Now that the bill has actually passed it’s worth each of us taking more time to understand what specifically is in it and how it affects you and your family. Hopefully the testosterone levels and political grand standing will subside long enough to get a real handle on the details.
Our friend Jim has a great synopsis over at Bargaineering explaining what will change and when now that the bill has passed. The full article is worth a read but here are a few of my favorite parts, all of which go into effect in 2010 or 2011.
- Insurance companies will be barred from dropping people from coverage when they get sick. Lifetime coverage limits will be eliminated and annual limits are to be restricted.
- Insurers will be barred from excluding children for coverage because of pre-existing conditions.
- Young adults will be able to stay on their parents’ health plans until the age of 26.
- A tax credit becomes available for some small businesses to help provide coverage for workers.
- Medicare beneficiaries will be able to get a free annual wellness visit and personalized prevention plan service. New health plans will be required to cover preventive services with little or no cost to patients.
