Health Care Reform
For a more detailed look at the changes themselves, and some of the issues surrounding them here is the PowerPoint from the symposium. Be forewarned, it is 50 pages of information!
January 1, 2010:
Tax credits for small employers that purchase health insurance
for employees. Primarily targeted at firms with fewer than 25
employees and average wages below $50,000, but best for firms
with fewer than 10 employees and average wages below $25,000.
For firms with less than 10 employees the provisions exclude
owners, the firm must pay 50% of cost for employees, and the
credit can add up to 50% of the aggregate contribution by the
Effective March 30, 2010: Changed definition of "dependent" for purposes of tax free health coverage (not yet 27 in the tax year qualifies).
Effective June 21, 2010: Create a temporary reinsurance program for employers providing health insurance coverage to retirees over age 55 who are not eligible for Medicare. (Effective 90 days following enactment until January 1, 2014). Establish high risk pools for individuals with high risk conditions (through 2013 after which no one can be denied coverage for high risk conditions). Employer penalty for inducement to enroll employees in the pool.