5 Legal Health Care Changes for 2013

As we all know each New Year brings legal health care changes. With the New Year approaching rapidly it is very important that we are all aware of what changes the year 2013 will hold.

This is because some of them may be good for some while not so good for others.

This article is going to make it so you know exactly what to expect. But, some of these things may be slightly modified depending on who wins the presidential election.

Higher Premiums

Higher premiums are something that can be expected in 2013 and for many people this is one of the things that comes across as being bad. This is because to date 13 percent of the companies have decided to increase their employee’s premiums by five percent – if not more – while 42 percent of the companies will only increase fewer than five percent.

However, when looking at the bright side of this situation, it has recently been discovered that the pace of the growth in premiums is actually decreasing. This is because employer health costs are said to increase 5.3 percent in 2013 compared to the 5.9 percent increase that took place in 2012.

Summary of Benefits and Coverage

The Summary of Benefits and Coverage is going to be the most noticeable change in the year 2013. The summary is a straight forward way for you to find out the basics about your insurance plan. The best part is there will be no fine print so everything will be easier for employees to analyze. Not to mention the fact that there is also talk that there will be a glossary available as well so those who are not familiar with all of the insurance terms can be up to speed.

FSA Limits

In the year 2013 you will now have a cap that is placed on the amount of money that can be put into the workplace flexible spending account. Before, 2013 employers were the ones who set the caps however now everyone can look forward to having a cap of $2500. However, before you fill your account up to the cap you have to be sure that you are going to actually use the money because if you do not use it you will lose it. So, it is important to have an accurate estimation of your out of pocket expenses.

Dependent Coverage

Dependent coverage will be available to employees who have children under the age of twenty six. So, if you do not have your children under your insurance plan already now would be a good time to do so.

Increased Spending Cap

If you are someone who has a chronic disease or a condition that causes your medical costs to skyrocket this is something that is definitely going to be beneficial to you. In the year 2013 the cap is going to be 2 million whereas in 2012 it was only 1.25 million. However, in 2014 that is talk that there will be no cap in place at all.

Author Bio: Denise Heckstall works for MedicareSupplementalInsurance.net a company that helps connect people with the information about insurance for their health needs.