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The healthcare reform timeline – what will happen when! March 22, 2010

Posted by solutionsinsuranceservices in Health Insurance.
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So everyone is asking about the healthcare reform bill. What does it mean to me? What does it change? When will it happen?

We have the answers for you when it comes to individual and group insurance.

    2010 Changes

1. Small business tax credits become effective for businesses with fewer than 25 employees and average annual wages of less than $50,000. It will credit businesses up to 35% of the portion of the premium that they pay. This amount will increase to as much as 50% by 2014. Small business of less than 10 employees with an average salary of less than $25,000 may qualify for a full credit.
2. All children under the age of 27 can stay on their parents health coverage if they do not have a job that provides them health coverage of their own.
3. Prohibition of pre-existing conditions exclusions for children.
4. Creation of a temporary high risk pool to provide coverage to individuals with pre-existing conditions. Those uninsured for at least 6 months will be eligible to enroll in the high risk pool and receive subsidized premiums.
5. Removal of lifetime caps on coverage.
6. Mandate that all new private plans cover checkups and othe preventive services with no co-pays.

    2011 Changes

1. Drug makers begin paying new fees.
2. Over the Counter drugs are no longer eligible for reimbursement under Healthcare Reimbursement Accounts, Healthcare Savings Accounts for through Flexible Savings Accounts.

    2012 Changes

None

    2013 Changes

Medicare payroll taxes increase for all singles earning $200,000 a year or more and for families earning $250,000 a year or more.

    2014 Changes

1. Nearly all individuals will be required to carry health care coverage or pay a fine.
2. All businesses with 50 or more employees are required to offer health care benefits.
3. State Healthcare Exchanges open for business.
4. Subsidies to help lower income families will begin.

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