Health Insurance Changes in Store as ACA Deadline Nears

By: Cheryl Wills Text size: +-

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Important changes in health insurance are looming, meaning different things for employers and employees. NY1's Cheryl Wills filed the following report.

It's one of the cornerstones of the Affordable Care Act that many businesses feared: offer health insurance to full-time employees or face penalties by 2015. As the deadline draws near, millions of employees are scrambling now to make sense of the new health plans being offered to them.

Ben Geyerhahn is a healthcare policy expert, and member of Governor Andrew Cuomo's Health Benefit Exchange Regional Advisory Committee. He says employees need to choose between the federal health insurance exchange or their employers new plans.

'It's very hard for anyone to make a decision about their own healthcare,' Geyerhahn says.

For low income workers, experts say it's tough to find one that's affordable. Experts suggest you choose carefully when open enrollment begins on November 15, be aware that health insurance premiums are rising in New York, talk with a consultant before signing up, and consider public health insurance if you are low income.

'If they can get Medicaid, that's the first and best thing they can do because it will be complete coverage,' Geyerhahn says.

Ben Geyerhahn's company Benestream steers low income workers to Medicaid - because he says many people don't realize they qualify for it. What about prescription medications? Many New Yorkers also don't realize they can use the New York RX Card - which is a statewide Prescription Assistance Program that can help bring down medication costs.

'About 58 percent of medications currently on the market will not be covered, so you'll have to look through each plan to figure out what you want. Now our card, the New York RX Card, has an open formula so every medication both brand and generic is eligible for a discount,' says New York Rx Card Director Francesco Ciccone.

The 2015 deadline does not apply to small businesses with under 100 employees; they have until 2016 to comply. Businesses with less than 50 employees are exempt from the law altogether.