As many of you may know, the federal health care reform legislation, known as the Patient Protection and Affordable Care Act (PPACA), was signed into law March 23, 2010, by President Obama.
Some of the PPACA provisions will impact health care benefits this year but many other provisions will not take effect until 2014 and beyond.
The following are some of the PPACA changes that are effective September 23, 2010 for new business plans with October 1, 2010 effective dates and later:
• Dependent coverage up to age 26
• No lifetime benefit limits - based on dollar amounts
• No cost-sharing obligations for preventive services (in-network)
• Eliminate pre-existing condition exclusions for dependent children (under 19 years of age)
If you have recently received notice from your existing insurance carrier, pay special attention to the new term and conditions, as well as any potential premium adjustment.
To compare your current plan against other statewide plans, visit Quotebroker for a free health insurance quote and market comparison.