How the Health Care Bill Could Affect You

Now that health care reform is finally done, what is actually going to happen and when?

To start, Americans will now see some immediate changes. But other changes, including mandated coverage for all U.S. residents, wouldn't take effect until several years later.

The following information have been reported on CNN by Danielle Dellorto, Ed Hornick and Alan Silverleib.

What would happen right away.

1) NO MORE ANNUAL OR LIFETIME CAPS - If you by a policy, a health care company will not be able to place a lifetime -- or annual -- cap on how much it will cover. This would be especially important for those diagnosed with serious illnesses, such as cancer, who face steep medical bills.

2) HELP FOR THE UNINSURED WITH PRE-EXISTING CONDITIONS - There would be $5 billion set aside to provide temporary coverage to uninsured Americans with pre-existing conditions. The money would help those people until the new health care exchanges are put into effect in 2014.

3) COVERAGE FOR OLDER CHILDREN - Insurers would be required to provide coverage options for non-dependent children up to age 26. This would help recent graduates as well as young adults who are between jobs and uninsured.

4) DRUG DISCOUNT FOR SENIORS - Americans who fall into the Medicare Part D Drug Benefit coverage gap, also known as the "doughnut hole," would receive $250 to help pay for prescriptions. The coverage gap would be expected to narrow in 2011 as drug manufacturers discount brand-name drugs by 50 percent, and it would be expected to close in 2020 as all drugs are discounted by 75 percent.

WHAT WOULD HAPPEN IN 2014

1) HEALTH INSURANCES EXCHANGES - Health insurance exchanges would be created to make it easier for small businesses, the self-employed and the unemployed to pool resources and buy less expensive coverage.

Once the exchanges open, insurers will no longer be able to turn away people with pre-existing conditions or change them more.

2) MANDATED COVERAGE - Individuals would be required to buy coverage in 2014 or face a fine of $95 or 1 percent of income, whichever is greater. This fine would increase in 2015 to $325 or 2 percent of income, and in 2016 it would rise to $695 or 2.5 percent of income.

The Plan, however, includes a hardship exemption for poorer Americans, and subsidies would be provided to families of four making up to $88,000 annually, or 400 percent of the federal poverty level.

3) MEDICAID EXPANSION - Medicaid would be expanded to include more Americans, including childless adults living near poverty.

4) TAX BREAK FOR FAMILIES - Tax credits would be provided to families to help offset the costs of health care premiums. The amount of tax credits would be bases on annual household income.
 
What does the overhaul in health care affect premiums on health insurance?
 
1) If you acquire your insurnace through your job, your premiums will stay the same.
 
2) If you buy insurance on your own and make over 88K or more, your insurance costs will go up.
 
3) If you make less than $88,000 or less, and you buy it on your own, your premiums will go down.
 
4) Community health centers will be created and at least 20 million more people will be able to see a doctor right away, a far cry that presently exists where people have to wait up to a week to see a doctor. 
 
By 2014, you will be required to buy health insurance or take a penalty.

 By 2014, 95 percent of the people in America will have health insurance.