Obamacare has not even been the law of the land for one week and already major Fortune 500 companies are announcing hundreds of millions, and even billion, dollar hits to their bottom line. Heritage’s health care team has gone through the legislation and produced the following timeline (pdf) of major policy implementation. Highlights from each year include:
2010: Establishes a requirement to provide coverage for non-dependent children up to age 26 to all existing health insurance plans starting six months after enactment.
2011: Increases the additional tax for Health Savings Account withdrawals prior to age 65 that are not used for qualified medical expenses from 10% to 20%.
2012: Reduces the benchmark payment for Medicare Advantage plans that cover 20% of all seniors.
2013: Imposes a 2.3% excise tax on all medical device manufacturers.
2014: All individuals must buy a government approved health insurance policy or face IRS tax penalties of up to $2,250 per family.
2017: States may allow businesses with more than 100 employees to buy insurance on their exchange.
2018: Imposes 40% tax on high cost health insurance plans.