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Are your clients over-insured?

What a weird question. With today’s super-high deductibles and astronomical out-of-pocket limits, many people with health insurance struggle to pay their medical bills despite being “insured”. As we point out in a recent blog post, the maximum deductible and out-of-pocket limit for HSA-qualified plans is increasing to $7,500 for an individual and $15,000 for a family in 2023, and for non-HSA plans, the max OOP is increasing to $9,100 for single coverage and $18,200 for family coverage.

Medical Debt Remains a Big Issue for Consumers

In 2019, the American Journal of Public Health published the results of an analysis about bankruptcies in the United States and concluded that medical bankruptcy is still common despite the Affordable Care Act: “Despite gains in coverage and access to care from the ACA, our findings suggest that it did not change the proportion of bankruptcies with medical causes.”

Will Congress Extend the Enhanced Premium Tax Credits?

A huge question right now—one that will have a big impact on insurance agents and their clients this fall—is whether Congress will extend the enhanced premium tax credits that have been in place for the last two years.

Senate Passes Bill to Extend Subsidies, Lower Drug Costs

After a lengthy debate, and without a single Republican vote, Democrats in the Senate passed the Inflation Reduction Act, a $430 billion bill that will, among other things, extend the enhanced premium tax credits and lower drug costs.

HSA Plans May Discourage Utilization

We’ve heard it for years: HSA-qualified high deductible health plans help reduce unnecessary utilization. Ever since their inception back in 2004, Health Savings Accounts (HSAs) have been characterized as the ultimate consumer-driven product. People spend their own money differently than they spend somebody else’s money, proponents say, and having some “skin in the game” encourages people to act with discretion when spending their health care dollars. Ultimately, being responsible for the cost of up-front expenses like doctor visits and prescriptions, instead of having those costs covered by a flat-dollar copayment, creates better health care consumers by encouraging them to “shop around” for health care services and only engage the health care system when truly necessary.

Mental Health and Medicare

After more than two years of COVID-19, mental health is understandably a big topic of discussion. People across the country have struggled with isolation, disruptions to their normal routines, the worry about getting sick, and the loss of loved ones. This has definitely taken a toll.

Can Biden Really Fix the Family Glitch?

Back in April, we reported on a plan by the Biden administration to fix the ACA’s “family glitch.” As a reminder:

Medicare Part B Premiums Could Actually Go Down in 2023

A universal truth is something that is widely accepted and agreed on as fact, something that does not change over time and location. For instance:

Appealing an Income-Related Medicare Adjustment

If you sell Medicare supplements or Medicare Advantage plans, you probably know that the standard Medicare Part B premium for 2022 is $170.10. 

HSA Limits for 2023

The Internal Revenue Service has announced the 2023 deductible, out-of-pocket, and contribution limits for Health Savings Accounts (HSA). Here they are:

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