Health Insurance News: Highlights of the Patient Protection and Affordable Care Act -Beginning in 2014, most employers will be required to provide coverage for employees. Employers will be subject to penalties if they do not comply. Benefit plans will be required to meet certain requirements. -Small employers that provide health coverage for employees will be eligible for a tax credit. Also employers who provide insurance to retirees over age 55 who are not eligible for Medicare are eligible for a temporary reinsurance program. -In 2014, state exchanges will be established for small businesses and individuals to shop for health insurance. Larger businesses will be able to purchase coverage through exchanges in the future. -Requires insurers to provide coverage to dependents up to age 26 on their parent’s policy. -Prohibits lifetime coverage limits, termination of coverage except in cases of fraud, and imposing pre- existing condition exclusions on children. - All citizens will be required to have a certain level of health coverage beginning in 2014, or pay a tax penalty. -Seeks to close a gap in seniors’ prescription drug coverage by providing a $ 250 rebate to Medicare beneficiaries who reach the coverage gap known as the “doughnut hole”. |
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