The Patient Protection and Affordable Care Act (PPACA), otherwise Called the “Health Care Reform Act” was signed into law on March 23, 2010 from President Obama. The majority of the first provisions didn’t go into affect for 6 weeks, or September 23, 2010. The invoice is really a whopping 2000 pages with a 14-page Table of Contents! It’s no question that many companies have very little understanding of what’s found in the invoice, and less knowledge of how the bill will impact their company. To understand the effects of the invoice on your enterprise, you need to get in touch with a professional who’s an expert on Nail Salon Insurance programs and is knowledgeable about this Act.
Meanwhile, we’ll have a casual view of healthcare reform, and also a year-by-year photo of changes to come. Hopefully, it is going to offer a beginning part for debate.
The Act comprises five Important provisions:
1. The need for many US citizens and lawful residents to have medical insurance;
2. Penalties for employers who do not provide health insurance to their workers;
3. State Based Health Exchanges made to provide cost effective insurance Choices
4. Premium credits for low income people;
5. Eliminates pre-existing illness and annual/lifetime benefit limits
A Year Look in Health Care Reform
Some modifications went into effect in 2010, for example policy for adult dependents (dependents until age 26), and many more will occur in 2011. The most critical adjustments, though, won’t go into effect till 2014. Below is a photo of Important changes that will be going into effect in the coming years:
* No pre-tax reimbursements out of “health accounts” to get non-prescribed, over the counter drugs,
* 20 percent tax on nonqualified HSA withdrawals,
* Reporting the value of employer sponsored coverage on w-2’s (postponed )