|April Benefits Buzz: Healthcare Reform|
The Patient Protection and Affordable Care Act was signed into law by President Obama on March 23, 2010. This legislation, along with the Health Care and Education Reconciliation Act of 2010, will have a significant impact on the U.S. healthcare system. Now, what does this mean to you as a business owner? While some of the implications are still unknown, we can tell you that under the new reform, many provisions will not start until 2014. Some of the changes you can expect in 2010 include:
- Dependent children can remain on their parents’ health plans until age 26.
- Some seniors will see rebates under the Medicare drug plan.
- Those with a medical condition that left them uninsurable could qualify for coverage under a federal program.
- Subsidies begin for small businesses to provide coverage to employees.
- Insurance companies are barred from imposing lifetime limits on benefits, rescinding coverage except in cases of fraud, and imposing pre-existing condition exclusions on children.
In addition to our monthly April Benefits Buzz, CLICK HERE for a Healthcare Reform Timeline for your reference. These reforms and their effective dates are subject to the rules and regulations process both at the state and federal levels – which could alter the intended timing of implementation.
ChamberChoice recognizes the impact these changes will have on your business. We are here to help you sort through the details. Our staff is prepared to fully review your benefits package and make recommendations based on your company’s needs, expectations, and budget – today and tomorrow as new legislative regulations and measures take shape.
To discuss your company’s benefits options, contact an Advisor today at 1-800-377-3539.
To join The Chamber, please download, complete and fax or mail this form to the Chamber.
(Call 570-455-1509 for membership fee, based on company size.)