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Monday, Mar 29th 2010
What Does the New Health Care Reform Bill Mean for Me?
Change is scary, especially when the parameters around it are unknown and rather confusing. Health care reform is one of those unnerving changes. The bill will extend insurance coverage to 32 million additional Americans by 2019, but it will certainly affect us all. The question is: how?
Highlights:
The new bill will place more stringent guidelines on health care companies. For example, the plans will have to stop setting lifetime limits on coverage, canceling policies when people get sick and denying people coverage for preexisting conditions (the last will take place in 2014). Another major change is that children and young adults can be covered under their parents until the age of 26.
If you can’t afford health care, depending on your income, you might be eligible for Medicaid, the state-federal program for the poor and disabled, which will be expanded with the bill. If your income is over the Medicaid limit, but you are still struggling, you may be able to receive government subsidies to help you pay for private insurance from the new state-based insurance marketplaces, called exchanges, slated to begin operation in 2014.
If you already have coverage, you can keep your plan or buy coverage through these marketplaces.
Beginning this year, Medicare will offer annual checkups and preventive screenings (colon, prostate and breast) free to beneficiaries. Medicaid will also offer additional preventive services without cost to children and adults.
Common Concerns:
Families that make over $250,000 will pay more in Medicare payroll taxes starting in 2018. Their unearned income, now exempt from the payroll tax, would also be subject to a 3.8 percent levy, according to The New York Times.
Most Americans will be required to buy health insurance by 2014 or pay a penalty. The penalty will start at $95 or 1 percent of income in 2014, whichever is higher, rising to $695 or 2.5 percent of income in 2016. However, families would not pay more than $2,085. Some people would be exempt from the requirement because of financial hardship or religious or cultural beliefs.
Flexible spending accounts, which allow users to put aside untaxed dollars for medical expenses, will be limited to $2,500 and will no longer be usable for over-the-counter medicines (beginning in 2013).
These are just some ways in which the bill might affect you. For a much more comprehensive list and answers to your most pressing questions, visit:
The New York Times: “How the Health Care Overhaul Could Affect You”
MSNBC: “How Health Reform Affects Readers Like You
CNN: "Timeline: When health care reform will affect you"
Find more resources here.
Comments
Sep 25, 2010 16:Sep 4 | Amy Pieczul said
Health Care Reform
I still don't understand how ir affect me, a 60 year old disabiled and on medicare plus blue. I hit the donut in April 2010 and had to borrow money to get out of the donut in July. I look at the figures for 2011 and it looks like next year I will be paying even more. Where does that leve us who have no other income or can't work???? Who wants to loan me money for next year????
Apr 20, 2010 16:Apr 4 | Gretchen said
teeth/dental
I've been trying for over a year to get my crown fixed. the government agencies are 5 years behind, there is no one to help, but the the state of Iowa insists on taxing me 120... I don't have...
Apr 10, 2010 22:Apr 10 | Melinda said
Like the concept
I like the concept of being able to go to one place to get information about Health Care Reform. You showed your resources where we could go and check it out. I liked that too. I hope that you will keep this updated. I noticed the date was March 29th and I did not read it until April 10th. I have too much e-mail. I was curious about the flexible spending and why it was going to be limited. I always thought it was a good idea except that you could not roll it over. It would have been a great way to save for surgeries of all kind (dental, medical). But now they seem to have really restricted it that I am not sure what would be the reason to have an FSA? If you find an article about the changes to FSA and why, please post it. Thank you.
Apr 06, 2010 23:Apr 11 | Carolyn said
health care reform
I am on Medicare and from my understanding, there really isn't going to be any benefit to us, at least until many years down the road. We already had preventative care such as annual well woman exams, colonoscopies, etc. so they really have not done anything as they say they have. Also, their last minute $250 rebate for those that hit the "doughnut" period isn't really anything helpful when you look at the actual amount of money we have to spend out of our own pocket before we reach the next level "catastrophic coverage". I know personally I always hit the "doughnut period" every year in about July or August and I may hit the "catastrophic" period in late December but usually not. In Arizona, we have had Medicaid for the poor and subsidies for those that don't qualify for Medicaid but are still struggling financially. Since there is so many things about this bill that was never really exposed to the public, who knows what there is to come. My understanding that the entire bill is so lengthy that a lot of the legislators didn't even read it in its' entirety. I am very leary about this whole thing and feel it is all really a big political move for the Democratic Party. I sure hope not but I am not usually so skeptical but I am about this healthcare plan. It also bothers me a lot that many votes were obtained through a bargaining power effort or just because they were Democrat. I know in my state, many people were quite angry because the Democratic representatives voted against what the majority of people requested. I think this may be just a beginning of the loss of power to the people of this country and more power to the government. We will see and I sure hope I am wrong!
