Day 10: Today's Important Thing to know about Health Care Reform

Today’s thing to know is about MOOP which stands for maximum out of pocket.  If you haven’t noticed already, the government has an acronym for everything.  I wanted to talk about MOOPs today because the first thing I heard on the news this morning was that they had been postponed for a year.  Well, the truth is, only the MOOP on a few small group plans has been postponed.  This is an example of how difficult it is to get real information about the Affordable Care Act and, I hope, is the reason you are watching this.  Anyway, back to MOOPs.  MOOPs are a very important part of the new ACA-compatible plans because they limit how much money you spend each year on your deductibles, co-pays and co-insurance.  The individual MOOP for 2014 is $6,350.  The family MOOP is $12,700.  The importance of the MOOPs is huge.  There are many people today who have a deductible higher than next year’s MOOP.  In a perfect world, you would have an emergency fund equal to the MOOP.  Imagine never having to organize a fundraising event for a friend undergoing cancer treatment and about to lose their home.  If you are one of those smart folks with an HSA account, you may already be set to cover your MOOP.  Remember to check back here tomorrow for factual up-to-the-minute information and share this with your friends.