How will the new health insurance laws affect you

 

Last Sunday evening, Congress approved the Patient Protection and Affordable Healthcare Act. This law reforms the existing healthcare sector and is expected to insure another 32 million people. This bill was assumed with quite a few controversies around it. Polls have consistently shown that the majority of Americans were not satisfied with the law as it is being drafted, and several Democrats voted against it, along with all Republicans in the House of Representatives. That said, the president has laid it down in law and the deal is complete. You may wonder how this new health insurance legislation affects you? Let’s look at the main ways in which the new health insurance bill will affect you.

1. Everyone will have to take out health insurance.

All Americans will have to purchase health insurance by 2014. People who currently have health insurance will be the least affected by the new healthcare legislation. People with a low or moderate income receive help from the government to take out insurance. Persons who do not take out insurance will be subject to fines and penalties. The fine would be around $ 95 in 2014 and rise to $ 695 in 2016. There will be a maximum limit for fines.

2. Employers must offer insurance.

Employers with 50 or more employees must take out health insurance or pay fines if one of their employees receives federal grants to purchase health insurance. Companies that do not offer insurance are subject to fines and fines. Employers with fewer than 50 employees are exempt from this rule. Employers with fewer than 25 employees who choose to offer insurance will receive tax credits as long as the average salary of employees is $ 50,000 per year.

3. No restrictions on medical coverage.

Insurance companies can no longer set restrictive annual limits or lifelong caps for the amount they spend for medical coverage. In the past, insurance companies were able to set limits on the amount they would spend for your medical expenses. If a person had a disease such as cancer, these limits would have affected the amount that your insurance company would pay for your treatment.

4. People with pre-existing conditions will receive coverage.

Healthcare reform means that all children have access to medical insurance, including children with pre-existing conditions. Adults with pre-existing conditions can also take out insurance through risk groups. These high-risk pools are run by states and limit the amount of money that you need to pay Jonathan Harkerijk for medical insurance.

5. Children can stay longer on their parents’ plan.

Adults under the age of 26 can stay on their parents’ plan. In the past, adults aged 19 and over had to find their own insurance policy if they were not enrolled in college. Now adult children who are financially dependent on their parents can stay on their parents’ policies.

6. Individuals cannot be dropped by their insurance company.

Insurance companies will no longer be able to refuse coverage to people who fall ill. Health insurance companies are known to save money by dropping health insurance coverage for people with illnesses or serious illnesses.

7. People with a high income will pay higher taxes.

Households that earn more than $ 250,000 a year suffer from higher taxes. From 2018, high income payers will have increased Medicare payroll taxes and unearned income taxes. Unearned earnings apply to capital gains, interest and dividend income.

8. 95% of Americans now get health insurance.

The main beneficiaries of the health insurance reform are people with a low and moderate income, dependent adults under the age of 26, people with pre-existing conditions and children. Seniors receive a 50% discount on prescription drugs. This should close the donut hole, meaning that senior citizens are responsible for the full cost of prescription drugs once they have exceeded the coverage limit. Government grants for Medicare Advantage are reduced, which means that some elderly people lose additional benefits.

For the opinions of other bloggers about the new health insurance legislation, view the following messages:

  • How Healthcare Reform Will Affect You 
  • Thoughts on recent healthcare legislation 

What do you think of the changes to insurance legislation?

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