Tuesday, March 23, 2010

Health Reform Passes - So Now What?

Well, let's get to what appears to be stuff to happen in 2010....uninsured now, and with medical problems, folks will be able to buy insurance in 2010 through high-risk pools later in the year. How it is funded, what the cost structure is like and plan design remains to be seen (probably medicaid model).

Starting this year health insurance companies will not be able to exclude coverage for pre-existing conditions, and can't drop you suddenly from a policy for that reason too. Cost structure, how they rate, presumably more information to follow.

Young, college student aged kids on parent's polilcies, to be covered to age 26.

Employers with 25 or less employees will get up to a 35% tax credit towards the cost of providing health insurance to employees, again presumably on top of the deduction as business expense too.

Other milestones will be 2011, 2012 and ultimately 2014 when it will be required to carry health insurance in the U.S. Exceptions will be for severe financial hardship, elsewise folks will pay what has been published recently (in 2010 anyway) as up to a $695 dollar fine.

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