President Obama got his wish last night as the House of Representatives passed his new condition care bill with a vote of 219-212. The bill is being sent to the White House to be signed into law by Obama on Tuesday.
Here is a summary of the 10 major points of the condition care bill and how Medicare recipients will be affected by it. These major points are outside the immediate effects the condition care bill will have on Americans. Many other points of the bill will not outside until 2014.
10 key points Obama's condition care bill covers:
* Children may remain as dependents on their parents' policy until their 27th birthday
* Children under age 19 may not be excluded for pre-existing conditions
* No more lifetime or yearly caps on coverage
* Free preventative care for all
* Adults with pre-existing conditions may buy into a national high-risk pool until the exchanges come online.
* Small businesses will be entitled to a tax credit for 2009 and 2010, which could be as much as 50% of what they pay for employees' condition insurance.
* The "donut hole" closes for Medicare patients, development prescription medications more affordable for seniors.
* All insurers must post their equilibrium sheets on the Internet and fully disclose administrative costs, administrative compensation packages, and benefit payments.
* Authorizes early funding of community condition centers in all 50 states. community condition centers supply primary, dental and foresight services to citizen in the community, based on a sliding scale for cost according to potential to pay.
* effective immediately, you can't lose your insurance because you get sick.
The nonpartisan Congressional allocation Office gave figures for the bill, saying 8 billion will be cut from the national deficit over the next decade with this bill, even though the bill itself is estimated to cost 8 billion.
The bill is hoping to raise the estimate of insured Americans by 11% (to 94%) by 2014. The huge cost of the bill will be made up by added taxes, including an increased Medicare payroll tax. This brings us to the sway the condition care bill will have on Medicare beneficiaries.
* As of now, in the Medicare D plan there is a coverage gap. If a Medicare beneficiary goes over the prescription drug coverage limit they have to pay for the entire prescription until it meets the catastrophic coverage threshold. The condition care plan will help close this gap by giving all Medicare D beneficiaries 0 to help pay for prescriptions.
* The gap will continue to close in 2011 when brand-name prescription drugs will be discounted 50%, and is startling to fully close by 2020 (Medicare beneficiaries will still have to pay for 25% of the prescription cost, but the cost itself will be substantially decreased).
* Medicare hospital insurance tax rate will increase in 2012 by.9% for beneficiaries earning over 0,000 or a married couple development 0,000
* Sets a new appropriate for Medicare cost to hospitals and doctors
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