More Health Reform Changes Approaching
Posted: September 8, 2012 at 5:36 a.m.
ROGERS — Businesses need to prepare now for changes imposed by the federal health care law.
Health Care Reform
w Plans must provide summary of benefits and coverage starting with the open enrollment period beginning on or after Sept. 23.
• Improvements on electronic exchange of health information to reduce paperwork, administrative burdens and costs
• Annual health flexible saving account contributions limited to $2,500
• Medicare Part D subsidy deduction eliminated
• Income threshold for claiming itemized deduction for medical expenses increased
• Hospital insurance tax for high wage workers increased
• Medical device excise tax established
• Individuals must obtain health insurance coverage or pay a penalty
• Employers with 50 or more employees must offer coverage to employees or face a penalty
• State health insurance exchanges to be established
• Health insurance companies will not be able to discriminate against individuals based on health status
• Individual health care tax credits available for certain individuals
• Second phase of small business tax credit
• Assessment of health insurance provider fee
• No limits on annual dollar value of benefits for any individual covered by group or individual health insurance
• Pre-existing condition health insurance exclusions eliminated for adults
Source: Bean Hamilton Corporate Benefits
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