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Monday, April 5, 2010

Health Care Reform Year Two 2011

health care reform
In the last edition of Hoss Cents Free Financial Magazine we took a look at changes to health care that are scheduled to take place in 2010. Today we review changes to take place in 2011.

Free annual wellness visits will be provided by Medicare along with personalized prevention programs. There will no co-pay required for preventive services under any new plan.

Beginning October 1, home and community based services for the disabled can be offered by the States through Medicaid as an option to institutionalized care.

Prescription Drug Plan or Medicare Advantage enrollees will receive a 50% discount on brand-name drugs. There will be phased in discounts on generic and brand name drugs to completely close the "doughnut hole" by 2020.

Withdrawals from health savings accounts before age 65 for non qualified medical expenses will increase to 20% from the current 10%. Archer medical savings accounts will also have a tax increase for withdrawals not used for qualified medical expenses, that increase will be from the current 15% to 20% a 5% increase.

In order to ease the administrative burden of sponsoring a cafeteria plan (small businesses, a plan will be created to enable small business to offer tax-free benefits.

There will be an increase in the Medicare payroll tax for individuals earning more than $200,000 and married couples filing jointly above $250,00. The tax increase will be 0.9%. (1.45% to 2.35%).

The Hoss hopes his ongoing summary of the health care plan helps you understand how the bill affects you in this and upcoming years..

Next Hoss Cents Free Financial Money Magazine Post: Health Care Reform Year 2013
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Health Care Reform Year One

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