Earlier implementation of the Patient Protection and Affordable Care Act could have saved as much as $280 per year in out-of-pocket insurance costs for Americans in the individual insurance market.
If the PPACA had been in effect between 2001 and 2008, it might have helped those with individual policies, according to Benefits Pro. Individual consumers typically have higher out-of-pocket costs, according to the report, published in the journal Health Affairs. Low-income Americans and those between the ages of 55 and 64 could have saved between $535 and $589, respectively, benefitting more than most from the effects of the PPACA.
Because the PPACA would require minimum benefits for plans participating in state health insurance exchanges, it is probable that individual insurance coverage providers would offer more generous coverage in a significant number of cases, the report suggests. Lead author Steven Hill stated that the law could both reduce average out-of-pocket costs and reduce the risk of extremely high expenses, according to the news source.
The chances of incurring out-of-pocket expenses of $6,000 or more would fall from 2.6 to 0.6 percent. It is unclear how these changes would impact the cost of employee benefit health insurance coverage, though it is possible decreasing costs might spread.
