Healthcare Reform 2010

It’s all over the news and possibly in the courts soon.  Healthcare Reform will be signed into law today.  What does this mean for small business and everyday people?  Here’s a quick summary of what is in the bill.  However there is a Compromise Plan that was passed by the House and needs to be debated in the Senate which can change what is in the current bill.

Here’s a breakdown of the current bill as it stands:

• If you have less than 50 employees, you will NOT be required to provide healthcare coverage
• If you have less than 25 employees and meet certain conditions, you may be eligible for a tax credit for providing coverage
• There will be ban on lifetime limits on coverage
• By 2014 states will be required to set up Small Business Health Option Programs (SHOP)  – this will allow small employers to pool together to get better rates
• Dependant children can be coverage until the age of 26 (some states already have this)
• If an individual couldn’t get coverage due to a pre-existing condition – they may be eligible for subsidized high-risk coverage
• Starting in 2013 – families earning over $250,000 will pay an additional medicare tax of 3.8%
• Medicaid to be offered to those earning up to 133% of the poverty level
• In 2014 individuals may be fined (earning over certain income levels) for not having coverage
• In 2018 – tax on so-called “Cadillac” plans
• In 2020 – the “hole” in Medicare prescription coverage will be fixed
• Children cannot be denied coverage for pre-existing conditions

There is still a lot of political maneuvering going on so these items may change.  Stay tuned for more details.

What are your thoughts – did it go far enough? Too far? Just right?