by VentureStreet  Join Our Network
Health Care Reform Timeline

Health Care Reform: The Who, What and When

Here is a look at some of the major health care reform provisions that you will see over the next decade.

Employers: Small businesses can receive tax credits if purchasing insurance for employees.

Insurers: Cannot impose pre-existing condition exclusions on coverage for children. Must cover preventive services without copays. Cannot remove coverage when a person becomes ill. Cannot impose lifetime coverage limits.

Uninsured: Individuals with pre-existing conditions receive immediate access to coverage through a high-risk pool. Dependent children can remain on parents’ plans until age 26.

Early retirees: Employers will be able to participate in a reinsurance program to help provide coverage for retirees and their spouses, surviving spouses and dependents over age 55 and not eligible for Medicare.

Medicare Part D enrollees: A $250 rebate check received for those entering the “doughnut hole” gap in coverage in 2010. Rebate payable by April 1, 2011.

Insurers: Required to spend at least 80 percent of premiums on medical services.

Medicare Part D enrollees: Receive a 50 percent discount on brand-name prescription drugs when in doughnut hole coverage gap.
Those with health care savings accounts: Federal tax on those who spend health care savings account money on ineligible medical expenses increases to 20 percent.

Over-the-counter drugs: Except for insulin, OTC drugs without a prescription are not reimbursable from an FSA or HRA, and are not a tax-free reimbursement from an HSA.
W-2: The value of your health coverage must be disclosed on your W-2 form. (optional for 2011)

Taxpayers: Medicare payroll taxes increase to 2.35 percent for individuals earning more than $200,000 and families earning more than $250,000.
Those with flexible savings accounts: A federal limit of $2,500 for individual pretax contributions per year.

Employers: Companies with 50 or more employees must provide affordable coverage or pay a penalty.

Insurers: Prohibited from refusing to sell or renew policies. Cannot deny coverage for adults with pre-existing conditions. Limits ability to set prices on the basis of sex, health status or other factors. Prohibited from imposing annual limits.

Uninsured: Most Americans required to buy health insurance or pay fines of $95 per individual and up to $285 per family. Families will pay half the amount for children. Families can receive subsidies to buy insurance if they earn no greater than four times the federal poverty level (about $88,000 per year for a family of four). Individuals and small businesses can buy packages through state exchanges.

Uninsured: Penalties for not carrying insurance increase to $325 per individual and up to $975 per family. Families will pay half the amount for children.

Uninsured: Penalties for not carrying insurance increase to $695 per individual and up to $2,250 per family or 2.5 percent of taxable family income – whichever is greater. Families will pay half the amount for children.

Taxpayers: A 40 percent excise tax imposed on high-cost employer-provided policies ($10,200 for individual coverage or $27,500 for family coverage).

Medicare Part D Enrollees: Prescription drug coverage gap eliminated.
This brochure is for informational purposes only and is not intended to replace the advice of an insurance professional. Know Your Employee Benefits is written and produced for Powter Insurance, Inc.. © 2010 Zywave, Inc.

Free Quotes from Health Insurance Agents
Click to Get Quotes
Other articles you may like:
Shopping for Health Insurance? Advantages of Choosing An Independent Florida Insurance Broker
Advantages of Working with an Independent Florida Health Insurance Broker / Agent

Have You Had Time To Read Your Benefit Plan?
Have you read and understand your insurance plan? Wouldn't it be nice to have a...

Health Care Revisited
United States Health Care System through History

Health Care Reform - What Does It Mean To Consumers
PPACA went into effect Sept. 24, 2010. What does this mean to consumers?

National Health Care Update
Did anyone catch the Health Care Summit last week? Impressive? I'm just not sure. While...

Be the first to find this article helpful.
Free Quotes from Health Insurance Agents
About the Author

Cody Boren, Powter Insurance
1650 W. Virginia St #200
Mckinney, TX 75069

If you would like to re-print this article, please contact the author.
Other articles you may like:
Online Health Insurance Exchanges
Obamacare, is it the answer or more costly to everyone?

Do You Know What Factors Determine the Cost of Health Insurance?
Major factors that determine the cost of health insurance. The cost of health insurance...

What Would You Do If The Unexpected Happens?
What would you do if you feel like giving up? Let me tell you a story about a family...

What Should Be Covered In a Medical Health plan.
This is a summary of some of the things should in your major medical (health) plan,...

Do You Know What A Good Benefit Plan Looks Like?
A good benefit plan should include a number of plans that would meet you and your...

Editorial Disclaimer: The views expressed in articles published on this website are those of the authors alone. They do not represent the views or opinions of this website or its staff. The articles on this site do not constitute a recommendation or endorsement with respect to any views, company, or product. Authors affirm that article submissions are their original content or that they have permission to reproduce.

Home   |   Articles & Videos   |   Affiliates   |   Networking Groups   |   Search by Category

Terms of Use   |   Privacy   |   About Us   |   Contact Us   |   Member Login

©2003-2022 - VentureStreet, LLC

Join Our Business Network