There has been a lot of news about the new heath care law, the Patient Protection and Affordable Care Act of 2010 (PPACA), both good and bad here is a rundown of how this new law might affect you.
You might have a “grandfathered” plan with your work. this means if the plan was already in effect when the bill passed they might not have to change anything, so this is an important thing to take a look at.
If you’re on Medicare and have suffered from the Medicare Part D so called “donut hole” you should have received a $250 rebate in 2010 and subsequent years until the hole is closed in 2020.
If you’ve previously been unable to acquire insurance due to being turned down because you are a high risk there is now a High Risk Insurance Pool to help individuals until they’ve set up exchanges by 2014.
If you are retiring early, and not yet able to be part of Medicare you will be able to keep your employment based insurance plan and your company will be reimbursed up to 80% of the cost until 2014 when the exchanges go into effect.
There are now no lifetime benefits limits, or annual limits on essential benefits, on your insurance, assuming you’re not grandfathered.
If you have a child who is less than 26 years old who is your dependent, meaning you claim them on your taxes, you can add them to your group insurance coverage. Ask your insurance provider about this, you might have even received a letter by now. In addition children under 19 are no longer subject to preexisting conditions clauses, this will include everyone by 2014.
PPACA now requires coverage for preventative care on certain conditions with no cost sharing.
Are you confused yet? It is very confusing isn’t it? Because while I’ve listed a lot of benefits and issues that may affect you, only you know your situation and due to the “grandfathering” that is allowed, none of this may apply to you. Your best bet is to make an appointment with your insurance representative, and read every line of your insurance plan to find out what has changed and what has stayed the same.
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