Health Care Reform Timeline for Ohioans
The Patient Protection and Affordable Care Act, or Health Care Reform Bill, was signed by President Obama on March 23, 2010. Throughout the United State, this legislation has been met with great support and opposition. However, there is no debating the fact this bill will greatly change the way our current health care system operates.
Listed below is a timeline that illustrates those who are impacted by the recent changes and when these changes can be expected.
Employers
2010: Small businesses are eligible for tax credits if purchasing insurance for their employees. Able to participate in a reinsurance program to assist in providing coverage for retirees, spouses, surviving spouses and dependents over age 55 who are not eligible for Medicare.
2011: Must provide value of health insurance coverage on W-2 form.
2014: Businesses with 50 or more employees are obligated to provide affordable health insurance or face penalties. Small businesses can purchase insurance packages through state exchanges.
Insurers
2010: Required to cover preventative services without copays. No longer able to impose pre-existing condition exclusions on coverage for children. Cannot remove/withdraw coverage from anyone who becomes ill. Lifetime coverage limits are no longer acceptable. Must extend coverage of dependent children up to age 26.
2011: Must spend at least 80% of premiums on medical related services.
2014: Cannot refuse anyone of new or renewable polices. No longer admissible to deny adult coverage based on pre-existing conditions. Underwriting limited in ability to rate policies based on sex, health status and numerous other factors. Annual limits no longer permitted.
Uninsured
2010: Those individuals with pre-existing conditions are now eligible for coverage through high-risk pools. Dependent coverage extended to age 26 through parents’ policy.
2014: Majority of Americans required to purchase health insurance policy or pay fines ($95 per individual/up to $285 per family). Families eligible for subsidies to purchase insurance if earnings do not exceed four times the poverty level (approximately $88,000 for a family of four).
2015: Penalties for those without coverage increases ($325 per individual/up to $975 per family).
2016: Penalties for those without coverage increases ($695 per individual/up to $2,250 per family OR 2.5% of taxable family income, whichever is the greater amount).
If you should have any questions as to how the recent Health Care Reform Bill will impact you, please contact the insurance professionals of Chaser Insurance Group at (877) 775-4321.
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