Under Obamacare, businesses would have to issue millions of 1099’s and would have to gather taxpayer identification numbers for every payee or vendor with whom they do $600 in business — swamping them in paperwork.
Firms say Obamacare’s tax on medical devices, which would begin in 2013, would cost jobs and reduce innovation.
Companies’ internal documents show that the law’s critics were correct: Obamacare threatens employer-provided insurance.
Independent actuarial firm Milliman conducted a study at the behest of Indiana’s state government which found ObamaCare would cost the state $20 million in the next year alone, with almost $3 billion in new costs over the next 10 years.
Establish the Federal Coordinated Health Care Office to coordinate treatments and payments for “dual eligibles” who are eligible for both Medicare and Medicaid.
Provides a one-time payment of $250 to seniors who have prescription drug costs high enough to put them into the Medicare Part D “donut hole.”
Prohibit individual and group health plans from placing lifetime limits on the dollar value of coverage and prior to 2014, plans may only impose annual limits on coverage as determined by the Secretary. Prohibit insurers from rescinding coverage except in cases of fraud and prohibit pre-existing condition exclusions for children.
Require qualified health plans to provide at a minimum coverage without cost-sharing for preventive services rated A or B by the U.S. Preventive Services Task Force, recommended immunizations, preventive care for infants, children, and adolescents, and additional preventive care and screenings for women.
Firms with no more than 25 employees and average annual wages of less than $50,000 will get tax credits to offset a portion of the health insurance premiums they pay. The amount depends on the firm’s size and wage level.
Establish a process for reviewing increases in health plan premiums and require plans to justify increases. Require states to report on trends in premium increases and recommend whether certain plan should be excluded from the Exchange based on unjustified premium increases.