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Health Care Reform Bill (OR PILL?)

 
 
 
 
 
 
 
 
 
 
 
As widely reported in today's press, Senate Majority Leader Harry Reid (D-NV) last night released the legislative language for "The Patient Protection and Affordable Care Act."  The Congressional Budget Office (CBO) estimates that provisions in the 2,074 page bill will cost $849 billion between 2010 and 2019.  Below is a brief summary of key provisions of interest, followed by the latest information on the expected schedule for the Senate debate.  
KEY PROVISIONS
Imposes Excise Tax on High-Cost Plans: Beginning in 2013, imposes a 40 percent excise tax on plans that exceed $23,000 for families and $8,500 for individuals [Note: The previous version set the excise tax threshold at $21,000 and $8,000, respectively.] Contributions to FSAs, HSAs, and MSAs would be included in determining the threshold for the excise tax. Caps Flexible Spending Accounts (FSAs):  Beginning January 1, 2011, caps contributions to FSAs at $2,500 with no indexing for future inflation.  Requires Prescription to Receive Reimbursement for Drugs Under Account-Based Plans: Beginning January 1, 2011, requires individuals to obtain a prescription for drugs, including over the counter medicines, as a requirement for reimbursement.  [Note: The previous version made this provision ... more

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