Changes Required To Be Made in Health Care in 2010
Morning fun people,
Before I get started there are a few things that all of you need to know.
The Family Business Chamber of Commerce (www.familybusinesscc.com) is “A” political. We neither support nor condemn either political party. Our goal is to support and encourage Family Business, to help them to be successful and profitable. It is also share information that they may need to prosper. We are not attorneys so the information that we give is not official legal advice. We suggest that you contact your business attorney for clarification if needed.
The following information was obtained from a personal friend of mine, Albert Lee, who is a superior Family Business and Human Resources Attorney and Atty. Homer Walton, both with Tucker/Arensberg Attorneys in Pittsburgh.
It should also be noted that the current health bill is actually in two parts and that the provisions and regulations have yet to be defined so this could all be changed at any time.
However here is what is known as it stands now.
As I said the Health Care Law is actually two bills, “The Patient Protection and Affordable Care Act” and “The Health Care and Education Reconciliation Act of 2010”
The following is a list of changes that insurance companies are required to make in 2010. They will all effect family business and our employees one way or the other.
1) Individual and group health plans must provide dependent coverage for adult children up to age 26.
2) Individual and group health plans are prohibited from placing lifetime limits on the dollar value of coverage.
3) Prior to 2014, individual and group health plans may only impose annual limits on coverage as determined by the Secretary of health and human Services.
(Both annual and lifetime caps will be completely prohibited by January 1, 2014)
4) Health coverage cannot be cancelled for a participant except for fraud or intentional misrepresentation.
5) Insurers and self-insured are barred from dropping or charging more for existing coverage on account of illness or denying coverage or charging more for coverage of pre-existing conditions for children under age 19.
6) A temporary high-risk pool will be established to cover adults with pre-existing conditions until January 1, 1014—when the new rules are expanded to adults.
7) Insurers are prohibited from imposing co-payments or deductibles for preventive care and medical screenings under all new insured plans.
8) A temporary federal reinsurance program (currently scheduled to terminate as of the earlier of 2014 or when the funding ($5 billion) is exhausted) will reimburse employer health plans for 80% of the cost of benefits provided to early retirees (ages 55-64) in excess of $5,000 but below $90,000
9) A 10% tax will be imposed on the amount paid for indoor tanning services
In the Health Care Law you will hear the terms Full Time Employee and Full Time Equivalent Employee. Tomorrow we will cover the difference between the two as they will be relevant to your family business success.
Be sure check the Family Business Chamber of Commerce site at www.familybusinesscc.com
JOIN US TODAY for ONLY $100 for a family business and only $200 for an Advisor and Vendor!
Also Thanks Again to Atty. Albert Lee and Homer Walton of Tucker/Arensberg Attorneys www.tuckerlaw.com
See you tomorrow and remember…
Together We Have The Power of Family !!!
Rich
