Health Care Reform 2014 and Beyond

The Hoss apologizes for the delay in his final posting on Health Care Reform.

Mrs. Hoss's business required that we convert one of the stalls in the family barn (our house) into an office. Although Mrs. Hoss does the vast majority of the work the Hoss must be around to run for supplies, prepare the occasional meal and once in a while provide some actual labour.



Now, back to the health care reform timeline and the changes to take place in 2014 and beyond.

• If you do not have acceptable coverage in 2014 you will pay a fine of $95.00. This will increase to $325 in 2015, $695 in 2016 or a maximum of 2.5% of family income). Penalties will be indexed to the Consumer Price Index after 2016. Note: There will be a cap of $2,250 per family and the charge per child is half the required amount.

• Workers who don’t qualify for tax credits and who are exempt from individual responsibility can join an exchange plan by using their employer contribution.

• A fine of $2000 per employee will be imposed on companies with 50 or more employees who do not offer coverage to employees, if at least one of their employees receives a tax credit. The is per employee after the first 30. The maximum waiting period before insurance takes effect is to 90 days. Employers with employees receiving a tax credit will pay $3,000 for each worker receiving a tax credit.

• Health insurers are prohibited from charging higher premiums due to health status, gender or other reasons. They cannot refuse coverage due to a pre existing condition or current health status. They cannot impose an annual limit on coverage.

• Small employers and individuals will be able to shop around for standardized health plans through health exchanges.

• People not eligible for or who cannot obtain acceptable coverage and whose income is above Medicaid eligibility and below 400% of the poverty level will receive credits through health exchanges.

• New funding will be provided to the States so that all nonelderly individuals Medicaid eligibility can be increased to 133 of poverty level.

• Health insurance companies whose total premiums are greater than $25 million will have to pay an annual health insurance provider fee based on the insurers' market share.

• In 2018 so called "Cadillac Plans" will pay an excise tax.

This concludes The Hoss's summary of the upcoming changes to health care. I hope you have found the information useful.

Stay on Track,

Money Magazine Hoss

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Related Posts:
Health Care Reform 2013
Health Care Reform Year One
Health Care Reform Year Two 2011

Health Care Reform Year One

Image by Getty Images via Daylife

Health Care Reform is now law. So what does this mean to you? How will you benefit? Will your taxes increase/decrease? The list of health care questions seems endless to many but fear not. The Hoss has done considerable research and over the next few post will help you determine how the Health care reform package will affect you.

We will start with the changes scheduled to take place in the current year.

Early retirees 55 to 64 will benefit from a temporary reinsurance program provided to companies with early retiree health benefits.

Both lifetime and restrictive annual limits on benefits are eliminated.

The infamous "doughnut hole" in Medicare prescription drug coverage for seniors will be softened with a $250 rebate.

Young adults up until their 26th birthday will be able remain on their parents' insurance. This will be beneficial to college students and others unable to find employment.

If you become ill the insurance company cannot rescind your policy, after all that is why you have insurance.

Insurance companies are now banned from imposing exclusions on children with pre-existing conditions. Pools will be established to cover those with pre-existing health conditions until such time as the health care coverage exchanges are operational.

Coverage for Preventive services without co-pays is mandatory for new plans and all plans by 2018.

An appeals process for coverage determinations and claims will be implemented by new plans.

There will be a $1,000 increase in the adoption tax credit and assistance exclusion. The credit is refundable and extends through 2011.Indoor tanning facilities will have a 10 percent tax imposed on amounts paid for services on or after July 1.

Small businesses having less than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.

The Hoss hopes this summary of the benefits to take place this year as a result of health care reform helps you understand how the bill affects you in 2010.

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