Immediate Benefits under new Health Insurance Reform Bill

President Obama signed landmark health insurance reform legislation on March 23rd, which when fully implemented by 2014, will enable 32 millions more uninsured Americans to have health care insurance coverage.   However, some reforms take effect in the first year  including:

• Persons with pre-existing conditions and who are uninsured could enroll in a new federally subsided insurance program

• Young adults could remain on their parents’ health insurance plan until 26 years

• Tax credits for businesses with fewer than 25 employees, and average wages of $50,000 could qualify for up to 35 percent of the cost of their premiums

• Seniors under Medicare that fall into the doughnut hole will get a $250 rebate to assist with prescription drugs, as a first step; next year their cost of drugs will go down by 50 percent

• Seniors will have access to preventive care that will be free of co-payments or deductibles

• Insurance plans will be prevented from imposing lifetime caps on coverage.

• Restrictions will be put on annual limits on coverage

• Insurance companies will no longer be able to cancel policies retroactively

• Insurance companies will be required to report how much is spent on medical care and administrative costs