Millions of Americans Have Unclaimed Health Care Money

The 2010 passage of the Affordable Care Act extended a variety of health care benefits to different socioeconomic groups. Specifically, Obamacare sought to deliver reliable insurance coverage to lower-income, often uninsured groups. Subsidies, which are a part of the ACA, help to offset the costs of health insurance for individuals and families who meet specific income standards. Unfortunately, many people are unaware of the intricacies of Obamacare, including the access to subsidies, which results in billions of dollars of health subsidy money left untouched.

Health Subsidy Requirements

The annually established federal poverty level, or FPL, is the standard by which subsidies are assessed and distributed — for health insurance and beyond. The federal poverty level is set for a variety of family sizes, from individuals and married couples to families with one or many children. What percentage of income an individual, couple, or family brings in as it relates to the FPL determines what, if any subsidies, that they are eligible for. For example, the Affordable Care Act gives states the opportunity to offer Medicaid coverage to anyone who qualifies under 138% of the FPL. Those with incomes of up to 400% of the FPL may also have access to insurance coverage with lower deductibles and copayments, which can result in significant savings every month. In between those extremes, other subsidies exist as well.

Purpose

One of the primary tenets of the Affordable Care Act was to give the uninsured access to affordable health care. Thus, the purpose of these subsidies is to help extend health coverage to those people who need it but cannot afford it. Individuals and families living at low and moderate income levels might struggle to piece together the money to secure health insurance. These subsidies make both health coverage and health care services more affordable, with a goal of increasing the number of insured individuals in the U.S. If you haven’t looked into your eligibility for subsidies, now is the time.

Recouping Your Subsidies

Determining whether you are eligible for subsidies begins with comparing your household income to the federal poverty level. Don’t be put off by this simple formula. Instead, visit the Jibe Health platform, www.jibehealth.com where you can determine your subsidy eligibility in as little as 60 seconds. Just imagine in one minute, you might tap into unclaimed money that you deserve in accordance to the Affordable Care Act. We understand that researching these subsidies and assessing your eligibility might be confusing, especially for novices with health insurance. At Jibe Health, we are well versed in the many intricacies of the Affordable Care Act’s subsidies, and we can quickly assess whether your income level qualifies you for these reduced rates.

The federal government is sitting on billions of dollars in subsidies that have gone unused. Don’t let these potential savings go to waste another day. If you think that your family might be eligible for a subsidy, let JibeHealth.com help you minimize your health care expenses today. You’re just a few clicks away from increased savings and improved access to health care.

Why Your Generic Prescription Could Be Killing You

Opting for a generic prescription might seem like the smart choice. After all, you seem to be getting the same drug, only at a fraction of the price. However, generic drugs aren’t always what they seem. You could be putting your health at risk by choosing the more inexpensive option. Discover here why generic drugs could be a dangerous choice, one that can have serious and long-term consequences.

Bioequivalence: Not an Exact Science

While the U.S. Food and Drug Administration oversees the production of generic drugs and ultimately approves their usage, the FDA also acknowledges that reproducing a brand-name drug isn’t always an easy undertaking. As a result, when you choose the generic option, you’re opting for a drug that is not the biologic equivalent of the brand-name drug.

Here’s how the creation of generic drugs works. The generic drug manufacturer, by law, is mandated to use the same active ingredient in the brand-name drug. However, the FDA gives some leeway regarding just how precise the use of that active ingredient must be. Rather than precisely replicating the makeup of the drug’s components, the FDA allows generic drug manufacturers to create a drug that contains up to 20% less of the active ingredient in the brand-name drug. As a result, your generic drug just might be 20% less effective than the brand name.

Furthermore, Katherine Eban of Fortune Magazine, reports that the FDA’s rules surrounding the drugs other ingredients are far more lax. So, while the generic drug you choose may have some portion of the same active ingredient in the name brand, it also may include other ingredients not found in the pricier prescription. Logic tells you that if you’re paying less for this drug, the ingredients are probably of a lesser quality.

The Impact of Generic Drugs

Simply put, the generic drug you pick up at your pharmacy probably isn’t the same makeup as the brand-name drug. As a result, the switch from a brand-name drug to a generic one can dramatically impact your health. For example, even when the brand-name drug and generic drug have the same amount of active ingredient, the rate at which this active ingredient is released into your body may vary. You might notice unexpected side effects and reduced efficacy of the drug as a result. Moreover, the less-regulated excipients, or other ingredients, may contribute to a host of side effects as well. In one startling example, individuals who took the brand-name antidepressant Wellbutrin XL reported extreme depression and suicidal thoughts when they switched to the generic drug, according to ABC News.

Choosing Health Insurance with Prescriptions in Mind

Your health insurance should give you the freedom to choose brand-name pharmaceuticals. While Tier 1 and Tier 2 generic prescriptions might result in a lower copay, they also might be less effective, bring with them more side effects, or, in a worst-case scenario, negatively impact your health. JibeHealth.com matches individuals with health insurance plans based on their needs.  JibeHealth http://www.jibehealth.com will match you with the right tier and identify health plans that meet your exact needs.  Tier 4 prescriptions include higher-priced, brand-name drugs. When choosing a health insurance plan, look closely at the prescription coverage to make sure you aren’t forced into opting for questionable generic alternatives. Maximize your health, and get matched with a plan that provides you access to Tier 4 brand-name drugs.

Why 85% of People Select the Wrong Health Plan

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The Affordable Care Act gave consumers the opportunity to choose health insurance plans in a competitive marketplace. However, selecting a health insurance plan isn’t a simple task, and the Health Insurance Marketplace, which is filled with many types of plans at many price points, can certainly lead to some confusion. Ultimately, consumers who have limited knowledge of health insurance may be led down a path toward a plan that simply doesn’t work for their lifestyle and health care needs.

Selecting the Wrong Plan

The Centers for Medicare and Medicaid Services and the U.S. Department of Health and Human Services reported that up to 85 percent of consumers chose the wrong plan in 2014. A poorly selected insurance plan can have several long-term consequences. Individuals might not have adequate coverage for their health care needs, or they might be limited in the checkups, procedures, and prescriptions that their insurance covers. Ultimately, these individuals might end up with significant medical bills due to this poorly selected insurance plan.

Common Causes

Selecting an insurance plan should always consider a variety of factors, but ultimately, many people tend to make decisions based on just one factor: price. Tight budgets and exorbitant healthcare costs may leave people looking for the inexpensive health insurance option–even if that option isn’t the best for their unique needs and may even cost more in the long run.

People shopping for health insurance often begin on a website to collect quotes after entering their zip code. This method can result in a poorly selected plan. These “zip code” insurance quotes consider only the individual’s location, and the quotes and recommended plans are not tailored with the individual’s healthcare needs in mind.

Health care and health insurance shopping is undergoing tremendous innovation.

New federally approved web broker platforms like www.jibehealth.com  match consumers with health insurance plans based on their unique needs. Jibe health’s algorithm begins by asking a few simple questions and displaying plans that only match your unique health care needs.

Even more, most people aren’t well versed in insurance terminology. So, when they are perusing these “zip code” insurance quotes, they might not be quite sure what they are reading. Thus, they choose a budget-friendly plan without the confidence that the plan they chose will be sufficient for their healthcare needs. This uninformed and depersonalized method of insurance shopping certainly contributes to a high numbers of dissatisfied consumers.

Far-Reaching Impact

Choosing the wrong insurance plan affects more than just the individual. The federal government will take a hit as well. It stands to lose up to $9 billion in higher subsidy payments resulting from those consumers who chose the wrong plan. Choosing the wrong insurance plan isn’t just a personal problem–it’s a national one.

Tips and Tricks

Shopping for insurance doesn’t have to be confusing. The key to a successful insurance shopping experience is personalizing it. First, think carefully about what you need in an insurance plan. While you should certainly look broadly at the costs, including premiums, deductibles, and the cost of any hospital stays, you should also see what doctors and hospitals you will have access to under the new plan. Also, consider the type of prescription drugs that the plan will cover. Then, skip the “zip code” quotes and work on securing quotes for your unique needs. Using this method, you’ll be more pleased with your insurance plan, and you just might save the government some money along the way.