While many of the new Reform Act’s provisions take effect in 2013, 2014, or later or will be gradually phased in, some provisions will become effective immediately or shortly. A few are:
- A temporary national high-risk pool will go into effect within 90 days.
- New restrictions on insurers regarding lifetime limits, excessive waiting periods (over 90 days), rescissions, and pre-existing condition exclusions for children.
- Limitations on insurers’ ability to impose annual limits on the dollar value of coverage. *New insurance must pay the full cost of specified preventive care.
- Children can stay on their parents’ insurance policies until age 26. *Rebates on Medicaid prescription drugs increase, retroactively effective to January 1, 2010.
- Contributions to employee flexible spending accounts will be limited to $2,500 per year, indexed to CPI, and reimbursements for non-prescription drugs will no longer be allowed beginning January 2011.