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How Will Healthcare Reform Affect You?

January 19, 2010 | Healthcare | 1 Comment

The House and Senate are currently working on merging the two Healthcare Bills they recently passed.  In the Senate democrats cannot afford to lose a single vote so it’s likely the bill will entail most of the Senate democrats want.  Although the final bill is weeks or months away, the following is what you may expect:

  1. You must purchase healthcare and file proof with your 2014 tax return or pay a $95 fine to the IRS.  The fine increases to $350 in 2015 and $750 in 2016.
  2. Government-regulated health insurance exchanges for individuals and small businesses will provide affordable plans. Insurers must offer coverage that in 2010 would cost no more that $5,950 for individuals and $11,900 for families.
  3. Out of pocket expenses will be capped based on income. A family of three making $73,240 in 2009, would be required to pay no more than $7,733 in medical costs.
  4. Medicare will cover more people.  Anyone making less than $14,440 and under 65 years old will be eligible.  
  5. People with preexisting medical conditions cannot be denied coverage.  Until this goes into effect in 2014, the government will spend $5 billion to subsidize people deemed high risk with preexisting conditions and have been uninsured for more than 6 months.
  6. Riskier people cannot be charged outrageous premiums.  Older people will pay a maximum of 3 times more than younger people and smokers 1.5 times more than non-smokers.
  7. Kids will stay longer on their parent’s medical insurance.  Dependents are usually cut off after graduation from high school or college.  The age would be extended to 26.
  8. Drug manufacturers must discount brand name drugs by 50% for people spending between $2,700 and $6,154 annually on prescriptions (A.K.A. Medicare coverage gap).
  9. Individuals earning up to $43,320 or families earning up to $88,200 will receive credits throughout the year to subsidize their premiums.
  10. Cadillac plans may be eliminated.  The portion of a premium exceeding $8,500 for individuals or $23,000 for families will be subject to a 40% tax paid by the insurer.  This is done to discourage such plans.

Source: News Week

 

 

 

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One Comment to “How Will Healthcare Reform Affect You?”

  1. The Facts About the New Healthcare Bill | Money Cake
    11:31 am on March 24th, 2010

    […] How Will Healthcare Reform Affect You? Share and Enjoy: […]

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