IMMEDIATE FIXES: 2010 – as of April 1st still waiting on these changes to be implemented, no exact time yet
- SMALL BUSINESSES: Tax credits start flowing to businesses with fewer than 50 employees, covering 35% of premiums, to help them afford coverage. By 2014, that will rise to 50%.
- SENIORS: They get a $250 rebate to help fill the "doughnut hole" in Medicare drug coverage.
- YOUNG ADULTS: Health insurers are required to let young people stay on their parents' policy up to their 27th birthday.
- PRE-EXISTING CONDITIONS: Insurers will be barred from denying coverage to kids with pre-existing conditions. Adults will have to wait until 2014 for the same protection. But high-risk pools will offer an option for affordable coverage until then.
- NO LIMITS ON COVERAGE: Insurers can't place lifetime caps on benefits any longer.
- PREVENTIVE CARE: New private plans will have to cover checkups and other preventive services with no co-pays. By 2018, all plans must comply.
2011
- HEALTH CARE COMPANIES KICK IN: Drugmakers pony up new fees, starting at $2.7 billion. Insurance and medical-device providers follow in 2013.
2013
- TAXES: Medicare payroll taxes increase - from a rate of 1.45% to 2.35% - for singles earning more than $200,000 a year and families above $250,000.
2014
This is when all Americans will feel the bill's impact - in their wallets, if not elsewhere.
- INDIVIDUAL MANDATE: Almost everyone will be required to get insurance or face a fine - $95 in 2014, $325 in 2015 and $695 in 2016 (with a maximum of $2,250 for a family). There is an exemption for low-income people.
- EMPLOYER MANDATE: Businesses with 50 or more employees must offer insurance or pay a $2,000-per-worker penalty.
- HEALTH CARE EXCHANGES: These new state-based marketplaces should be open for business, giving individuals and small businesses a place to shop for affordable insurance .
- SUBSIDIES: To help pay for insurance, the feds will offer subsidies to families making as much as $88,000 a year. Out-of-pocket spending will be tied to a person's income and kept as low as $1,000.
2018
- TAX ON HIGH-COST HEALTH PLANS: A 40% excise tax will be slapped on high-cost "Cadillac" plans starting in 2018.
2020
- Benefits that began to close Medicare's "doughnut hole" for prescription drugs in 2010 will finally complete the job in 2020.
Monday, April 5, 2010
Thursday, March 25, 2010
Health Care Bill Summary and Timeline
You've probably heard by now that the health care reform bill will enable you to find coverage if you're sick and keep your existing coverage if you get sick, or that it will enable you to afford to buy insurance or get it for free. But when? Here's a summary and timeline of when the bill's various benefits and protections - and its costs - will take effect.
Upon the President's signature, your dependent children will be allowed to remain on your insurance policy up to age 26, and your insurer will not be permitted to deny them coverage based on pre-existing conditions. Children covered by Medicaid or state Children's Health Insurance Programs cannot be dropped from this point until 2019, and adults covered by state Medicaid programs cannot be dropped until the state insurance exchanges go into operation in 2014, unless a state needs to do so to close a budget shortfall. Also: a 10 percent excise tax on indoor tanning goes into effect, as does a tax credit of up to 35 percent for small businesses with fewer than 25 employees that offer health insurance.
Three months after the bill becomes law, individuals who have been unable to obtain coverage because of pre-existing conditions for at least six months will be able to purchase it from special high-risk insurance pools. The pools will be folded into the state insurance exchanges when they take effect in 2014.
Six months after the bill becomes law, Medicare recipients who have fallen into the coverage gap ("donut hole") in Medicare Part D prescription drug benefits will receive a $250 rebate, the first of a series of gradual closings of the coverage gap phased in through 2020. New insurance policies sold from this date forward must exclude preventive care and screenings from annual deductibles, and insurers will no longer be able to cancel policies except in cases of fraud or set lifetime coverage caps from this point forward.
In 2011, Medicare Part D recipients who fall into the "donut hole" will receive a 50 percent discount on their prescriptions. A new, voluntary insurance plan providing modest cash assistance for long-term in-home or nursing home care becomes available this year. Also, the first of a 10-year series of cuts in subsidies to Medicare Advantage plans - private insurance plans that pay medical expenses and often offer extra benefits not covered by Medicare -- taxes effect. Seniors enrolled in these plans will likely face hikes in premiums, reductions in benefits, or both. Employers have to start reporting the value of employees' health care benefits on their W-2s, and community health centers would get increased funding to treat low-income and underserved individuals.
In 2012, nonprofit insurance co-ops will be created to compete with for-profit insurers, and physicians, hospitals and payers will be encouraged to band together in "accountable care organizations."
In 2013, the Medicare payroll tax will rise from 1.45 percent to 2.35 percent for individuals making more than $200,000 a year and married couples making more than $250,000 a year, and a new Medicare tax on unearned income of 3.8 percent takes effect. Annual contributions to tax-sheltered flexible spending accounts for medical expenses will be capped at $2,500, indexed for inflation from this point. A 2.3 percent sales tax will apply to medical devices other than vision and hearing aids.
In 2014, most of the bill's most heralded benefits take effect. This is the year when the state insurance exchanges go on-line, with subsidized coverage available in the form of tax credits, and when Medicaid will be expanded to cover individuals making up to 133 percent of the Federal poverty level (currently about $28,300 for a family of four). Insurers will be prohibited from denying coverage to adults with pre-existing conditions and charging higher premiums to individuals with chronic conditions starting this year, and they will also be required to cover maternity care the same as all other medical procedures. 2014 is also the year the mandates kick in: individuals who do not have insurance and cannot prove hardship will pay a $95 fine, rising to $695 by 2016; families without insurance will pay fines of up to $2,250, indexed for inflation after 2016; and employers with more than 50 employees that have any employees enrolled in subsidized coverage through the exchanges will pay a penalty of $2000 times the number of workers employed minus 30.
In 2018, the tax on so-called "Cadillac health plans" takes effect. Employers who provide insurance policies worth more than $10,200 per individual or $27,500 per family will pay a tax of 40 percent of the value of the plan above the thresholds, indexed for inflation.
President Obama will sign the bill at 11:15 a.m. Eastern Time today.
Written by Sandy Smith
For HULIQ.com
Upon the President's signature, your dependent children will be allowed to remain on your insurance policy up to age 26, and your insurer will not be permitted to deny them coverage based on pre-existing conditions. Children covered by Medicaid or state Children's Health Insurance Programs cannot be dropped from this point until 2019, and adults covered by state Medicaid programs cannot be dropped until the state insurance exchanges go into operation in 2014, unless a state needs to do so to close a budget shortfall. Also: a 10 percent excise tax on indoor tanning goes into effect, as does a tax credit of up to 35 percent for small businesses with fewer than 25 employees that offer health insurance.
Three months after the bill becomes law, individuals who have been unable to obtain coverage because of pre-existing conditions for at least six months will be able to purchase it from special high-risk insurance pools. The pools will be folded into the state insurance exchanges when they take effect in 2014.
Six months after the bill becomes law, Medicare recipients who have fallen into the coverage gap ("donut hole") in Medicare Part D prescription drug benefits will receive a $250 rebate, the first of a series of gradual closings of the coverage gap phased in through 2020. New insurance policies sold from this date forward must exclude preventive care and screenings from annual deductibles, and insurers will no longer be able to cancel policies except in cases of fraud or set lifetime coverage caps from this point forward.
In 2011, Medicare Part D recipients who fall into the "donut hole" will receive a 50 percent discount on their prescriptions. A new, voluntary insurance plan providing modest cash assistance for long-term in-home or nursing home care becomes available this year. Also, the first of a 10-year series of cuts in subsidies to Medicare Advantage plans - private insurance plans that pay medical expenses and often offer extra benefits not covered by Medicare -- taxes effect. Seniors enrolled in these plans will likely face hikes in premiums, reductions in benefits, or both. Employers have to start reporting the value of employees' health care benefits on their W-2s, and community health centers would get increased funding to treat low-income and underserved individuals.
In 2012, nonprofit insurance co-ops will be created to compete with for-profit insurers, and physicians, hospitals and payers will be encouraged to band together in "accountable care organizations."
In 2013, the Medicare payroll tax will rise from 1.45 percent to 2.35 percent for individuals making more than $200,000 a year and married couples making more than $250,000 a year, and a new Medicare tax on unearned income of 3.8 percent takes effect. Annual contributions to tax-sheltered flexible spending accounts for medical expenses will be capped at $2,500, indexed for inflation from this point. A 2.3 percent sales tax will apply to medical devices other than vision and hearing aids.
In 2014, most of the bill's most heralded benefits take effect. This is the year when the state insurance exchanges go on-line, with subsidized coverage available in the form of tax credits, and when Medicaid will be expanded to cover individuals making up to 133 percent of the Federal poverty level (currently about $28,300 for a family of four). Insurers will be prohibited from denying coverage to adults with pre-existing conditions and charging higher premiums to individuals with chronic conditions starting this year, and they will also be required to cover maternity care the same as all other medical procedures. 2014 is also the year the mandates kick in: individuals who do not have insurance and cannot prove hardship will pay a $95 fine, rising to $695 by 2016; families without insurance will pay fines of up to $2,250, indexed for inflation after 2016; and employers with more than 50 employees that have any employees enrolled in subsidized coverage through the exchanges will pay a penalty of $2000 times the number of workers employed minus 30.
In 2018, the tax on so-called "Cadillac health plans" takes effect. Employers who provide insurance policies worth more than $10,200 per individual or $27,500 per family will pay a tax of 40 percent of the value of the plan above the thresholds, indexed for inflation.
President Obama will sign the bill at 11:15 a.m. Eastern Time today.
Written by Sandy Smith
For HULIQ.com
Thursday, March 4, 2010
Health Premium Subsidy Eligibility Period Extended to March 31
The Senate voted Tuesday, March 2, to extend benefits for involutarily terminated workers. The measure includes an additional 30-day eligibility period of the health benefits premium subsidty for COBRA and state continuation coverage. The extension is retroactive to March 1. As a result of the latest law, most individuals involuntarily terminated from employment between March 1 and March 31 will now be eligible to apply for the 65 percent premium reduction and continuation coverage.
Friday, February 26, 2010
SPECIAL BULLETIN: White House Summit and COBRA Eligibility Period
WHITE HOUSE HEALTH CARE REFORM SUMMIT
On Monday, Feb. 22, President Barack Obama released an 11-page, $950 billion health care reform proposal, ahead of Thursday's highly anticipated bipartisan health care reform summit. While the president's proposal only included a set of policy priorities, not legislative language, its principles are similar to the Senate-passed health care reform legislation.
Congressional and committee leaders from both parties participated in a day-long Health Care Reform Summit, on Thursday, Feb. 25, along with other members designated by their party's leadership. The summit was both cordial, as well as contentious, with Congressional leaders oftentimes arguing over their fundamental differences and beliefs.
President Obama, who moderated the summit, wrapped up the day-long discussion on health care reform by telling Republicans to find common ground with Democrats in the upcoming weeks, or that Democrats will "go ahead and make some decisions," likely meaning that the Democrats will pass the current health care reform legislation through the budget reconciliation process. Many Republicans stated during the summit that they want to scrap the current health care reform bills and start over, taking a more incremental approach.
It remains to be seen how both political parties will proceed in the coming weeks.
EXTENDED SUBSIDY ELIGIBILITY PERIOD EXPIRES SUNDAY UNLESS CONGRESS ACTS AGAIN
The extended two-month eligibility period for the premium subsidy program is set to end this Sunday, Feb. 28, 2010. This means that workers involuntarily terminated starting March 1 will not be eligible to receive the 65 percent premium reduction of COBRA or state continuation benefits.
Many believe there is Congressional support for extending the premium subsidy eligibility period again, and expect consideration of the issue in coming weeks.
Our hope is that any extension will be passed before the eligibility period ends this Sunday, to avoid another retroactive benefits period. As of this morning, the House has passed a voice vote to extend the subsidy by one month. It now goes to the Senate, but isn't expected to pass before week's end.
On Monday, Feb. 22, President Barack Obama released an 11-page, $950 billion health care reform proposal, ahead of Thursday's highly anticipated bipartisan health care reform summit. While the president's proposal only included a set of policy priorities, not legislative language, its principles are similar to the Senate-passed health care reform legislation.
Congressional and committee leaders from both parties participated in a day-long Health Care Reform Summit, on Thursday, Feb. 25, along with other members designated by their party's leadership. The summit was both cordial, as well as contentious, with Congressional leaders oftentimes arguing over their fundamental differences and beliefs.
President Obama, who moderated the summit, wrapped up the day-long discussion on health care reform by telling Republicans to find common ground with Democrats in the upcoming weeks, or that Democrats will "go ahead and make some decisions," likely meaning that the Democrats will pass the current health care reform legislation through the budget reconciliation process. Many Republicans stated during the summit that they want to scrap the current health care reform bills and start over, taking a more incremental approach.
It remains to be seen how both political parties will proceed in the coming weeks.
EXTENDED SUBSIDY ELIGIBILITY PERIOD EXPIRES SUNDAY UNLESS CONGRESS ACTS AGAIN
The extended two-month eligibility period for the premium subsidy program is set to end this Sunday, Feb. 28, 2010. This means that workers involuntarily terminated starting March 1 will not be eligible to receive the 65 percent premium reduction of COBRA or state continuation benefits.
Many believe there is Congressional support for extending the premium subsidy eligibility period again, and expect consideration of the issue in coming weeks.
Our hope is that any extension will be passed before the eligibility period ends this Sunday, to avoid another retroactive benefits period. As of this morning, the House has passed a voice vote to extend the subsidy by one month. It now goes to the Senate, but isn't expected to pass before week's end.
Friday, October 23, 2009
Would you like additional sales people to help you sell your product or service?
My Glen Ellyn/Wheaton Chapter is looking for more Members!
Since its conception, the Dynamic Professional Women’s Network has positioned itself to be a very functional platform for women to develop the valuable connections necessary to grow in our professional as well as personal lives.
Inspired by the need to connect and partner with other professional women, but unable to commit to other early morning groups, DPWN was created to better meet the needs of working women and offer meeting times that also fit into a working mothers schedule. The objectives of the DPWN are simple, yet powerful. We focus on building great relationships, learning new business practices, sharing other networking opportunities, exchanging marketing ideas, and of course generating business for each other through referrals. We also have monthly Power Networking Events designed to inspire, educate, and motivate. At these events, the members of all of our chapters along with their guests, come together to further enhance their networking opportunities on a larger scale. In addition, we have other events and special discounts available only to members.
Let me know if this is something you may be interested in!
Since its conception, the Dynamic Professional Women’s Network has positioned itself to be a very functional platform for women to develop the valuable connections necessary to grow in our professional as well as personal lives.
Inspired by the need to connect and partner with other professional women, but unable to commit to other early morning groups, DPWN was created to better meet the needs of working women and offer meeting times that also fit into a working mothers schedule. The objectives of the DPWN are simple, yet powerful. We focus on building great relationships, learning new business practices, sharing other networking opportunities, exchanging marketing ideas, and of course generating business for each other through referrals. We also have monthly Power Networking Events designed to inspire, educate, and motivate. At these events, the members of all of our chapters along with their guests, come together to further enhance their networking opportunities on a larger scale. In addition, we have other events and special discounts available only to members.
Let me know if this is something you may be interested in!
Monday, September 14, 2009
Carriers Represented
Did you know that I am licensed in almost every state in the U.S., not just Illinois? Depending on the state you live in I represent the following carriers:
BlueCross/BlueShield and or Anthem
UniCare
HumanaOne
Aetna
AARP
UnitedHealthOne
Assurant Health
Cigna
Pacificare
I personally consult with you for free, this is a no cost service. I help you find the best plan at the most affordable rates. I do all of your research for you! What could be better than that!?
Give me a try, call me today. (630) 652-1067
BlueCross/BlueShield and or Anthem
UniCare
HumanaOne
Aetna
AARP
UnitedHealthOne
Assurant Health
Cigna
Pacificare
I personally consult with you for free, this is a no cost service. I help you find the best plan at the most affordable rates. I do all of your research for you! What could be better than that!?
Give me a try, call me today. (630) 652-1067
AARP Health Insurance for 50+
Did you know that AARP now has a health insurance plan for those 50 and older? I am an Authorized to Sell AARP Agent, ask me about how you can get your personalized quote on their health insurance product featuring first dollar coverage for Routine Physicals including Colonoscopies and Flu Shots!
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