A Few Details on Health Reform Bill

• Can I get insurance without a pre-ex clause??-  Not until 2014. 
• High Risk pools  - For those unisured for 6 or more months, the  Federal government will fund $5 billion for high risk pools.  Should kick in as early as July 2010 on a State by State basis.  Those on State High Risk pools not eligible. 
• Kids To age 26 in all States.    Major carriers are implementing in spring of 2010. 
• Did my taxes go up?  -  Payroll tax will increase in 2010 for those earning over $200k.  Income tax surcharge of 3.8%. 
• Did my Health Savings Account survive?  - Yes.
• What about employer penalties who don't provide insurance -  For qualified employers, the penalty has been increased from $750 to $2000 per employee.  Companies with 50 or fewer workers are exempt from the requirement. Part-time workers are included in the calculations, counting two part-timers as one full-time worker.
• What about individual penalties?  -  If you don't have insurance, you will pay 2% income tax surcharge up to $325 per person. Phase in starts in 2014.  
• What about Expensive health plans surtax?  - Exists,  $10,200 for singles,  $27,500 for families and that doesn't start until 2018.
• Flex Spending Accounts -  $2500 annual contribution limit. 
• Deduction of Medical Expenses - Increase from 7.5% of AGI to 10% excluded. Starts 2014. 
• Creation of Long Term Care insurance fund for to help seniors in need of help with daily tasks such as bathing and dressing. Must pay in for 5 years. 
• Subsidy for low income - on a sliding scale for households making up to four times the federal poverty level, $88,200 for a family of four. Premiums for a family of four making $44,000 would be capped at around 6 percent of income.
• No gender based pricing for individual insurance. 
• Insurance Exchange starts in 2014. No Public Option.
• No lifetime limits on benefits.  
• $480 billion in new taxes over the next 10 years. 
• $500 billion in Medicare cuts over the next 10 years.