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(Medical-NewsWire.com, August 14, 2012 ) San Francisco, CA -- According to mlive.com, numerous Americans do not have access to health insurance coverage through their jobs so they have to buy it themselves. Since many of these people are in their mid 60’s, it costs them a fortune to get medical coverage.
However, with the introduction of the Affordable Care Act, individuals and families are now receiving checks of several hundred dollars from their local insurance companies.
The sources further explained that the insurance companies will now be required to spend around 80 percent on patient care in the form of hospitals, health care promotion and payment to doctors.
Insurance agencies must not spend more than 20 per cent on sales, advertising and salaries. Those service providers, who are spending less than 80 percent on direct patients, could also be ordered to pay a penalty in the form of a check.
The new health care law has several other benefits, including:
1.Anyone with a pre existing condition will not be denied health insurance
2.There will be no annual and lifetime cap on benefits under health cover plans
3.Insurance companies will be required to justify increases of more than 10 percent
4.Children will be covered under their parents’ health care policies by their respective insurance companies until the age of 26
5.Since widely unpopular prescription drug coverage doughnut is closed, people on low salaries will pay less for medication
6.Companies will not be able to drop your policy under the policy of rescission, which is the usual industrial practice on accepting annual renewal.
It is vital to consider the above facts when deciding whether or not the new Affordable Care Act can benefit individuals and families. Overall, the new health law focuses on empowering the individuals and taking the power away from insurance service providers.
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Source: EmailWire.Com 
Source: EmailWire.com
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