5 Myths of Health-Care Reform

The following are common myths of health care reform

With confusion and misinformation coming from both sides of the spectrum, many Americans are trying to separate the facts from fiction regarding health-care reform and its influence on their pocketbooks. Not only will this legislation affect millions of Americans, but will also have a long- lasting impact on businesses.

The majority of companies will now be required to provide health insurance for their employees, while some businesses will be able to use tax credits to offset the cost of this benefit, many companies will need to factor this expense into their business plan.

Here are some common myths regarding the health reform and a look at the law's financial repercussions for individuals and businesses.

1.) The Bill Will Not Impact Insurance Premiums: In the individual market, the cost of premiums will slightly increase due to subsidies and mandates of better coverage. The more comprehensive benefits design is required under federal law but the increased rates will apply to those who are newly enrolled.

2.) You Will Be Forced to Switch Coverage: Health-care plans in existence before the law's adoption are exempt from certain requirements, but are mandated to provide certain benefits. If insur [...]