From Forbes Investopedia

The Patient Protection and Affordable Healthcare Act, more commonly referred to as the "healthcare bill", has taken over a year to craft and has been a lightning rod for political debate because it effectively reshapes major facets of the country's healthcare industry.

Here are 10 things you need to know about how the new law may affect you:

1. Your Kids are Covered

Starting this year, if you have an adult child who cannot get health insurance from his or her employer and is to some degree dependent on you financially, your child can stay on your insurance policy until he or she is 26 years old. Currently, many insurance companies do not allow adult children to remain on their parents' plan once they reach 19 or leave school.

2. You Can't be Dropped

Starting this fall, your health insurance company will no longer be allowed to "drop" you (cancel your policy) if you get sick. In 2009, "rescission" was revealed to be a relatively common cost-cutting practice by several insurance companies. The practice proved to be common enough to spur several lawsuits; for example, in 2008 and 2009, California's largest insurers were made to pay out more than $19 million in fines for dropping policyholders who fell ill.

3. You Can't be Denied Insurance

Starting this year your child (or children) cannot be denied coverage simply because they have a pre-existing health condition. Health insurance companies will also be barred from denying adults applying for coverage if they have a pre-existing condition, but not until 2014.

4. You Can Spend What You Need to

Prior to the new law, health insurance companies set a maximum limit on the monetary amount of benefits that a policyholder could receive. This meant that those who developed expensive or long-lasting medical conditions could run out of coverage. Starting this year, companies will be barred from instituting caps on coverage.

5. You Don't Have to Wait

If you currently have pre-existing conditions that have prevented you from being able to qualify for health insurance for at least six months you will have coverage options before 2014. Starting this fall, you will be able to purchase insurance through a state-run "high-risk pool", which will cap your personal out-of-pocket expenses for healthcare. You will not be required to pay more than $5,950 of your own money for medical expenses; families will not have to pay any more than $11,900.

6. You Must be Insured

Under the new law starting in 2014, you will have to purchase health insurance or risk being fined. If your employer does not offer health insurance as a benefit or if you do not earn enough money to purchase a plan, you may get assistance from the government. The fines for not purchasing insurance will be levied according to a sliding scale based on income. Starting in 2014, the lowest fine would be $95 or 1% of a person's income (whichever is greater) and then increase to a high of $695 or 2.5% of an individual's taxable income by 2016. There will be a maximum cap on fines.

7. You'll Have More Options

Starting in 2014 (when you will be required by law to have health insurance), states will operate new insurance marketplaces - called "exchanges" - that will provide you with more options for buying an individual policy if you can't get, or afford, insurance from your workplace and you earn too much income to qualify for Medicaid. In addition, millions of low- and middle-income families (earning up to $88,200 annually) will be able to qualify for financial assistance from the federal government to purchase insurance through their state exchange.

8. Flexible Spending Accounts Will Become Less Flexible

Three years from now, flexible spending accounts (FSAs) will have lower contribution limits - meaning you won't be able to have as much money deducted from your paycheck pre-tax and deposited into an FSA for medical expenses as is currently allowed. The new maximum amount allowed will be $2,500. In addition, fewer expenses will qualify for FSA spending. For example, you will no longer be able to use your FSA to help defray the cost of over-the-counter drugs.

9. If You Earn More, You'll Pay More

Starting in 2018, if your combined family income exceeds $250,000 you are going to be taking less money home each pay period. That's because you will have more money deducted from your paycheck to go toward increased Medicare payroll taxes. In addition to higher payroll taxes you will also have to pay 3.8% tax on any unearned income, which is currently tax-exempt.

10. Medicare May Cover More or Less of Your Expenses

Starting this year, if Medicare is your primary form of health insurance you will no longer have to pay for preventive care such as an annual physical, screenings for treatable conditions or routine laboratory work. In addition, you will get a $250 check from the federal government to help pay for prescription drugs currently not covered as a result of the Medicare Part D "doughnut hole".

However, if you are a high-income individual or couple (making more than $85,000 individually or $170,000 jointly), your prescription drug subsidy will be reduced. In addition, if you are one of the more than 10 million people currently enrolled in a Medicare Advantage plan you may be facing higher premiums because your insurance company's subsidy from the federal government is going to be dramatically reduced.

Conclusion

Over the next few months you will most likely receive information in the mail from your health insurance company about how the newly signed law will affect your coverage. Read the correspondence carefully and don't hesitate to ask questions about your policy; there may be new, more affordable options for you down the road.

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If this is going to be a Christian nation that doesn't help the poor, either we have to pretend that Jesus was just as selfish as we are, or we've got to acknowledge that He commanded us to love the poor and serve the needy without condition, and then admit that we just don't want to do it.

- Stephen Colbert.

The One Big Reason I'm Against the HealthCare Plan (there are others but this is my main one)

The Federal Government has been unable to demonstrate that they can run ANY program or agency in an efficient, logical, fiscally responsible manner. Everything they do or attempt to do is a total bust and ends up costing me and you millions, billions, or trillions more than "projected".

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The political system is broke and it's a joke.

Anna....that pretty much sums it up!

Thanks jujubee2. I can't understand all the ugly things going on in this country because of this.

Sure! Glad you appreciate it.

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If this is going to be a Christian nation that doesn't help the poor, either we have to pretend that Jesus was just as selfish as we are, or we've got to acknowledge that He commanded us to love the poor and serve the needy without condition, and then admit that we just don't want to do it.

- Stephen Colbert.

Thanks for posting!

I think a lot of people who are so anti heath care reform have health care. Every time I read some of those posts I think of the people who have died because they couldn't afford to be covered and why? What is more important than human life? You wouldn't give up a little so the sick dad down the street could get some heath care? Have we become that selfish? I think maybe we have.....


People are so busy being anti-Obama everything that they fail to open their eyes. And there is no way any person elected in these tough times would be able to handle this mess, Republican or Democrat. The country is being torn apart by missinformed and selfish people, it's time to stick together and pull ourselves up, not push each other down.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

TY. Had this been in effect before our youngest son passed away, he might have might have sought health care before he died. He had catestrophic coverage at our insistance, but his income was so small. We let it go because the odds of a health crisis are so small at his age. Our insurance wouldn't carry him past 22. He refused our offer to pay his health insurance and he wanted to be an adult. He died of a brain aneurism. He was having symptoms, but was worried he couldn't afford a doctor or emergency department. An MRI wouldt have saved his life.

So, I am very happy kids can stay on their parent's insurance for longer now. The odds are so slim, but the cost and devistation is so great.

I am so sorry for your loss, I can't imagine that pain. That is exactly what I mean though. SO many people don't have coverage and you don't get to hear form them. My dad also had no insurance, he was a self employed engineer, but he had a lot of existing conditions and couldn't afford the only healthcare he could get. He died 2 years ago from cancer that went untreated. He wouldn't go to the doctor because he couldn't work to be able to pay for it because he was so sick, sort of a catch 22 for him.

And there are a lot of people that are in the same situation that your son had, I know I was too and you don't think anything is going to happen at that age, but you never know.

We are blessed to have great coverage but I am more than willing to pay my share so that someone's son or father can get the care they deserve.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

As I've said before, I think that a "universal healthcare" system is good in theory--it's just finding a good, practical and cost efficient way to make it work.

I don't know if this is the, in it's current form, is the right answer.

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Mental that one, I'm telling you. ---Ron Weasley, "Harry Potter and the Chamber of Secrets"

I am so sorry for your loss. Your post has a lot more meaning to me about this bill now.

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-Kristi

To nightowlrn my heart and prayers goes out to you and your family, May God bless you always, the loss of a child is something no one should ever experience, so many hugs always and peace. Catherine

The only way that a 26 year old can stay on their parents policy is they have to be claimed as a dependent of their parents. How many people still list their adult (able- bodied that can work ) children as dependents on their taxes?

Also if their jobs offer insurance they do not qualify to stay on the parents policy.

Other things to consider is who will be responsible for paying the deductibles and copays for the "adult dependent". I would think legally the parents because the person is listed as a dependent.
The issue of medical privacy of the "adult dependent" comes into question.

I would think it would be the same as it is now. My DS is 21 and still on our insurance. He is a college student. We are still responsible for co pays as we are the primaries listed.Big deal. At least he is covered. And there are no privacy issues really, we can't get any of his health info without his permission. Never have been able to. In fact on the insurance website since he is over 18 he has his own log on and can't be under ours since he is over 18. Right now our insurance company allows him to be on our policy until 23 yrs old. I have no problem at all with it.

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Mom to Jake, Zach & Meghan
SJCC STREAKS FOOTBALL!!
CLEVELAND BROWNS FOOTBALL!

I think there will be so many problems with this plan. The government can't run anything, and now we put them in charge of our health. That is just scary! I have mixed feelings about many parts of the plan. Despite the fact that my dh works for a well known company, our insurance isn't very good ($3,700 deductable), but its better than nothing. I fear that the price we pay for this plan will increase even more, because from all that I have heard, the company will have to pay more, and that will trickle down to the employees. I don't mind helping out someone who needs help while layed off from a job, but I do have a problem with paying for healthcare for someone who just doesn't want to work.

No plan is going to make everyone happy, no doubt about that, but there are a LOT of good thing it does too. And it already trickles down to the employees, we have to pay part of our insurance now because it's gone up so much the company can't afford it. How much will it be up to in 10 more years, no one will be able to afford it except the rich, how can that be better?!

And you are already supporting people who arean't working, they go in under poverty and still get the care, but we all still end up paying for it. That costs thousands probably millions each year.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

Why are you all still here? Move to France and get your socialized medicine. Nowhere in the Constitution does it say that the government should provide health care.

Actually...the government will not be providing healthcare. We will be providing it (at least the funding for it). The government gets to say how OUR money gets spent. Thats one of my issues with this plan. We have NO say at all, in regards to our own Healthcare!

Do you claim him as a dependent on your taxes? (If that is too personal - feel free not to answer)
If the dependent adult has major or elective surgery then who has the legal responsibility of paying the portion not covered by insurance? And do you see the bills?

He files taxes as single but makes under 6000.00 a year so we claim him as a dependent on our taxes, as he is a college student. We don't see the EOB's because he is over 18 and on the website he had to make his own account because he is over 18. I do look at them if I want he doesn't care. All the bills come in my DH's name even for my DS. We don't make him pay those now since he only works part time in the summer.

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Mom to Jake, Zach & Meghan
SJCC STREAKS FOOTBALL!!
CLEVELAND BROWNS FOOTBALL!

Dh & I are against this whole thing and we don't have insurance.
The insurance we can afford through his work is $390 a month(our part) and we would have a $5000 deductible(doesn't include eyes, dentist or scripts). We opted to get rid of the insurance and save the money we would pay for the deductible for any doctors visits. As it stands right now, we usually spend no more than $1000 a year on medical costs. At least the money is earning interest for us and not lining some corp exec pockets.
With this new law we will now have to pay for the insurance through work & I have a feeling the low policy we can afford will not be acceptable to the gov. so we will have to pay more. Where will this extra money come from? Oh, I know, I can put our kids back in gov. run schools instead of home schooling and get a paying job. Who cares if we feel the school system is terrible by us and we want our kids to be educated.
Judy

Saw this on another board...thought it was interesting!
Now, let me get this straight... We passed a health care plan: written by a committee whose chairman says he doesn't understand it, passed by a Congress that hasn't read it but exempts themselves from it, to be signed by a president who also hasn't read it (and who smokes), with funding administered by a treasury chief who didn't pay his taxes, with all to be overseen by a surgeon general who is obese, and the whole thing to be financed by a country that's broke. What could possibly go wrong????

Exactly. Do you know how many people cry about not being "able to afford health insurance" but they are "able to afford" a new car, an expensive vacation, private schools, Coach bags, etc.