Health Care Reform Year One

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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.

Next Hoss Cents Free Financial Money Magazine Post: Health Care Reform Year 2, 2011
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Home Sales Decline

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Sales of existing homes and condominium sales continue to decline In the United States. The restoration of the tax credit for first time home buyers and the expansion of this program to include repeat buyers have not had the desired effect of increasing home sales.

According to the National Association of Realtors (NAR) resales of US homes and condos dropped .6% in February accounting for the lowest seasonally adjusted annual rate in the past eight months.

However all is not doom and gloom, according to the NAR sales are up 7% compared with a year ago.

Regarding home prices, the Federal Housing Finance Agency reported that its national home price index for January fell 0.6% from its December level. They also reported a drop in prices of 3.3% compared with the previous year. This is a total drop of 13.2% from the peak in 2007.

What all these numbers mean is not yet clear. It could mean the previous surge in home sales is over and another recession is around the corner or it could just be a pause well buyer's are being very careful in their selection. Time will tell.

Next Hoss Cents Free Financial Money Magazine Post: March 27,2010
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