We’ve Got Your IT Business Covered With Technology Insurance

Changes are coming to United States health care this year because of recent changes made by the passing of the Patient Protection and Affordable Care Act. This is a list of the five most important changes to be made that we think will impact technology companies and other small businesses.

1. All new  individual and group health plans must provide first dollar coverage for preventive care.
2. Individuals with pre-existing medical conditions can obtain health insurance coverage from a temporary high risk pool setup by the government.  This pool will expire when the insurance exchanges open in 2014.
3. Beginning on September 23, 2010, parents can extend health insurance coverage to their children up to the age of 26.
4. The first phase of the small business employer tax credit for health insurance starts.
5. Individual and group plans must eliminate pre-existing condition exclusions for children.

In February of 2009, President Obama created a 787 Billion Dollar stimulus program intended to help Americans during our present recession. As part of the stimulus bill a 65 percent subsidy was started for Americans who were involuntary terminated from their jobs. The subsidy was extended in April, but expired May 31^st.

Americans that lose their job after June 1^st will have to pay the entire premium for COBRA coverage. According to Families USA, a consumer advocacy group, the monthly premium alone can eat up to 84 percent of a person’s unemployment check.

The extension of the COBRA subsidy was rejected by House Democrats to reduce the costs of a new jobs and tax bill that proposed extending the subsidy through December 31^st. The extension would cost 7.8 Billion Dollars according to a report by CNN.