Health Care Reform Timeline
Patient Protection & Affordable Care Act (PPACA)
2010
All insurance carriers must cover young adults until the end of the year in which they turn 26 for renewals after 9/23/10
Insurers cannot impose pre-existing conditions for children
High risk pools will be established by the Federal Government
Early retiree subsidy program begins in earnest
Medicare Part D beneficiaries will receive a $250 rebate when entering the coverage gap (“donut hole”)
Small employer tax credit for employers with less than 25 full time equivalent employees whose annual wage is less than $50,000
New website launched for future insurance exchange: HealthCare.gov
2011
All insurance carriers must cover young adults until the end of the year in which they turn 26 for renewals after 9/23/10
Insurers cannot impose pre-existing conditions for children
High risk pools will be established by the Federal Government
Early retiree subsidy program begins in earnest
Medicare Part D beneficiaries will receive a $250 rebate when entering the coverage gap (“donut hole”)
Small employer tax credit for employers with less than 25 full time equivalent employees whose annual wage is less than $50,000
New website launched for future insurance exchange: www.HealthCare.gov
2012-2013
Medicare payroll taxes rise to 2.35% for those earning $200,000 ($250,000 for families)
Limits Flexible Spending Account (FSA) contributions to $2,500 per year
2014
State based exchange program implemented to compete with private health insurance industry
Insurers cannot refuse to sell or renew policies, deny coverage for pre-existing conditions
Individual mandate requires all Americans to by coverage or pay a fine of $95. Penalties increase each year
Prohibition on deductibles over $2,000
New taxes built into premium costs
2018
High-cost insurance tax – 40% on Single coverage over $10,200 and family coverage over $27,500
2020
Prescription drug coverage gap (“donut hole”) eliminated for Medicare beneficiaries
