Health Reform has made its way to law in a one thousand some page document… so what does it actually say? CBS Capital Hill Producers Jill Jackson and John Nolen break down the basics in their report Health Care Reform Bill Summary: A Look At What’s in the Bill.
According to their report the new health care bill is estimated to cost $940 billion over the next 10 years and reduce the United States deficit by $130 billion over the next ten years. It will extend coverage to 32 million Americans that are currently uninsured.
Six months from now the health care reform mandates insurance companies will no longer be able to deny children coverage based on a preexisting condition. Beginning in 2014 insurance companies will not be able to deny anyone with preexisting conditions. The health care reform will also allow children to stay on their parent’s insurance policy until age 26. What seems to be the effecting the most: by 2014 everyone must purchase health insurance of face a fine of $695 annually.
The uninsured and self-employed will be able to purchase insurance through state-based exchanges. Families and individuals who make between 100 percent and 400 percent of the Federal Poverty Level (FPL) and want to purchase their own health insurance on an exchange are eligible for subsidies. These individuals and families can not be eligible for Medicare, Medicaid and cannot be covered by an employer. Those who are eligible for the subsidies will receive premium credits however will receive a cap for how much they have to contribute to their premiums.
Now that the health care reform bill has passed through the House, Senate and bears President Obama’s signature… what now? As our government prepares to implement the new health care regulations and plans some states may be ahead of others. To check on the health reform in your state visit the healthcare.gov website.