Late Sunday night, the House of Representatives gave final approval to a bill that will make sweeping changes to health insurance. The House voted 219-212 in favor of the bill, sending it on to President Obama to sign it into law. According to a summary published today by Business Insurance, the bill will extend health coverage to 32 million Americans, expand the government health plan for the poor, impose new taxes on the wealthy, and bar insurance companies from refusing to cover people who have pre-existing medical conditions.

According to Business Insurance, the new law would require most Americans to have health coverage, give subsidies to lower-income workers to help pay for coverage, and would create state-based exchanges where the uninsured can compare and shop for plans.  While the subsidies and exchanges would not go into effect until 2014, many of the provisions, like making it illegal for insurance companies to drop coverage for the sick, will start the first year. 

Also late Sunday, the House approved a package of changes to the Senate bill that the Senate will look at this week under budget reconciliation rules, requiring a simple majority to pass. The changes include elimination of a Senate deal exempting Nebraska for paying for Medicaid expansion costs, closure of a gap in prescription drug coverage and modification of a tax on high-cost insurance plan. 

To read Business Insurance's complete summary, go to http://www.businessinsurance.com/article/20100321/NEWS01/100329998.

The National Association of Health Underwriters (NAHU) has compiled an analysis of the key provisions of the comprehensive health care reform bill, as well as of the reconciliation package. To view NAHU's analysis, click here. 

Cowan is researching the legislation to be able to present a clear and accurate picture of how it will affect our clients.  We will keep you updated as information continues to become available.