Week 35

Picture

HEALTH CARE REFORM

While a study of the healthcare reform bill in its entirety would likely be more difficult than learning rocket science, it is important that we understand some of the basic changes that have been or will be implemented.  
These, after all, will directly affect all of us in some way or another.

The following changes have already been implemented: 

  • Small businesses with fewer than 25 employees and average wages of less than $50,000 get a tax credit for their contributions to buying health insurance for employees of 35-50%.
  • Plans may no longer impose lifetime or annual limits on coverage.
  • Plans may no longer impose pre-existing condition exclusions for children under age 19.
  • New policies must cover the full cost of preventive care as recommended by the U.S. Preventive Services Task Force, recommended immunizations, preventive care for infants and children, and preventive care for women.
  • Prior authorization or increased cost-sharing for emergency services is also prohibited.
  • Contributions to Health Spending Accounts are limited to $2500 per year.
  • Individual and group plans can no longer impose pre-existing condition exclusions for any person of any age.  Health insurers must accept every individual and employer who applies for coverage.
  • Insurance companies cannot base premiums on health status, claims experience, or gender.  Premiums can only vary by age, geography, family size, and tobacco use.
  • States are allowed to merge the individual and small group markets.
  • Health plan wellness incentives will cover up to 30% of total coverage costs.
  • Everyone must have coverage or pay a penalty, which will be enforced by the IRS.

To Do List

O - Print out this webpage which includes the "cliff notes" version of healthcare reform above and keep in your organizer for future reference.  
O - Catch up on any weeks you are a little behind on.  

Extra Credit

O - Watch this video on Health Care Reform.