“The idea behind the bill is to bring down health care costs to make it more affordable,” said Steward French, an assistant professor in political science. It is believed that by offering a new competitive, affordable plan for the currently uninsured, health care costs will lower overall.
While many changes will be made in 2010, the plan will take 10 years before it is fully implemented.
- Insurance companies will no longer be able to deny coverage to children with preexisting conditions.
- Insurance companies will not be able to terminate coverage when someone becomes ill.
- Young adults can remain on there parents insurance policy until age 26.
- Small businesses that give health care coverage to their employees will receive tax credits.
- Insurance companies will be required to spend 80 to 85 percent of premium dollars on medical services or give rebates to their policy holders.
2010 fixes to Medicare
Prior to the new law, patients that had prescription medication costs that exceeded the predetermined threshold for medication costs where required to cover the remainder of the bill.
- Medicare beneficiaries who’s costs exceed the predetermined threshold for costs will receive a $250 rebate in 2010.
- In 2011, further action will be taken to close the cost gap by giving seniors that fall into this category, a 50% discount on all brand name prescription drugs.