The new healthcare bill, which took well over a year to be passed by the Senate, will now not only change the face of healthcare in this country but will also provide millions of uninsured individuals and their families the opportunity to seek the medical attention they need.
With many regulations of this new bill already in place and others scheduled to be implemented over the next few years, here’s a few things of what can be expected of this new healthcare bill and how it may affect you:
- Insurer’s will now pay for preventive care – Insurance companies could charge a co-pay for immunizations and screenings which includes pap smears and mammograms (for women 40+) and colonoscopies (for individuals 50+)
- Individuals with preexisting conditions will be covered. Those who have not had health insurance for the last 6 months due to a preexisting condition will be able to buy coverage from a federally funded high-risk pool.
- Coverage for Adult Children. Previously adult children could not be on their parents health insurance. With the new healthcare bill, all insurers are required to allow young adults to stay on their parents insurance until they reach the age of 26
- Protection for children with health issues. Insurance companies could refuse coverage. Under the new law, no child can be turned down. Even though individuals can obtain coverage, monthly premiums will likely rise.
Beginning in 2011, health savings accounts will change and will longer be able to be used to buy over-the-counter remedies or non-prescription medicine.
In 2013, individuals younger than 65 will be able to only deduct 10 percent of their adjusted gross income on medical expenses.
By 2014, risk pools will be phased out which basically means that all insurers must cover individuals with preexisting or past medical conditions. Coverage will be required for all or risk paying a penalty of $95 or 1 percent of their income (whichever is greater). This penalty will continue to rise each year until 2016 when it reaches $695 or 2.5 percent of income.
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Thanks Jessie, this synopsis is one of the best I’ve read so far on the subject. Unfortunately there is going to be some give and take until all the kinks get smoothed out. But it’s about time for Universal Healthcare!
Thank you Tracy, I appreciate your comment.
I completely agree, the fight to get everyone insured will be a long one, the great thing is that it will soon make a difference in the lives of those who needed this change to happen.