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Health Reform Time line.
Please read to find out how and when certain provision will take effect.
Within the first year
• Dependents will be able to stay on parents coverage till age 26.
• Seniors will get a $250 rebate to help fill the hole in Medicare prescription drug coverage,
• Insurance Carriers will be prohibited from imposing exclusions on children with pre-existing conditions. Special risk pools will be created in states to provide coverage to the ones who are uninsurable.
• Health Insurance companies will not rescind coverage when a person has a medical condition.
• All lifetime and annual maximums on plans will disappear.
• New plans have tovprovide coverage for preventive services without co-pays. Every plan will have to 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 place a system that allows individuals to appeal an underwriting decision.
• Businesses with fewer than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.
2011
• Medicare will provide free preventive coverage for annual care. New plans will be mandated to cover preventive services with no co-pay.
A 50 percent discount will be provided on brand-name drugs for Prescription Drug Plan or Medicare Advantage members.
• HSA penalty for non medical charges will increase form 10% to 20%.
• A plan to provide a vehicle for small businesses to offer tax-free benefits will be made.
• The Medicare payroll tax will increase from 1.45 percent to 2.35 percent for individuals earning more than $200,000 and married filing jointly above $250,000.
2013
• Health plans must implement electronic exchange to cut paper expenses.
• Contributions to flexible savings accounts will be limited to $2,500 per year.
• There will be increases to the income brink from 7.5 percent to 10 percent of adjusted gross income. Those older than 65 can claim the 7.5 percent deduction through 2016.
2014
• Citizens will be required to have acceptable coverage or pay a penalty of $95 in 2014, $325 in 2015, $695 (or up to 2.5 percent of income) in 2016. Families will pay half the amount for children, up to a cap of $2,250 per family. After 2016, penalties are indexed to Consumer Price Index.
• Workers who are exempt from individual responsibility for coverage but don't qualify for tax credits can take their employer contribution and join an exchange plan.
• Companies with 50 or more employees must offer coverage to employees or pay a $2,000 penalty per employee after their first 30 if at least one of their employees receives a tax credit. Waiting periods before insurance takes effect is limited to 90 days. Employers who offer coverage but whose employees receive tax credits will pay $3,000 for each worker receiving a tax credit.
• Companies will no longer be able to refuse coverage base on medical condition.
• Health plans will be prohibited from imposing annual limits on coverage.
• Health insurance exchanges will open in each state to individuals and small employers to shop for health packages.
• Credits will be available through exchanges for those whose income is above Medicaid eligibility and below 400 percent of poverty level who are not eligible for or offered other acceptable coverage.
• Medicaid eligibility will increase to 133 percent of poverty for all non elderly individuals to ensure that people obtain affordable health care in the most efficient and appropriate manner. States will receive increased federal funding to cover these new populations.
• An annual health insurance provider fee will be Imposed across the health insurance sector according to insurers' market share to companies whose total premiums exceed $25 million.
2018
• 2018 Taxing An excise tax will be imposed on high dollar, employer health plans beyond $27,500 for family coverage and $10,200 for single coverage.