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Circle of Life Hospice
On September 21, 2011, Bob Hamilton was invited for the 3rd time to be a part of a panel discussion sponsored by the Circle of Life Hospice in Springdale regarding end of life issues. Bob is one of only seventeen Arkansas insurance brokers who have earned the CLTC (certification in Long-Term Care) degree.
Arkansas Health Benefits Exchange Planning Steering Committee
Fred Bean, CLU, has been appointed by the Honorable Jay Bradford, Arkansas Insurance Commissioner, to the Arkansas Health Benefits Exchange Planning Steering Committee.
Fred is the only insurance broker in Arkansas serving on the committee charged with the design and development of the Health Insurance Exchange.
The primary function of this committee is to lead and coordinate Exchange planning efforts in compliance with the American Patient Protection and Affordable Care Act, Arkansas law, and the Arkansas Insurance Department (AID) regulations and guidance. This includes recommending a business plan to Arkansas Insurance Commissioner Jay Bradford, Governor Mike Beebe, and members of the Arkansas General Assembly for implementing Arkansas' Health Benefits Exchange to be approved by the U.S. Department of Health and Human Resources, Center for Consumer Information and Insurance Oversight (CCIIO) prior to January 1, 2013. The Patient Protection and Affordable Care Act became law on March 23, 2010. Health Insurance Benefit Exchanges are mechanisms created by the Act to help individuals, families and small businesses shop for health insurance coverage in a way that permits each comparison of available insurance plans based on price, benefits, services and quality.
2011 Arkansas SHRM Human Resources Conference & Expo
On April 13 & 14, 2011, Fred Bean spoke at the 2011 Arkansas SHRM Human Resources Conference & Expo in Hot Springs on the Health Care Reform Act: It's Impact on You, Your Company and Your Employees.
Little Rock Rotary Club
On April 5, Fred spoke at the Downtown Little Rock Rotary Club regarding the Health Care Reform Act. (See attached article)
04-2011 Daily Record Article.docx
HEALTH CARE REFORM TIMELINE
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2010
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2011
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2013
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2014
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2015-2018
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Health insurance policies that provide dependent coverage must make coverage available for dependents up to age 26
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Voluntary long-term care insurance options available for adults who become disabled
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Improvements on electronic exchange of health information to reduce paperwork, administrative burdens and costs
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Individuals must obtain health insurance coverage or pay a penalty (some exemptions apply)
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Health insurance provider fee imposed in 2015 and increased annually
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Uninsured individuals with pre-existing conditions can obtain health insurance through a high-risk health insurance pool program
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Consumer rebates for excessive medical loss ratios
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Annual health flexible savings account (FSA) contributions limited to $2,500
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Employers with 50 or more employees must offer coverage to their employees or pay a penalty
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High-cost plan excise tax established in 2018
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Affordable coverage will be identified by the HHS and a website will be established for residents of any state to locate coverage
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Employers to report health coverage costs on form W-2 (optional for 2011; mandatory for later years)
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Medicare Part D subsidy deduction eliminated
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State health insurance exchanges to be established
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Reinsurance for covering early retirees will provide reimbursement for a portion of the cost of providing health insurance (program will end January 1, 2014)
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“Qualified Medical Expenses” definition change requires a prescription to reimburse OTC medicine or drugs
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Income threshold for claiming itemized deduction for medical expenses increased
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Health insurance companies will not be able to discriminate against individuals based on health status
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Limits on lifetime dollar value of benefits for any individual covered by group or individual health insurance eliminated
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Simple Cafeteria Plan will be created to provide small businesses an easier way to sponsor a cafeteria plan
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Hospital insurance tax for high wage workers increased
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Individual health care tax credits available for certain individuals
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Pre-existing condition exclusions will be eliminated for children
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Medicare Part D discounts (50% discount on brand-name drugs)
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Medical device excise tax established
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Second phase of small business tax credit
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Group health plans and health insurance issuers offering group or individual health insurance coverage must cover preventive health services
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Increase of penalty taxes on withdrawals from HSAs (prior to age 65) and Archer MSAs which are not used for qualified medical expenses
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Assessment of health insurance provider fee
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Rescissions in all new and existing plans will be prohibited in most cases; plan coverage may not be cancelled without prior notice to the enrollee
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Free annual wellness visit for Medicare beneficiaries and elimination of cost sharing
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No limits on annual dollar value of benefits for any individual covered by group or individual health insurance
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Fully insured group health plans must satisfy nondiscrimination rules regarding participation and benefit eligibility (Note: delayed for regulations)
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Pre-existing condition health insurance exclusions eliminated for adults
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Employers must improve the appeals process for appeals of coverage determinations and claims (some rules delayed until July 2011)
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2012
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Small business health care tax credit available
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Plans must provide 4-page uniform summary of benefits and coverage
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Rebates for the Medicare Part D “Donut Hole”
sent to eligible enrollees
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States may expand Medicaid eligibility
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Indoor tanning services tax imposed
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