The Insurance Source

The Insurance Source • We Make Health Insurance Easier. ® We are an independent employee benefits consulting and insurance firm specializing in the areas of health, life, disability and dental insurance. Health Care Reform at a Glance and What it Means for You 1. Established a new way of purchasing health insurance with the Establishment of the Health Insurance Exchanges/Marketplaces 2. Requires everyone to purchase an insurance policy (Individual Mandate) or pay a fine 3. Established “Guaranteed Issue” for all health insurance policies during the Open Enrollment Period 4. Eliminated “Pre‐existing conditions” on health insurance plans effective 1‐1‐14 5. Establishes premium subsidies to help certain people afford to buy an insurance policy (info on subsidies here) 6. Establishes SBC’s (Summary of Benefits and Coverage) which are descriptions of policies benefits designed to make insurance more understandable and also to compare policies side by side 7. Establishes 4 distinct types of plans (The Metal Plans). These are Platinum, Gold, Silver, and Bronze. Again, this was done to make insurance more understandable and to aid in comparison of available options 8. Establishes free Preventive Care on all new health insurance policies. Designed to remove any and all barriers to preventive care so we can detect and treat illnesses much faster and thereby reduce costs 9. Requires employers with over 50 employees to provide affordable insurance for their employees or pay a fine (“The Employer Shared Responsibility Payment” which is also known as the “Pay or Play” tax) 10. Ends Annual Limits and Lifetime Limits on all insurance policies effective 1‐1‐14