All the folks living in US are aware the country is going to bear a major medical or medical care changes. President Barack Obama was very determined to sign the medicare reform bill and bring it into law. It is obvious that it is his top priority. On the 23rd of March 2010 President Obama achieved his priority of signing the medicare reform bill and announced it to be passed by law. This reform bill is imperative to changes since the outcome of enforcement of this bill on people and their health insurance will be closely monitored. This new health bill is commonly known as Obama Care.
Due to enforcement of this bill it’s become necessary for the insurer’s broker to explain the bill clauses before any individual invests in health insurance. This medical care bill is compulsory to changes in following years: 2010, 2011, 2013, 2014 and 2018. In 2010, children of 26 yrs of age or younger than that’ll be covered under their parents health insurance plans, medicare receivers will be given $250 remission to shut the “doughnut hole”, health insurance companies may not be permitted to exclude coverage for pre-existing conditions for children, and health insurance firms won’t be permitted to include taxation on annual limits and lifetime limits on coverage, etc.
This can be followed by changes in 2011. Medicare will be offering health visits once in an year and personalized prevention plans, senior classifieds the Prescription Drug Plan will receive a discount of 50% on brand name drugs with an extra prescription drug reductions to follow, and so on.
In 2013, a $2,500 yearly cap is to be put on contributions to flexible spending accounts, 2.9% excise tax will be put on sale of medical devices and certain articles like glasses, hearing aid devices, etc will become tax free, surgery insurance tax will increase by 0.09% for the individuals with income of $200,00, for example.
For the year 2014, all US citizens must have a health insurance or they’re going to be forced to pay a fine of $95 in 2014 and to increase in forthcoming years. Eligibility levels and factors will be according to the changes in medical care bill, 90 days is maximum time limit for group health insurance plan, and so on.
And concluding the changes in 2018 will be: An excise tax will be forced on individuals having an health cover insurance of more than $10,200 and for families for insurance of $27,500. This could be called ad Cadillac health insurance plan tax.
There are more effects of this bill. The Food and Drug Administration is authorised to recommend generic versions of biologic drugs. The Medicaid drug rebate is increased by 23.1% for brand name drugs and 13% for multiple source drugs. An institute of Patient Focused Outcomes and Research is established to commence comparative efficacy research. And a 19-member board is to designated including patients, insurers, payers, doctors, device makers, administration officials, hospices, drug makers, and health specialists, for example.
Lionel Piedmont writes on insurance matters for a Pensacola State Farm insurance agent and for auto insurance and home owners insurance agents in Pensacola, Florida.