On Tuesday, March 23, 2010, President Barack Obama signed a health care
reform bill into law. Here are highlights of new health insurance reform laws that
will take effect on January 1, 2011 (unless otherwise indicated):
Free Preventative Care Under Medicare
Starting January 1, 2011, co-payments and deductibles can no longer
be charged for preventive care medical services.
This reform will enable more senior citizens to get regular check-ups
to help detect potential health problems. When people with heart disease,
cancer, and diabetes are diagnosed earlier, faster treatment can aid in the
prevention of long-term complications of treatable diseases which not only
cost more in consumer dollars, but cost people their lives.
Medicare Part D "Donut Hole"
In 2010, Medicare recipients will only get a $250 rebate for prescription drugs.
However, beginning in 2011, seniors on Medicare will get a 50 percent discount
on brand-name drugs while in the "Donut Hole," a gap in the Medicare Part D
prescription drug coverage plan. Medicare Part D currently covers up to $2,700
per year in prescription drug payments then stops paying for medications until
costs exceed $6,100. This means Medicare Part D coverage recipients are
responsible for paying all their own drug costs between $2,700 and $6,100.
This gap in coverage will be eliminated completely by 2020.
Insurance Company Financial Accountability
Good-bye insurance industry executive greed. Beginning on January 1, 2011,
insurance companies that provide individual and small group policies will be
required to spend 80 percent of their premium dollars on medical services.
Previously, insurance companies could pocket high profits without being
accountable for the level of services provided to their insureds, the number
of rescinded (retroactively canceled) insurance policies to avoid paying
and claims, and salaries that made Wall Street fat cats look poor.
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