Analyst Research
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Provider: ValuEngine, Inc.
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$25.0
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Provider: Pechala's Reports
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$10.0
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Provider: Pechala's Reports
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$15.0
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Provider: Reuters Investment Profile
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$10.0
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Provider: Validea
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$18.0
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Factbox: Basic provisions and timeline for health law
(Reuters) - A federal judge in Florida on Monday struck down President Barack Obama's landmark healthcare overhaul, saying it went too far in requiring Americans to buy health insurance starting in 2014 or pay a penalty.
The Obama administration is appealing the decision and plans to continue implementing the law. The measure aims to expand healthcare insurance to roughly 30 million Americans and imposes new industry rules and taxes.
Here are some of the law's major provisions and when they were implemented or are set to take effect:
2010
Several consumer protection rules took effect in September, including allowing children to stay on their parents' health insurance plan until age 26, banning lifetime coverage limits and ending denial of coverage for children because of pre-existing health conditions.
A temporary insurance program was created to help provide coverage to "high risk" patients with pre-existing conditions.
A phase-in of tax credits began for certain small businesses that provide health insurance to workers.
2011
Health insurance companies -- which include Aetna Inc and WellPoint Inc -- face new limits that call for at least 85 cents of every premium dollar to go toward medical costs, with 15 cents for overhead and salaries.
Small group or individual plans must spend at least 80 cents per dollar on care.
Drugmakers must offer a 50 percent discount on brand name drugs for elderly or disabled Americans enrolled in Medicare's Part D prescription drug plans who also hit the so-called "doughnut hole" coverage gap. Generic drugs will also cost less.
2012
Private Medicare plans called Medicare Advantage will see lower government reimbursement payments. The plans can offer more benefits than traditional Medicare coverage but also can cost more.
To help pay for the overhaul, the pharmaceutical industry -- including Pfizer Inc, Merck & Co Inc and other drugmakers -- begin paying more than $2 billion a year in taxes.
2013
Taxes on medical devices begin. The fees for device makers such as Boston Scientific Corp and Medtronic Inc will come in the form of a 2.3 percent sales tax.
You can no longer self insure like most of us boomers did in our youth! Also, tort reform seems like such a no brainer-am I missing something like most law makers are attorneys-I sense a conflict of interest?
A little more detail on health insurance for children 18 and under and pre-existing conditions: many states have established specific enrollment periods for child-only plans, many of them happening in January, February or March of this year. I work at eHealthInsurance, where we have pulled together a summary of these enrollment periods (based on what we know today) to let parents know about them. You can find it here: http://blog.ehealthinsurance.com/2011/01/health-insurance-for-kids-in-2011/
It’s important for parents to know, because if they have a child with a pre-existing condition and they wish to buy them this type of a plan, there is a limited time, either within these enrollment periods or other qualifying events, in which to do so. Not every state has carriers that are offering child-only health insurance, so check with your state insurance commission to find out more information.
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