According to a study conducted by the Commonwealth Fund, half the people who buy their own insurance have plans with fewer benefits than what is required by the Patient Protection and Affordable Care Act (PPACA) in order to be included in state Health Insurance Exchanges.
This means that insurance companies will need to improve benefits across the board in order to make their plans eligible for inclusion in the Exchanges. Researchers reported that nearly 51 percent of people with individual and family plan coverage have deductible amounts that average $3,881, which is five times the amount for those covered by employer-sponsored plans. Most individual plans also exclude things like maternity coverage and mental health care without expensive riders ? benefits that are required for Exchange plans.
Jon Gabel, the lead researcher of the study, says that health insurance companies will need to make changes in the coverage they offer, ?Deductibles will have to be lowered. The out-of-pocket limits may have to be lower. They will have to offer maternity benefits as well as mental health and substance abuse treatment.?
Insurance plans offered in Exchanges beginning in 2014, will be classified as bronze, silver, gold or platinum, depending on how much of the cost of care is covered by the policy. Gabel says that while premiums may increase for the upper-level plans, many of those in lower level plans will be eligible for subsidies that will help offset any premium increases.
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