Monday, October 23, 2017 14:57

2010 Health Care Reform

Below is a summary of the Health Care Reform Act items affecting you and your business in 2010:
  • Small business owners may receive tax credits for health insurance premiums paid in 2010.  The business must pay at least 50% of the employees’ premium to qualify and must have fewer than 25 full-time equivalent employees with average annual earnings less than $50,000.  The maximum credit is up to 35% of premium costs.  However, the credit begins to “phase out” for businesses that have greater than 9 full-time employees with average earnings greater than $25,000.  In addition, premium amounts are capped at the amount the employer would have paid for coverage under the small group market in the State.  The maximum credit increases to 50% in 2014.
  • The uninsured (due to pre-existing conditions) receive immediate access to health coverage through high-risk pools.  Children can remain on parents’ plans until the age of 26.
  • Insurers are barred from removing coverage when a person gets sick, denying coverage to children with pre-existing conditions, and imposing lifetime coverage caps.
  • Medicare prescriptins drug beneficiaries will receive a $250 rebate when they hit the gap in drug coverage (between $2,700 and $6,154).
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