8 Reasons Why You Should Embrace the Patient Protection Affordable Care Act
Many lies have been told by the Republicans to scare you into thinking Health Care Reform would be the mother of all disasters. IT'S NOT TRUE! Knowledge is power, and unless and until you read the many benefits this new Law will provide, only then can you make a sound judgement as to its efficacy. Therefore, here are 8 reasons why you should embrace the new Patient Protection Affordable Care Act.
SMALL BUSINESS TAX CREDITS: Offers tax credits to small businesses to make employee coverage more affordable. Tax credits of up to 35% of premiums will be immediately available to firms that choose to offer coverage. Effective calendar year 2010. Beginning in 2014, the small business tax credits will cover 50% of premiums.
BEGINS TO CLOSE THE MEDICARE PART D DONUT HOLE: Provides a $250 rebate to Medicare beneficiaries who hit the donut hole in effective 2010. Beginning in 2011, there will be a 50% discount on brand-name drugs in the donut hole; and completely closes the donut hole by 2020.
FREE PREVENTIVE CARE UNDER MEDICARE: Eliminates co-payments for preventive services and exempts preventive services from deductibles under the Medicare program. Effective beginning January 1, 2011.
HELP FOR EARLY RETIREES: Creates a temporary re-insurance program (until the Exchanges are available) to help offset the costs of expensive health claims for employers that provide health benefits for retirees age 55-64. Effective 90 days after enactment
ENDS RESCISSIONS: Bans health plans from dropping people from coverage when they get sick. Effective 6 months after enactment.
NO DISCRIMINATON AGAINST CHILDREN WITH PRE-EXISTING CONDITIONS: Prohibits health plans from denying coverage to children with pre-existing conditions, effective 6 months after enactment. Beginning in 2014, this prohibition would apply to all persons.
BANS LIFETIME LIMITS ON COVERAGE: Prohibits health plans from placing lifetime caps on coverage. Effective 6 months after enactment.
BANS RESTRICTIVE ANNUAL LIMITS ON COVERAGE: Tightly restricts new plans' use of annual limits to ensure access to needed care. These tight restrictions will be defined by HHS. Effective 6 months after enactment. Beginning in 2014, the use of any annual limits would be prohibited for all plans.
If you want to know more about how this new Health Care Reform will impact you, take the Health Insurance Reform Reality Check Quiz.
I urge you to read the entire contents of the Patient Protection Affordable Care Act just signed into law.