Just as many other U.S. citizens, we’re sure you’re confused as to what happens when with the new healthcare reform in effect. We found a very user friendly tool that gives a great timeline of what will go into effect and what will be changing from 2010 to 2015.
For instance did you know effective January 1, 2011 seniors who reach the coverage gap will receive a 50 percent discount when buying Medicare Part D covered brand-name prescription drugs. Over the next ten years, seniors will receive additional savings on brand-name and generic drugs until the coverage gap is closed in 2020.
Also effective January 1, 2011 to ensure premium dollars are spent primarily on health care, the new law generally requires that at least 85% of all premium dollars collected by insurance companies for large employer plans are spent on health care services and health care quality improvement. For plans sold to individuals and small employers, at least 80% of the premium must be spent on benefits and quality improvement. If insurance companies do not meet these goals because their administrative costs or profits are too high, they must provide rebates to consumers.
Check this tool Healthcare Reform Timeline made available by HealthCare.gov
As always, Anderson Thornton is here to assist you anyway we can; we speak fluent Healthcare Reform and are happy to translate!
Resource cited: http://www.healthcare.gov/