Health Care Reform Changes for 2010

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On Tuesday, March 23rd President Obama signed the Patient Protection & Affordable Care Act (H.R. 3590 - commonly called the Health Care Reform Act).  A few days later he signed the Health Care and Education Affordability Reconciliation Act of 2010 (H.R. 4872).  Signing this legislation made Health Care Reform the official law of the land.  Over the next eight years this reform will re-gear the system that delivers health care to U.S. residents.  Health Care Reform recalibrates incentives for health care providers and those who create life-saving technologies.  It also penalizes those who do not follow its prescriptions.  Health Care Reform will touch the lives of every man, woman, and child in the United States.  Its long-term consequences; good and bad, intended and unintended, cannot be overstated. 

How will Health Care Reform affect your insurance, your wallet, and your relationship with your doctor?  How will it affect your business and its bottom line?  These are important questions.  Questions I will attempt to answer as details emerge.  Although the most substantive changes occur between 2014 and 2018, many new and significant rules take effect this year.  Below is a brief summary of some changes you may encounter in 2010. 

In today’s column we have highlighted a few of the more immediate changes brought about by the passage of Health Care Reform.  I hope these highlights provide an idea of what to expect in the current year.  The details, however, are not carved in stone.  Regulations that will define the law as a matter of practice have yet to be chiseled out.

 

Brett Hersh's avatar
  • Author: Brett Hersh
  • Bio: Brett Hersh, EA, MBA, is the owner of HBS TAX & Small Business Experts. He is an Enrolled Agent (EA) with the IRS and licensed by the US Treasury Department to prepare all tax returns and represent taxpayers before the IRS for audits, collections and appeals. He is also Dave Ramsey’s ELP for Tax and Accounting, a continuing education instructor for tax professionals through Lorman Education, and a local speaker/presenter on the topics of tax and business growth. He can be reached at (304) 267-2594.