The status quo on health insurance Mississippi is unaffordable to a majority of residents of the state. Bad debt is passed on to them in the form of hidden health tax, most people avoid seeing doctors due to high costs and preventive healthcare is out of the reach of many Mississippians. The state of needs health reforms and it needs them immediately. Here is why.
- Families in Mississippi have seen their cost of premium increase by about 89%in the last decade. The average premium that a family has to pay for its plan is about $11,303 presently. The high rate of premium goes towards providing healthcare services to the uninsured
- About 20%of the population below the age of 65 is uninsured in Mississippi.
- Only 28% of the small business firms in Mississippi provide coverage at work. Small firms have to pay 18% more than large companies to get coverage for their workers.
- Health Insurance Mississippi companies in Mississippi can stop paying for your medical bills if you exceed the lifetime limit. In such a case, the beneficiary with burdened with whopping out-of-pocket expenses when he is being treated for a major disease.
- 18% of the residents do not visit a doctor due to the high costs as consultation fees.
This sad reality will soon change and the residents of Mississippi will have access to more affordable Health Insurance Mississippi plans once the Act becomes completely effective. Let us have a look at what the scenario will post the implementation of the Act
- Families in Mississippi with moderate income will be eligible for tax credits bringing down the premium on their health plans. Around 558,100 middle class residents of Mississippi will be eligible for these tax subsidies. Additionally when a large number of residents get coverage, then the amount that each has to pay as hidden health tax will also get diminished.
- Small businesses will be encouraged with tax credits when they offer Health Insurance Mississippi to their employees at work. This will help 34,610 employers provide coverage at work
- Health carriers will be banned from placing annual/lifetime cap on health plans ( Health Insurance Mississippi ). Residents of Mississippi will not have to worry about running out of coverage any longer, that no matter how big their medical bill is. If they have a health plan, then they are covered for all their medical expenses.
- There will be a cap on how much the residents of Mississippi spend on out-of -pocket expenses. This will include premiums, co-pays, deductibles and co-insurances. The regulation is to ensure that the residents are not spending heavily on medical facilities even after owning health plans.
And lastly, residents of Mississippi will be able to buy Health Insurance Mississippi from the state based Exchange which would serve as an insurance market place where residents can look at options, compare quotes and purchase plans at the most competitive prices.
