Essay on Financial Aspects of Health Care Delivery

1358 Words Aug 14th, 2012 6 Pages
Financial Aspects of Health Care Delivery

Lashunda Brown

University of Phoenix

HCS/310 Health Care Delivery in the U.S.

Delores Usea

June 18, 2012
With the high cost of health care today, health insurance continuation is an important consideration for many unemployed individuals, job changers, dependents of covered workers, and retirees who no longer receive employer-provided benefits. Despite several laws in effect that make it possible to extend employer-provided health insurance, some workers continue to experience "job lock." This is a situation where workers, particularly those with pre-existing health conditions, feel that they must remain in a particular job for fear of losing their health insurance coverage. Many
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Compound interest inflation riders cost more than simple inflation riders because they result in higher benefits over time. Two federal laws that govern the continuation and portability of employer-provided health insurance benefits are the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). While each of these laws has its benefits, neither helps people initially get insurance on their own (e.g., young adults after parents' benefits and COBRA end), nor do they reduce the cost of health insurance premiums.
Another related health insurance continuation law, passed in New Jersey effective May 2006, allows unmarried adult children to remain as dependents on a parent's health insurance plan through age 30. The purpose of Cobra is to provide continued group health insurance, at premiums of up to 102% of cost, for up to 18 months for terminated workers or 36 months for dependents of covered workers who lose coverage through life events such as widowhood or divorce). Coverage is voluntarily within specified time limits. Only about 20% of those eligible for COBRA benefits choose to remain on a former employer's health plan. There are several different types of self-pay insurance plans. If you worked at a job that employed twenty or more workers and provided group health insurance, you may be eligible for

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