Changes to Heath Care
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.