New Healthcare Reform Bill Summary 2010, Facts and Timeline of Health Care Reform Changes
March 25th, 2010
New Healthcare Bill Summary, Facts and Timeline of Health Care Reform Changes. As America presses on the path of healthcare reform, there will be a lot of changes. How the healthcare bill affects individuals and families is of utmost concern to our readers. We’ve had many inquiries about what is inside the bill, so we have painstakingly tried to pull together some highlights of the bill summary, facts, and timeline of proposed changes to help you plan for your future.
Please note that the new healthcare bill is over 2,000 pages long – we didn’t read the whole thing. This is not a comprehensive list of changes, and from what we understand there are several amendments proposed to the Senate and the President.
WHAT HAPPENS THIS YEAR (2010)
During 2010, adults and children previously denied coverage due to pre-existing conditions will be able to access healthcare. High-risk pools are supposed to be set up for these individuals to gain access to coverage. There’s no concrete information about how, where or how someone can access these pools. The pool is supposed to be subsidized but the legislation isn’t clear on where you can apply for the subsidy.
Lifetime maximums are also a thing of the past in 2010. In addition, your insurance company cannot drop you if you fall ill. Annual limits are done away with as well, helping those that suffer catastrophic illnesses.
Children up to 26 can stay on their parents’ plan. Small businesses offering insurance to their employees can get a 35% tax credit from premiums paid.
New plans written during this time have to offer preventative care with no co-pays or deductibles.
Retirees aged 55-64 are offered access to a re-insurance program, and Medicare D participants receive a $250 credit.
WHAT HAPPENS NEXT YEAR (2011)
Medicare must provide plans with preventative care with no co-pays or deductibles, Medicare D recipients receive 50% off drugs falling in a “donut hole”, and health insurance companies will have to justify any premium increases or risk being taken out of a state’s insurance exchange pool.
WHAT HAPPENS IN 2014
In 2014, an IRS penalty of $750 per individual or 2% of income – whichever is greater – kicks in for those that choose not to purchase health insurance. No one can be denied access to insurance for pre-existing conditions, and annual caps on benefits are banned altogether. In addition, the temporary high risk pools are now done away with as states will have to have exchanges put in place.
WHAT HAPPENS IN 2018
All plans must offer preventative care with no co-pays and no deductibles.
Hopefully this information helps all those out there wondering: how does the new health care bill help me? There is still an uphill battle, as states are suing over the Constitutionality of some of the provisions of the bill, including the IRS fee for those who choose to be uninsured.
Source:
HR 4872 (Full Text HERE)
White House Blog
CNN Money
Photo Credit: Morguefile.com free photo
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Thank you for putting the plan into basic English.
Parts of it sound great. However, there are people who don’t believe in modern medicine – it’s ridiculous to force them to buy health insurance. The only reason is to make insurance companies richer – I’ve heard insurance companies described as “legalized rackets.” You pay and then fight to have the cost covered because they act as though it their money coming out of their personal pockets. Then you use it and the premium goes up for next year. Now where is the money coming from and how do you apply for the subsidy? Again, thank you for making a complicated issue clearly understood.
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Well well this health care reform is a bigger joke by the day.This monkey in the white house is selling us out so quick you cant even keep up with it.next election Im voting republican all the way. I dont care if its for Mickey Mouse or Donald Duck they cant be worse than this showboat is….lmmfao