Making Sense of Health Care Reform

Some of the steps in President Barack Obama’s health care reform take effect Thursday, and we’re here to tell you how some of them could affect you.

Six months into the new health care law, benefits are gradually being implemented. One of them allows adult children to remain on their parent’s health care plans until the age of 26. In addition, insurers can not deny coverage to children under the age of 19 with pre-existing health conditions. There also will be no lifetime caps on medical costs.

"A lifetime maximum limit for care has been removed so those are the three things that are positive from a standpoint of people who have coverage or are seeking coverage," says Thomas Barone, Vice President of Financial Services for Rankin and Rankin.

Barone says the changes provide greater access to care and coverage, however, he thinks it could be difficult to keep insurance costs low.

"It also means that there is going to be an increase in cost because the risk factors are being put on the insurance companies and/or are being adopted and accepted by government programs. It’s going to increase the cost," says Barone.

Consumers whose insurance plan year begins on January 1 will have to wait until then for these changes.