Perhaps by morning there will be articles out there with some quick stats on the things you might want to know. I thought I would put out a few of the stats to start.
- Can I get insurance without a pre-ex clause??- Not until 2014.
- High Risk pools ? – Federal government will fund $5 billion for high risk pools. Should kick in 2010.
- Kids ? – To age 26 in all States. Should kick in 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.
- 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.
- Creation of Long Term Care insurance fund for to help seniors in need of help with daily tasks such as bathing and dressing.
- 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.