Healthcare Reform 10 Immediate Impacts

Uploaded by AtlanticFinancial1 on Jul 20, 2011
Uploaded by icyouhealth on Apr 19, 2010
Healthcare reform will affect all employers in the United States. You need to know what is changing and when. Here is a look at the top 10 immediate impacts of the law.
The first big impact is for children. They will no longer be denied insurance for pre-existing conditions. So little Susie has diabetes and previously was denied coverage because of the disease. Her parents plan will now be required to cover her regardless of the pre-existing condition.
Second - many Americans who are [more]currently uninsured because of a pre-existing condition will get immediate access to insurance through a temporary high-risk pool. For example, John has been uninsured for nearly a year and is having a hard time finding coverage because he has asthma, a pre-existing condition. Through the new high-risk pool, John will be able to apply for coverage regardless of his medical history.
Third - if someone has a group or individual plan and gets sick, their plan will not be allowed to drop their coverage. So if Bob has health insurance and is diagnosed with lung cancer, his insurance policy will continue to cover him regardless of the condition.
The reform is designed to save individuals and businesses money.
So fourth Seniors will see lower prescription drug prices through a $250 rebate for Medicare beneficiaries who reach the Part D coverage gap during 2010. For example, Sally is 75 and on Medicare. She has four prescriptions that she fills every month. When Sally reaches her prescription drug coverage limit, she will be entirely responsible for the cost of the drugs. The $250 rebate will help Sally make up for the price jump.
Fifth - Small businesses will get tax credits when they purchase coverage. So, the owners of a corner donut store want to offer health insurance for their employees but cannot afford to do it on their own. Under this provision, if they meet certain requirements, the owners could apply for a tax credit that would reimburse them for part of the cost of coverage.
Sixth- To help explain all this, the Secretary of Health and Human Services is creating a Web site that residents and small businesses in any state can use to get information about health coverage options in their area. This will include things like side-by-side comparisons of coverage options, information about eligibility for Medicaid, availability of temporary high-risk pools, and more.
Seven there will be a new temporary reinsurance program for employers. This program will provide health insurance coverage to retirees over 55 who are not yet eligible for Medicare. The program will reimburse employers for a percentage of the cost of their employees coverage. So lets say Carol retired from her company, but she is only 58 and not yet eligible for Medicare. Her company could continue to provide her health benefits, and the government would reimburse the company for a large portion of the costs.
8 - The reform takes away lifetime limits and restricts annual limits on benefits in all plans. This means that insurers will no longer be able to put a cap on the dollar value of an individuals benefits. The insurer will be required to pay the costs regardless of how much it has already spent on that policy.
Number nine has an immediate impact on dependent eligibility. Under the plan, a subscribers dependent children will now be covered until age 26. That means that instead of being terminated from his parents plan when he graduates college, Tommy can continue to be covered until he turns 26.
Our 10th impact has to do with wellness and prevention - To encourage healthy living and keep costs down, insurance providers must now offer coverage for preventive services and immunizations. That means you will no longer have a co-pay for services like cervical and breast cancer screenings, tests for HIV and other sexually transmitted infections, counseling for tobacco use, and more.
Individuals and employers are going to have to understand these changeswe hope this information has helped you.

Dallas L Alford IV, CPA is a licensed Certified Public Accountant in the state of North Carolina and owner of Atlantic Financial Consulting, a consulting firm that provides comprehensive medical billing services, practice management consulting, coding audits, Medicare compliance, Medicare RAC support and other general medical practice consulting services.
To learn more about Atlantic Financial Consulting you may visit their website at
http://atlanticfinancial.us/ or contact Dallas L Alford IV, CPA directly at 1 888-428-2555, Ext. 200.