Health Care Reform 101
What are the Key Provisions of Health Care Reform?
Below are a few of the most notable changes, many of which go into effect on Jan. 1, 2014.
- Coverage is available to everyone, regardless of health status or preexisting conditions.
- Young adults up to age 26 can be covered under their parents’ plans.
- Individuals and small businesses can purchase health care coverage through the Kentucky Health Benefits Exchange.
- Lifetime policy limits have been banned and annual limits will be phased out by 2014.
- Medicare has been strengthened, offering seniors better coverage and closing the prescription drug coverage donut hole.
- Medicaid has been expanded to provide more assistance for low-income families.
- Plans are required to offer coverage for certain essential benefits.
- Individuals are required to have minimal essential coverage.
- Employers with 100+ FTEs are required to offer coverage or pay a fine (effective Jan. 1, 2015).
- Empliyers with 50+ FTEs are required to offer coverage or pay a fine (effective Jan. 1, 2016).
- Small businesses with less than 25 employees may be eligible for tax credits when they provide coverage for employees.
- Coverage has been expanded for early retirees.
Other helpful resources: