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What does the new healthcare regulations mean for you?

by Gerri on Tuesday, March 23rd, 2010 | No Comments

If you have maintained employment throughout this recession/depression through your employer the new health care laws should have little to no effect on the type of care that you receive.  There is arguements as to whether or not you will see in increase in premium and out of pocket costs.  I have  to take a wait and see attitude on that right now.

For those who currently do not have health care insurance, the new regulations could mean major changes.  By 2014 you will be mandated to have health insurance.  The details of how this is going to be accomplished are still be settled.  What is known at this time is:  

Children under the age 26 will be allowed to remain on their parents’ insurance plans if they cannot get insurance through an employer.  The parents’ employer has some leeway as far as how much of the cost they will cover versus how much can be passed onto the individual.

Pre-existing conditions can no longer be excluded from new coverage.  Insurance coverage cannot be cancelled due to an illness.

Medicaid will expand to cover those who are unemployed and not able to afford insurance on their own.  Subsidiaries to pay for insurance will be available for low cost individuals.

Small business employers will be given tax credit and/or subsidiaries to assist in providing health care for employees.  Larger employers will be mandated to offer insurance and will be penalized for failing to provide insurance.  Note: insurance must be off erred, it does not require an employer to pay any portion of the premium.

Where an insurance company and a medical care provider disagree on whether or not a test or plan of treatment is medically necessary, there will now be an independent government advisory board that individuals can turn to for an unbaised decision.

Note, some of these rules go into effect immediately.  Some do not go into effect until 2014.  What has been passed as law and what the interpretation and implementation of those laws is, is still up in the air.  Until procedures start being put into place, I can tell you from experience with what is passed in tax law and what is put in place there is no telling at this time what we will actually see and the effect the new laws will have.

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