Historic Healthcare Legislation is Passed & Signed into Law
On Sunday, the House passed an extensive-health care bill that will completely overhaul the current health care system in America. Today, the Senate passed a companion bill, sending it back to the House for final approval. House Speaker Nancy Pelosi said the bill should have enough votes to pass. As long as the House approves the bill, President Obama is expected to sign it into law.
On Tuesday, President Obama signed the overall health care bill, which will assure that 32 million Americans will be able to receive health insurance coverage, made possible by subsidies, employer obligations, and a mandate for most Americans to carry insurance.
Some features of the legislation include:
- Raising taxes (mostly on the wealthy) to reduce future Medicaid spending by $500 billion.
- Protecting Americans from losing their insurance coverage due to an illness or sickness
- Insurance companies would not be able to deny people coverage for a pre-existing condition. They also will not be allowed to charged people with pre-existing conditions more money.
- Most Americans will be required to carry health insurance, either from their employer, a government program, or by buying their own policy directly from the insurance company. Anyone who fails to carry insurance will face penalties from the IRS.
- Insurance companies will be prohibited from putting lifetime dollar limits on policies.
- College students can stay on their parents insurance policies until they are 26.
- Tax credits will be offered to help working families pay for coverage they otherwise could not afford.
- If adult children (people ages 18-26) have access to an insurance plan through their employer, they would not be eligible to stay on their parents’ insurance. However, if they get married they could still remain on the insurance policy until they turn 26.
- It will close the prescription coverage gap for seniors and improve preventive care.
Although this is a historic moment, it is expected to take 4 years before the effects of the legislation are felt. But once all is said and done, the number of Americans without insurance will drop by over 50%, and those Americans who want to keep their current insurance policy will be able to do so.
If you need to speak with an experienced North Carolina personal injury attorney about medical coverage for an accident or injury, please do not hesitate to contact Lanier Law Group, P.A. today at 855.234.7619!