Health Care Reform Breakdown

With all of the debates and critics its can be hard to really know what was in the health care reform bill. Here is a breakdown of what was passed this week.

WITHIN THE FIRST YEAR OF ENACTMENT

*Insurance companies will be barred from dropping people from coverage when they get sick. Lifetime coverage limits will be eliminated and annual limits are to be restricted.

*Insurers will be barred from excluding children for coverage because of pre-existing conditions.

*Young adults will be able to stay on their parents' health plans until the age of 26. Many health plans currently drop dependents from coverage when they turn 19 or finish college.

*Uninsured adults with a pre-existing conditions will be able to obtain health coverage through a new program that will expire once new insurance exchanges begin operating in 2014.

*A temporary reinsurance program is created to help companies maintain health coverage for early retirees between the ages of 55 and 64. This also expires in 2014.

*Medicare drug beneficiaries who fall into the "doughnut hole" coverage gap will get a $250 rebate. The bill eventually closes that gap which currently begins after $2,700 is spent on drugs. Coverage starts again after $6,154 is spent.

*A tax credit becomes available for some small businesses to help provide coverage for workers.

*A 10 percent tax on indoor tanning services that use ultraviolet lamps goes into effect on July 1.

WHAT HAPPENS IN 2011

*Medicare provides 10 percent bonus payments to primary care physicians and general surgeons.

*Medicare beneficiaries will be able to get a free annual wellness visit and personalized prevention plan service. New health plans will be required to cover preventive services with little or no cost to patients.

*A new program under the Medicaid plan for the poor goes into effect in October that allows states to offer home and community based care for the disabled that might otherwise require institutional care.

*Payments to insurers offering Medicare Advantage services are frozen at 2010 levels. These payments are to be gradually reduced to bring them more in line with traditional Medicare.

*Employers are required to disclose the value of health benefits on employees' W-2 tax forms.

*An annual fee is imposed on pharmaceutical companies according to market share. The fee does not apply to companies with sales of $5 million or less.

WHAT HAPPENS IN 2012

*Physician payment reforms are implemented in Medicare to enhance primary care services and encourage doctors to form "accountable care organizations" to improve quality and efficiency of care.

*An incentive program is established in Medicare for acute care hospitals to improve quality outcomes.

*The Centers for Medicare and Medicaid Services, which oversees the government programs, begin tracking hospital readmission rates and puts in place financial incentives to reduce preventable readmissions.

WHAT HAPPENS IN 2013

*A national pilot program is established for Medicare on payment bundling to encourage doctors, hospitals and other care providers to better coordinate patient care.

*The threshold for claiming medical expenses on itemized tax returns is raised to 10 percent from 7.5 percent of income. The threshold remains at 7.5 percent for the elderly through 2016.

*The Medicare payroll tax is raised to 2.35 percent from 1.45 percent for individuals earning more than $200,000 and married couples with incomes over $250,000. The tax is imposed on some investment income for that income group.

*A 2.9 percent excise tax in imposed on the sale of medical devices. Anything generally purchased at the retail level by the public is excluded from the tax.

WHAT HAPPENS IN 2014

*State health insurance exchanges for small businesses and individuals open.

*Most people will be required to obtain health insurance coverage or pay a fine if they don't. Healthcare tax credits become available to help people with incomes up to 400 percent of poverty purchase coverage on the exchange.

*Health plans no longer can exclude people from coverage due to pre-existing conditions.

*Employers with 50 or more workers who do not offer coverage face a fine of $2,000 for each employee if any worker receives subsidized insurance on the exchange. The first 30 employees aren't counted for the fine.

*Health insurance companies begin paying a fee based on their market share.

WHAT HAPPENS IN 2015

*Medicare creates a physician payment program aimed at rewarding quality of care rather than volume of services.

WHAT HAPPENS IN 2018

*An excise tax on high cost employer-provided plans is imposed. The first $27,500 of a family plan and $10,200 for individual coverage is exempt from the tax. Higher levels are set for plans covering retirees and people in high risk professions.

DSNews: Chase Joins Second-Lien Program

Chase, the U.S. consumer and commercial banking brand of JPMorgan Chase & Co, announced Monday that it

will provide additional help to struggling homeowners by joining the second-lien program under the Home Affordable Modification Program (HAMP).

Known as 2MP, the second-lien modification program is designed to work in tandem with HAMP to lower homeowners’ payments on both their first and second mortgages. To qualify for the program, homeowners must successfully complete a trial modification on their first mortgage.

Qualified homeowners may see the interest rate on their second lien reduced to as low as 1 percent for five years. In addition, 2MP provides a financial incentive to borrowers, servicers, and investors if the modification is successful. When it implements the program, Chase will seek to modify second liens whether the first loan is serviced by Chase or by another loan servicer.

“We have invested significant resources to modify mortgages and keep more families in their homes,” said David Lowman, head of home lending at Chase. “This program makes it easier to coordinate with other servicers by using consistent 2MP standards.”

Last year, Chase offered 600,000 loan modifications to homeowners. The bank has also opened dozens of Chase Homeownership Centers to provide face-to-face loan counseling to struggling homeowners and plans to have a total of 51 centers by this spring.

Chase is the third major mortgage servicer to sign on to the 2MP program. As DSNews.com reported, Bank of America announced in January that it was the first to sign an agreement formally committing to participate in the program. And last week, Wells Fargo agreed to participate.

Mayer Hawthorne

Did you know?? If you click the "playlist" tag found on the bottom of this post you will have a playlist to groove out to at work, home, or on your mobile phone (Via YouTube)

Keeping with the recent theme on the Empowering You Always blog is another new artist who has a real retro vibe. Green Eyed Love is off Mayer Hawthorne's "A Strange Arrangement" LP. Available on Stones Throw Records. Expect big things from this kid.

Sharon Jones & The Dap Kings

By the sound of them, you would think Sharon Jones & The Dap-Kings started making funk-threaded soul music together in the 1960s. Sharon Jones & The Dap-Kings are widely considered to be at the forefront of a revivalist movement that aims to recapture the feeling of soul and funk music as it was at its height in the late 1960s to mid 1970s. Here is their first single from the up coming April release.

I Learned the Hard Way- Sharon Jones & The Dap Kings (April 6 2010, Daptone DAP-019)

Good News for Bargain hunters!

Foreclosures continue to drive down home prices in hard-hit states like Michigan, but according to the auction company Hudson & Marshall of Texas, this is good news for buyers and investors looking for bargains on homes.

On Tuesday, Hudson & Marshall announced that it will auction more than 200 foreclosed homes in cities throughout Michigan from March 16 through March 20. The homes are valued from as little as $3,000 to more than $200,000, and all come with an insurable title and no back taxes or liens.

“In today’s down market, bargain-hungry buyers are aggressively seeking distressed properties because they know they can get incredible deals on a wide range of homes,” said Dave Webb, principal at Hudson & Marshall. “Another incentive driving up sales of foreclosed properties is the tax credit of $8,000 for first time homebuyers and $6,500 for repeat buyers.”

According to the National Association of Realtors, distressed homes accounted for 38 percent of total home sales in January, and Michigan remains one of the states with the highest number of foreclosures. RealtyTrac reported that Michigan posted the fifth highest number of foreclosures among states in January, with 17,574 properties receiving a foreclosure filing.

All homes being auctioned by Hudson & Marshall are sold “as-is,” and interested buyers are encouraged to inspect properties before placing any bids. Winning bidders will be required to make a cash or certified check deposit of $2,500. This is a reserve auction, which means the seller has the right to accept, reject, or counter any offer, but several properties will be sold absolute to the highest bidder, regardless of price.

In the past eight years, Hudson & Marhsall has sold more than 80,000 homes and expects to sell another 15,000 homes this year. The company says its accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return.

This isn't only happening in Michigan, Southern California homes are facing the same scenario. Call4ShortSales.com for the very latest!

AMERICAN RED CROSS

With the recent disasters in Haiti and Chile, the American Red Cross continues to lead the pack in disaster relief. I highly recommend taking time and donating to this great organization. Your gift to the American Red Cross will support emergency relief and recovery efforts to help those people affected by the earthquake in Haiti or Chile. Assistance provided by the American Red Cross may include deploying personnel, sending relief supplies, and providing financial resources. Every little bit helps!