What is a major new law affecting insurance?

Re: What is a major new law affecting insurance?

Amid all of the recent news, there is confusion as to what and when changes will take place.

Here is an overview of what you can expect:

Starting this year 2010:

• Children cannot be denied coverage due to pre-existing conditions
• Coverage cannot be dropped or taken away if you get sick
• New plans cannot contain lifetime or annual limits
• Small business owners will be offered up to 35 percent of premiums to help insure employees
• $250 rebate to Medicare beneficiaries if they hit the prescription drug donut hole in 2010
• Creation of a temporary re-insurance program for early retirees
• Parents can keep kids on their coverage until age 26
• New high-risk pool created to offer coverage to those uninsured with medical problems until 2014
• Medicaid expanded to cover those with incomes up to 133 percent of federal poverty level, $29,327 for a family of four.

What it doesn't do:

• Offer a government option for coverage now
• Guarantee you coverage now or within the next 60 days

The majority of changes will go into effect in 2014 and beyond.

Re: What is a major new law affecting insurance?

It is a good news for the clients that Government is bringing these changes to the law, it may indirectly help us, we can now find some good policies without any doubt about the termination of it.

Re: What is a major new law affecting insurance?

It is a good news for the clients that Government is bringing these changes to the law, it may indirectly help us, we can now find some good policies without any doubt about the termination of it.