How much does it cost to spend a day in a hospital?

Don’t you wish healthcare was like a menu at McDonald’s?  You could show up with your broken arm and know how much it would cost within minutes of arriving.  Healthcare unfortunately is not that transparent or easy to work with.  You won’t know the cost of your broken arm for weeks and that is after you already had the procedures (when you get your bill).  Following are average costs per inpatient day, organized by hospital ownership type, in all 50 states plus the District of Columbia:

Average Cost Per Inpatient Day Across 50 States in 2012 (updated November 2014)

Location
Government Hospitals
    Non-Profit Hospitals
    For-Profit Hospitals
United States $1,831 $2,214 $1,747
Alabama $1,493 $1,400 $1,253
Alaska $1,521 $2,369 $2,809
Arizona $1,730 $2,462 $2,002
Arkansas $1,382 $1,688 $1,407
California $2,767 $3,275 $2,084
Colorado $1,950 $2,493 $2,522
Connecticut $3,146 $2,369 $2,363
Delaware N/A $2,675 $3,510
District of Columbia $759 $2,926 $2,006
Florida $2,132 $2,178 $1,551
Georgia $922 $1,756 $1,462
Hawaii $1,166 $2,320 N/A
Idaho $1,154 $2,842 $2,004
Illinois $2,006 $2,218 $1,544
Indiana $1,776 $2,359 $2,115
Iowa $1,327 $1,419 $1,806
Kansas $1,064 $1,654 $1,852
Kentucky $1,647 $1,722 $1,542
Louisiana $1,667 $1,680 $1,668
Maine $1,523 $2,170 $787
Maryland N/A $2,495 $2,062
Massachusetts $1,788 $2,741 $1,768
Michigan $1,218 $2,147 $2,482
Minnesota $1,033 $2,179 $2,657
Mississippi $1,176 $1,423 $1,789
Missouri $1,400 $2,104 $1,730
Montana $507 $1,332 $3,173
Nebraska $676 $1,886 $1,334
Nevada $2,304 $2,143 $1,715
New Hampshire N/A $2,296 $2,024
New Jersey $1,964 $2,464 $1,381
New Mexico $2,681 $2,082 $1,926
New York $1,878 $2,082 N/A
North Carolina $1,969 $1,862 $1,527
North Dakota N/A $1,514 $1,767
Ohio $2,327 $2,395 $2,285
Oklahoma $1,304 $1,844 $1,791
Oregon $2,725 $3,199 $2,761
Pennsylvania $747 $2,142 $1,675
Rhode Island N/A $2,536 N/A
South Carolina $1,936 $1,928 $1,636
South Dakota $474 $1,132 $2,312
Tennessee $1,352 $1,892 $1,421
Texas $2,700 $2,222 $1,794
Utah $2,658 $2,418 $2,198
Vermont N/A $1,532 N/A
Virginia $2,596 $1,734 $1,809
Washington $2,698 $3,273 $2,310
West Virginia $728 $1,582 $1,151
Wisconsin $344 $2,038 $2,523
Wyoming $1,157 $1,443 $2,200

Notes

Includes all operating and non-operating expenses for registered US community hospitals, defined as nonfederal short-term general and other special hospitals whose facilities and services are available to the public. Adjusted expenses per inpatient day include expenses incurred for both inpatient and outpatient care; inpatient days are adjusted higher to reflect an estimate of the volume of outpatient services. It is important to note that these figures are only an estimate of expenses incurred (by the hospital to provide a day of) inpatient care and are not a substitute for either actual charges or reimbursement for care provided.

Source:  The Kaiser Family Foundation State Health Facts.

 

Will you have to pay a penalty in 2014 for not having health insurance? Tax penalty explained – Affordable Care Act

The Affordable Care Act will expand coverage to many Americans in several different facets, and 2014 is a critical year for implementation of several mandates within the law. These deadlines have important implications for business and families throughout the country. For real estate professionals, it’s important to understand some of the more complex pieces of the act regarding taxes.  Starting in 2014 new tax penalties can be enforced for those who do not obtain minimal health insurance also known as Essential Benefits (Individual Mandate).

Tax Penalties

To encourage all American’s to pursue and purchase health insurance the Affordable Care Act implemented the individual mandate, requiring everyone to have healthcare coverage. Those individuals who do not have healthcare coverage are required to pay a penalty. This is referred to as a tax for those who do not opt into health insurance exchanges or other healthcare coverage.  If a family does not fall within the federal poverty guidelines, the fee is on a scheduled raise rate per year, beginning with $95 per person 1% of your income in 2014 or , $325 per person or 2% of your income in 2015, and $695 per person or 2.5% of your income in the year 2016 (you pay whichever is larger). For families, the health insurance tax is generated based on federal poverty guidelines.  To avoid the penalty you should shop for major medical (essential benefits) on the Member Health Insurance Exchange or Public (government) exchange.

Remember, any members of a Native American tribe can receive an exemption as well as any individuals who went without insurance for less than three months during one year.

Tax Credits

One of the primary goals of healthcare reform was to enable small businesses to provide affordable healthcare options for their businesses. Effective in 2010, small businesses were empowered with tax credits for their contributions towards employee healthcare plans. This applies to any employer who contributes 50% or more towards employee health costs.

Individuals and families will be eligible for a tax credit for healthcare coverage purchased through a health insurance exchange. This part of the law is relatively flexible, since it is refundable and can also be paid in advance to the health insurance company to cover premium costs.

Many real estate professionals successfully manage their own businesses with employees or work independently. Either way, it’s important to evaluate the coming tax changes and how they’ll impact you both individually and professionally.

REALTORS Benefits® Program has partnered with SASid (Smart and Simple insurance development) to help NAR member navigate their health insurance options.  SASid’s teams of licensed representatives have helped thousands of members nationally enroll in member insurance programs.  Visit www.Realtorsinsurancemarketplace.com or call toll free:  1-877-267-3752 (M-F 7am to 7pm CST).

HHS Releases Final Rule on Health Insurance Market, Rate Review

News Alert: February 25, 2013

HHS Releases Final Rule on Health Insurance Market, Rate Review

The U.S. Department of Health and Human Services released a final rule on Feb. 22, 2013 that implements key provisions of the Affordable Care Act (ACA), including the requirement to cover people with pre-existing conditions.

The final rule further implements five provisions of ACA that are applicable to non-grandfathered health plans:

  • Guaranteed Availability
    Individual and small group policies will be guaranteed available subject to open and special enrollment periods in the individual market.
  • Health Insurance Premiums
    Health insurance companies offering coverage to individuals and small employers can vary premiums based on age, tobacco use, family size and geography. The rule implements the age rating at no greater than 3:1 and tobacco use rating at 1.5:1.
  • Guaranteed Renewability
    Health insurance companies must renew coverage subject to certain exceptions such as non-payment of premium.
  • Single Risk Pool
    Insurers are required to maintain a single statewide risk pool for claims experience in the individual market and single statewide risk pool for the small group market.
  • Catastrophic Plans
    Young adults and people for whom coverage would otherwise be unaffordable will have access to a catastrophic plan in the individual market.