who chose catastrophic coverage plans with high deductibles, this meant that their options for payment of their medical bills were limited.
For many, ruining their credit with bankruptcy was just not an option. Similarly, letting the bill go to collections would only end up costing them more in legal expenses. Additionally, during the rescission, friends and family simply could not help with medical expenses. To avoid these costly and embarrassing routes, many wisely chose to enlist the help of a healthcare financing institution.
How Healthcare Financing Can Help You Today
Because of the gaps in coverage and potentially high deductibles, American families are often left with large medical expenses. At Healthcare Finance Solutions, we have continued to offer low interest rate medical expense loans to those who qualify, even through the hard economic times. We know that health insurance doesn’t always cover what you need it to, and if you have been hit with a major medical expense, we are ready to get you a loan that meets your needs.