Sterling Health Services Administration has developed this high level timeline for healthcare reform implementation over the next several years.
In this blog and on our Healthcare Reform Resource Page, we’ll also provide updates as more information on how the legislation will impact the industry and our clients becomes available.
We also frequently post information on healthcare reform on our Facebook Page. Check it out and become a Sterling HSA Fan and access the latest healthcare reform news and articles as well as tips on financing your healthcare and investing in your health.
2010
• Eligible dependents may be covered until age 26 (6 months after enactment)
• Individuals previously uninsurable will have market access (90 days after enactment)
• Qualifying small employers may receive tax credit for plan sponsorship filed at the end of the year on the business tax return unless they are a tax-exempt firm (6 months after enactment)
• Eliminate pre-existing condition limitations for new coverage for children (6 months after
enactment)
• Eliminate annual and lifetime internal plan maximums (6 months after enactment)
2011
• Rebates and credits and discounts for Medicare Part D plan holders (2011 and later years)
• Carriers must meet expense ratios and pay rebates when not met
• Over the counter drugs will no longer be eligible under FSAs, HRAs, or HSAs
• Employers must show the premium value of coverage on employee W-2
• New “Simple” Cafeteria Plans may be written to avoid discrimination testing
• New Long Term Care coverage will go into effect
• 10% excise tax increased to 20% for non-qualified expenses from HSAs
2013
• Maximum allowance for a Cafeteria Plan health expenses is $2,500
• Additional Medicare taxes on investment income and higher brackets
• Taxes on health carriers, medical device manufacturers and drug companies
2014
• Employers with 50 or more full-time employees must “pay (penalty) or play (coverage)” -the fine is $2,000 per year per full-time employee if health insurance coverage isn’t offered
• Most Americans must also “pay or play” with acceptable coverage levels
• Health Insurance Exchanges (multi or single state pools) will be created as an additional market opportunity, joined by the private plans with which they will still compete
Please contact your Sterling HSA sales representative with questions or concerns about how healthcare reform will affect you and your business.
Visit our website for information on Sterling Health Services Administration and check out our Facebook Page for the very latest news on healthcare reform.