Everyone's asking how the new Health Care bill will affect them so I've asked an expert to share some information on it.  Feel free to contact JR Hinds & Assocaites directly if you have any questions.

Everyone has an opinion on the Health Care bill that was recently passed. There are some misnomers out there, and it doesn't help that the bill was passed without clarity on some important issues. Since the bill was signed by President Obama, I have been culling information from a myriad of sources. So as far as we can tell, the following schedule shows the highlights of when and how HB 4872 will affect you. Feel free to contact me via email at jr@hindsandassociates.biz if you have any questions.

Immediately

-        Individuals and employer-sponsored group plans who wish to keep their current policy on a grandfathered basis can do that if the only plan changes made are to add or delete new employees and new dependents.

-        Eligible small businesses that have fewer than 25 full-time employees with average annual wages of less than $50,000 may be eligible for tax credits on a sliding scale up to 50% of the employer's portion of the premium.

Plans with effective dates of 10/1/2010 or later

-        Adult children must be covered until age 26 (through age 25).

-        There can be no lifetime dollar limits on coverage.

-        Annual dollar limits on coverage must comply with guidelines to be issued by the Secretary of the DHHS by June 20th, 2010.

-        There can be no pre-existing condition exclusions for children under age 19. (Due to some confusion in Congress regarding the difference between 'pre-existing conditions' and 'guaranteed issue', this will likely be changed to say that children under age 19 cannot be declined coverage, as it was intended.)

-        Plans must provide preventive services without any cost-sharing by the insured.

-        Health plans cannot cancel coverage except for cases of fraud or intentional misrepresentation.

Effective 1/1/2011

-        Employers must include the aggregate cost of employer-sponsored health benefits on the W2.

-        Over-the-counter drugs will no longer be reimbursable under HSAs, Medical FSAs, HRAs, or Archer MSAs unless prescribed by a doctor.

-        All employers will be required to enroll employees in a new national public long-term care program, unless the employee opts out.

Effective 1/1/2012

-        All group plans will have to provide a summary of benefits and coverage explanation that meets certain criteria. Some of the criteria are: no more than 4 pages in length, with print no smaller than 2 point font, and written in a culturally linguistic and appropriate manner. Willful failure to provide the information will result in a $1,000 per enrollee fine.

-        Plans must provide notice to employees 60 days before plan changes.

-        All group plans will have to annually submit reports to the Secretary of the DHHS whether the plan meets minimum health plan criteria established by the DHHS. The report must be provided to all plan participants and will be made public.