Thursday, July 5, 2012

Affordable Healthcare Act Timeline

July 1st, 2010 –Closes donut hole for prescription drugs by $250. –Guarantees access to insurance for people previously uninsured who have preexisting medical conditions. September 23rd, 2010 –Prohibits insurance companies from rescinding coverage. –Requires insurance companies to provide coverage so young adults can stay on their parents insurance plan until age 26. January 1st, 2011 –A mandatory 50% discount is given on brand name prescription drugs. –Insurance policies are required to provide preventative care (free wellness visits which include personalized prevention plans). –Insurance policies are required to spend at least 80% of insurance premiums received for services to the public. If they fail to do so, they must rebate the overcharge to their policyholders. October 1st, 2012 Reduces paperwork and administrative costs. Requires electronic medical records and exchange of medical information electronically. –Payments must be linked to outcomes. This program provides financial incentives for hospitals to improve the quality of healthcare. January 1st, 2013 New Medicaid preventative healthcare available (optional to states). –Increases payments to Medicaid doctors. –Imposes tax on unearned income of 3.8% on persons who receive over $200,000 of this type of income. (Over $250,000 for a married couple) January 1st, 2014 –Prohibits discrimination based on health status. –Prohibits annual limits on coverage. –Allows states to set up an insurance exchange (So far, Missouri has elected not to do so). –Expands Medicaid to 133% of the poverty level. –Mandates the purcahse of insurance or the individual is required to pay a fee as part of his income tax return. There are exemptions, but the basic fee is $95 in 2014, $325 in 2015, and $695 in 2016. –Gives a tax credit to lower middle class taxpayers if they purchase medical insurance. –Submitted by Jerold Drake in the hope that it is helpful for those who read the Sheridan Express.

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