Monday, June 14, 2010

Healthcare Reform Timeline

2010

  • No Lifetime or Annual Limits – No lifetime or annual maximum limits on essential benefits.
  • No Preexisting restriction for children – No children under 19 can be denied coverage for preexisting conditions.
  • Tax Credits for Small Employers – Employers with fewer than 25 employees and average annual wages of less than $50,000 may be able to claim a tax credit on 2011 tax return.
  • Preventive Service Coverage – Plans must cover preventive services without members sharing costs.
  • Nondiscrimination Testing – Employer plans are barred from favoring highly compensated employees.
  • Reinsurance for employers with retirees – Program for employers providing insurance to retirees over 55 not eligible for Medicare.

2011

  • New Restriction in HSA, FSA and MSA Fund Use – Over the counter drugs can no longer be reimbursed and tax for non-medical is 20%.
  • Wellness Grants for Small Businesses – Employers with fewer than 100 employees can tap into over $200 million in federal grants.
  • W-2 Reporting – Employee’s W-2 must report health coverage that is excluded from employees’ gross income.
  • Community Living Assistance – Assistance for those with limitation encouraging employers to auto enroll employees in program.

2013

  • Administration Simplification – Rules established making payments, enrollment claims and authorization process simpler.
  • Medicare Tax Increase - Part A tax rate on wages goes up from 1.45% to 2.3% for certain individuals.
  • Employers Must Inform Employees of Health Options – Employers must provide info on employer plans, health exchanges, and subsides.

2014

  • Individual Mandate – Everyone must have insurance or pay a penalty.
  • Employer Mandate – Employers with more than 50 employees must provide coverage pay penalty if any employee receives a subsidy.
  • Large Employers Auto Enrollment – employers with more than 200 full-time employees that offer coverage must auto enroll employees. Employees can not opt out.
  • Health Insurance Exchanges – State must have exchanges up and running by 2014 or the federal government set it up.
  • Wellness Incentives - Employers can offer rewards of up to 30-50% of premiums to employees who take part in wellness and meet health standards.
  • No Preexisting Condition Exclusions – Coverage can not be denied for those with preexisting conditions.
  • Comprehensive Coverage Requirement – Individual and small group plans must include essential benefits.
  • Limits on Deductibles and Copayments – Group health plans deductibles are limited to amounts allowed for HSA plans.
  • Ban on All Annual Limits – Plans may no longer impose any annual benefits limits.

2018

  • Cadillac Plan Excise Tax – Tax on employer plans valued at over $10,200 for individuals and $27,500 for families.

Information provided by the Word & Brown Companies

No comments: