Obamacare. Patient Protection and Affordable Care Act. Whatever you choose to call there is one thing we can all agree on. It is confusing. Here are some of the highlights of what will change for you and your business.
1. No limits.
Currently, policies have lifetime or year limits such as 1,000,000. Under the new regime, these will not be allowed. Similarly, limits for prescription drugs will also be void.
2.Get a prescription
Over-the-Counter drugs such as aspirin will no longer be covered without a medical prescription.
3. Same health coverage for all.
Many companies have levered higher levels of health care for high ranking execs.Under the new law, all employees must be given equal coverage.
4. Covered until 26.
Have you just hired a college grad? Well, guess what? They are covered on their parent's health insurance until they are 26! He can move out, get married, and graduate college..all while still being covered!
5. Preventative Care has no co-pay
I guess there is no way to get out of the yearly physical now, huh?
6. Grandfathering
As long as your health plan has not changed (no change to deductibles, etc) since March, you are considered to be "grandfathered" in and thus, these changes are not relevant to you.
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