Fallon Health Insurance: Health-Care Bill Timeline

calendarThe passing of the health-care bill on Sunday will bring about changes in the industry for individuals and companies like Fallon Health Insurance.  In The Washington Post’s article “When does the health-care bill go into effect,” the newspaper summarizes the timetable.  The first change should happen within the year, offering a rebate of $250 for Medicare recipients whose initial prescription drug coverage has run out.  Within 90 days, people who were denied insurance based on preexisting conditions will have access to high-risk pools.  Changes that will come about for insurance companies within 6 months include a requirement for children to remain on their parents’ policies until age 26 if they desire and the banning of insurance companies imposing lifetime coverage caps, denying coverage when people get sick, and denying children with preexisting conditions coverage.

By 2011, individual and small group insurance plans like UPMC Health Insurance are required to use 80% of premium money towards medical services while large group plans must use 85%.  The Medicare payroll tax will be increased and expanded by 2013.  Families who earn 400% or less of poverty level income will receive subsidies to buy health insurance by 2014.  Also that year, most employers will have to provide insurance coverage or will receive penalties and most Americans will have the same stipulation for obtaining health coverage.  High-end insurance policies will have an excise tax of 40% imposed in 2018.  And by 2019, health insurance will cover 32 million more people than it does today.

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