ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C.

Health Care Overhaul: When and How It Will Affect You (Part 2)

The following is from a timeline of implementation dates produced by the Henry J. Kaiser Family Foundation for when some of the key provisions of the Patient Protection and Affordable Healthcare Act will take effect.

This is a continuation of last week’s newsletter, which outlined the changes from the years 2010 through 2013.

2014

Individual and Employer Requirements:
-- Require U.S. citizens and legal residents to have qualifying health coverage (phase-in tax penalty for those without coverage). Assess employers with more than 50 employees that do not offer coverage and have at least one full-time employee who receives a premium tax credit a fee of $2000 per full-time employee, excluding the first 30 employees from the assessment.

Insurance Reforms:
-- Create state-based American Health Benefit Exchanges and Small Business Health Options Program (SHOP) Exchanges, administered by a government agency or non-profit organization, through which individuals and small businesses with up to 100 employees can purchase qualified coverage. Limit any waiting periods for coverage to 90 days.

Premium Subsidies:
-- Provide refundable and advanceable premium credits and cost sharing subsidies to eligible individuals and families with incomes between 133-400% FPL to purchase insurance through the Exchanges.

Medicare:
-- Reduce the out-of-pocket amount that qualifies an enrollee for catastrophic coverage in Medicare Part D (effective through 2019). Require Medicare Advantage plans to have medical loss ratios no lower than 85%.

2015 and Later

Tax Changes:
-- Impose an excise tax on insurers of employer-sponsored health plans with aggregate values that exceed $10,200 for individual coverage and $27,500 for family coverage planning for retirement, elder law, Medicare, and long-term care planning (Effective January 1, 2018).

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The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.lifecareplanningforseniors.com.

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This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Oast & Hook for their input to this newsletter.

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