Home > Business Affairs, News > Healthcare reform in 2011: How will it affect you?

Healthcare reform in 2011: How will it affect you?

The fight continues – in courtrooms across the country and even at the federal level – over the constitutionality of “Obamacare,” or healthcare reform. Regardless, in 2011,  major components of the healthcare reform legislation passed last year will begin to take effect. Here’s a rundown of the most important ones and how they might affect you.

Enrolled in Medicare? Here’s information for you.

  • Medicare will now provide free preventive care to all seniors – no copay, no deductible. That means you can get your yearly checkup, diagnostics, and other preventive care methods for free so you can catch any potential problems earlier, and live a longer, healthier life.
  • Medicare will roll in discounts on name-brand medications, with more cuts to be phased in over the coming years. This is the first step towards closing the expensive “donut hole” that plagues many Medicare recipients.

Got private insurance? Here’s what you need to know.

  • Insurance companies must now spend 80% of premium revenue on medical services. That means there’s a limit to how much they can profit from your premiums – and a mandate for spending more money on medical services for their customers.
  • Insurance companies may no longer place a lifetime cap on benefits. So (heaven forbid)  you or a family member becomes catastrophically ill, you no longer have to worry about reaching that lifetime cap and being responsible for the massive medical bills to come.
  • Insurance companies’ yearly coverage limits have been raised significantly – from $750,000 to $1,250,000. This allows patients who need constant, significant care will have much more of it covered by insurance – and much less to be paid out of pocket.
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