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When and How Healthcare Reform Will Affect You

What are your thoughts on the new Healthcare reform bill?  Whatever your take on the bill, it’s here whether you like it or not.  Lost in an ocean of overwhelming data and opinions?  Read below to find out the time frames for change in regards to the new bill; and how the bill will affect you and your family.

Below is a peak at what to expect within the first year; click here to see the full article from CNN: 

http://www.cnn.com/2010/POLITICS/03/23/health.care.timeline/index.html

Within the first year
• Young adults will be able stay on their parents' insurance until their 26th birthday.
• Seniors will get a $250 rebate to help fill the "doughnut hole" in Medicare prescription drug coverage, which falls between the $2,700 initial limit and when catastrophic coverage kicks in at $6,154.
• Insurers will be barred from imposing exclusions on children with pre-existing conditions. Pools will cover those with pre-existing health conditions until health care coverage exchanges are operational.
• Insurers will not be able to rescind policies to avoid paying medical bills when a person becomes ill.
• Lifetime limits on benefits and restrictive annual limits will be prohibited.
• New plans must provide coverage for preventive services without co-pays. All plans must comply by 2018.
• A temporary reinsurance program will help offset costs of coverage for companies that provide early retiree health benefits for those ages 55 to 64.
• New plans will be required to implement an appeals process for coverage determinations and claims.
• Adoption tax credit and assistance exclusion will increase by $1,000. The bill makes the credit refundable and extends it through 2011.
• A 10 percent tax will be imposed on amounts paid for indoor tanning services on or after July 1.
• Businesses with fewer than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.