Health Care Reform Will Affect You
What is once well done is done forever.
- Henry David Thoreau
"Real World" Personal Strategy
Two Years of Health Care Reform In Plain Language
Look, this bill is over 2,000 pages long, so this cannot be
an exhaustive breakdown ... but this is a start. Let me know
if you have any questions!
Because many of the pertinent provisions don't take effect
for a few years, here are the ones which you should know
about NOW. As things progress, we'll keep you updated.
Frankly--these things often change, and there's no telling
what the political landscape will look like.
So, I thought it most useful to not clutter your mind with
items which won't take effect beyond the next two years.
Small businesses with up to 25 employees earning
$40,000/year or less will get a tax credit for 35 tax on
indoor tanning (of all things).
Children with pre-existing conditions will have to be
covered, and those up to age 26 may now stay on parental
No more lifetime limits on coverage
Certain Medicare Part D participants will get rebates and
discounts on prescription drug coverage.
NEW PROCEDURES: Employers will have to report the value of
health benefits they provide employees on tax forms -- they
will face penalties if they don't provide that information.
A few other pertinent items for you:
Health savings accounts will have increased penalties for
non-medical withdrawals (starting in 2011). The current 10
for any withdrawal or distribution made for non-medical
expenses. Similarly, the penalty for non-qualifying
distributions on Archer medical savings accounts raises from
Adoption tax credit increases to $13,170 and is extended
through the year 2011. Also, the adoption credit is now
refundable (which means--it will be issued as a check if
adoption expenses don't match it).