LGBT health concerns are real
There is a lot of noise surrounding the Affordable Care Act, and that makes it difficult to distinguish truth from partisan rhetoric. A recent Policygenius survey on the ACA shows that legal literacy — and health insurance in general — is shockingly low. Where can we find accurate information when it comes to open enrollment? How should LGBT health concerns be addressed?
Policygenius and LGBT healthcare
Myles Ma is Editor-in-Chief of Policygenius, an online magazine and marketplace with a mission to provide an easy way to compare and purchase all types of insurance coverage. Policygenius makes purchasing insurance faster, friendlier and more transparent and serves as a one-stop shop for financial protection and educational content. Myles has been writing about personal finance, business development, and local, state and national politics since 2008 and earned his journalism degree from the College of New Jersey.
Today, Myles joins us to discuss the overall impact of the ACA since it went into effect in 2010. He explains how the law has changed since Trump took office and the impact these changes have on insurance premiums. Myles discusses specific LGBT health issues, including transgender coverage and the lack of policies covering PrEP. He provides insight into subsidy eligibility, the high cost of insurance in the U.S., and the potential benefits of high-deductible health insurance. L
Listen to learn more about the state of ACA and LGBT health care:
Topics covered and the ACA and LGBT health care
What has changed since the ACA became law?
- Millions more have insurance that didn’t exist before
- Allows states to expand Medicaid to all low-income earners
- Requires insurers to cover pre-existing conditions
Changes to the ACA since Trump took office
- Elimination of individual mandates (no tax penalty)
- Premium increase with threat of cancellation
The individual mandate
- Healthy, young people “pay on”
- Pool money, subsidize those in need of care
Myles’ advice on coverage for the trans community
- It is already difficult to ensure coverage
- Communicate with provider AND insurer
- Make sure policies address specific needs
Myles’ insight into government subsidies
- There are no changes in sight this year
- The administration stopped reducing cost sharing in 2017
How to calculate your income to be eligible for grants
- Use adjusted gross income (dollars earned less deductions)
- Numbers from the last return + any adjustments
Why health insurance costs are so high in the USA
- Health care costs are generally very high
- It is not sustainable for healthcare to “eat up the entire economy”
- Don’t treat chronic illnesses to the point of catastrophe
High deductible compared to traditional health insurance plans
- Add the premium + the maximum deductible cost
- Consider HDHP if the number is lower (even in a worst-case scenario).
- HDHP offers the opportunity to invest $ in HSA
The Benefits of Keeping an HSA
- Tax-free contribution of money
- For use in medical emergencies/expenses
- Use for everything after you reach retirement age
Why so few health insurance companies cover PrEP
- Insurance time slower than regular time
- Challenge the insurer if you are denied coverage
The results of the Policygenius ACA survey
- Awareness of the basics is shockingly low
- 25% believe the ACA has been repealed
- 21% are aware of open enrollment periods
- 20% are aware of the significant health benefits
What the Policygenius website offers
- Financial protection products
- Marketplace + educational content