Deductibles And Co-Payments Analysis

Medical expense is considered an itemized deduction, however it is limited to only 10% of the taxpayer’s AGI. It has been establish that the AGI is $75,000 and 10% of that is $7,500. The medical expense that is claim for is $7,102 is less than 10%, so the Bloughs should claim the medical expense deduction because it not against the rule.

Through the formulas we can manage resources and revenues which is what chapter 15 explains about. At the beginning of this chapter it brings about the subject of healthcare insurance which protects the individual from “paying the full price of healthcare” (Sayles and Gordon 2016) and also the Affordable Care Act which is more commonly known by its nickname Obama Care. There are a number of ways a person can ways an individual can pay for such insurance is by out of pocket which means that the money for the procedure is coming straight from the patient and copayment also called co-pay which ‘is a cost-sharing measure in which the policyholder pays a fixed dollar amount per service. All of this depends on eligibility which pertains to the verification

The Affordable Care Act (ACA) was signed on March 23, 2010 by President Barack Obama. The enactment of the ACA accounted for medical reform throughout the United States (Osmonbekov, Yordy, & Gregory, 2014). The provisions of document were all geared towards enhancing healthcare by lowering the costs, creating new consumer protections as well as improving access to care. Some of the provisions include section 2706 which establishes nondiscrimination in healthcare. Further, section 4001 provides national prevention, public health council, health promotion as well as an advisory group on prevention and integrative medical issues. The above provisions affect acupuncture practitioners in various ways.

Government/Payers: There is a medium level threat from the government and payer forces. Payers, including managed care organizations and insurances, conduct a cost/benefit analysis of every new product and services that is introduced and performed. The ACA mandate has forced the population healthcare pay model that is to be used for Medicare and Medicaid reimbursement, but the insurance industry has also adopted the underlying idea of managed-care. As a result of the mandate we should also expect to see a decrease in self-pay patients, as a huge proportion of the self-pay patients that were uninsured become insured. Based on the future trends of healthcare delivery reimbursement there will be a need to decrease costs while simultaneously increasing

When purchasing insurance it is extremely imperative that one assesses all of the benefits, specifications, and details offered in order to choose the best plan in regards to deductibles, co-pays, and coinsurance-just to name a few. Among the “Top Two” plans that I chose, if I was to purchase health insurance today I would choose the United Healthcare Silver Compass H.S.A. 3600 plan, as it fulfills my healthcare needs the most. This specific plan only has a $500 deductible, full premium, and $0 copay after the $500 dollar deductible for all of the services I currently use the most. In addition, the estimated cost of this plan per month is $13.37.

The negative impacts of healthcare reform to health systems are significant in that health systems are preparing their resources on developing Accountable Care Organizations (ACO) for bundled payments and population-based reimbursement. In this economy the impact to health systems may require healthcare systems to figure out ways to continue to keep positive financial performance due to the cost-reduction of healthcare reform. For some time now, health systems have subsidized their losses from the Medicare and Medicaid systems by contracting with commercial payers for their premium rates. As a result of the healthcare reform, cost shifting will shrink. Another negative impact over the next few years will be the large shift in health plan enrollment. Less people will be covered by highly

When Americans enroll in health insurance they opt for cheaper premiums, rather than premiums that would be suitable for them. The issue with enrollees choosing cheaper premium leads to higher deductibles. According to the Centers for Medicine and Medicaid Services, 68 percent of marketplace enrollees have chosen silver plans and 21 percent bronze plans. Enrollees who have silver plans could potentially see relatively small deductibles, but bronze enrollees may be subjected to higher deductibles that are too expensive to afford. Janet Varion, an

The impact this rise is going to have on heath care as well as heath insurance is very dramatic. Most health insurers, private sector employers and consumers can expect increases in insurance premiums. This includes both traditional types of insurance and managed care programs, or HMOs. Some health insurance plans may also reduce benefits to keep their plans affordable. This may include increasing cost-sharing responsibility of members and the amount members pay out of pocket for certain services, such as prescription drugs.

You addressed the theory “what you pay for is what you get”. According to the article Health Insurance Coverage and Adverse Experiences With Physician Availability: United States, 2012 this theory is shown for the age group of 18-16 uninsured and persons on public insurance were a lot less likely to find health care than the people with private insurance. With the current Affordable Care Act do you see this trend counting, getting better or getting worse? (Gindi, Kirzinger & Cohen, 2013).

One plan that is the cheapest is staying on your parents plan. The Affordable Care Act is also known as Obama Care that made it easier to join or stay on a parent's policy. Being on this plan will not cost your parents extra money since many plans cover the family at a set price. If an individual goes to college in a different state they might want to check out that their insurance carrier has a provider near the school. Many plans require that parents that keep their children on their plan until the age of 26. Individuals can stay on their parents plan even when they are no longer living at home or a student in

Over spring break, I asked my family about our family health care insurance. I learn about our type of insurance and coverage, amount paid for by us and my father’s employer, and the deductible and co-pay. I also learned about the difference between a PPO insurance and a HMO insurance.

In situations one, as a thirty-five-year-old, single female, full-time student, with an annual income of $6,000.00 ($500 monthly), it is unrealistic that I can afford $452-683 for health insurance. The quote of $683 actually exceeds my monthly income. Although the quote of $452 is within my monthly income, it does not leave any room in the budget for basic expenses or use of the insurance. The lowest quote I was able to obtain was from United HealthCare at $90 per month. This is more affordable, but copays and deductibles are high. Even though this monthly payment is low, my monthly income would be stretched when trying to use this plan. In this situation, the answer is no, the cost of health care does not fit my budget nor is it affordable. I do agree that we should pay for healthcare, but I believe in it being affordable and useable.

Winkelmann, Rainer. "Co-payments for prescription drugs and the demand for doctor visits - Evidence from a natural experiment." Health economics 13, no. 11 (2004): 1081-1089

I agree that the process of shopping for health insurance can be a daunting task. When I did my scenario with the family with an annual income of $45,000 this week, I was given many options of government health insurance plans to choose from, which are based on the Affordable Care Act. However, I used this website 9 months ago to purchase health insurance for my mother. At that time, I encountered some difficulties since it was my first time using it. I was more worried though about specifics behind each plan since my mother has pre-existing conditions. I believe my experience with this assignment was less difficult because of my previous experience on the site. It is important to note that while the Affordable HealthCare Act is not perfect,

A health care insurance plan is like a t-shirt that looks good when it fits. When it doesn’t fit, it will look bad. Health coverage should fit you and your needs because if it doesn’t, it might cause you more life threats, than good. Having a health care insurance plan that is flexible or is based on your needs will definitely a lot more beneficial for you and your family.