Historic Health Care Reform Bill Heads to Obama's Desk

Even with no support from the GOP, the historic $940 billion health care bill passed the House of Representatives late last night. It was approved by the Senate in December. President Obama is expected to sign off on the bill on Tuesday.

It's been through many rounds of changes - so what's in the bill now? Here are a few highlights, according to CNN.com:

• New health insurance subsidies for families of four who make up to $88,000 a year
• Small businesses, the self-employed and the unemployed will be able to pool their resources to purchase less expensive coverage
• Total out-of-pocket expenses would be limited and insurance companies cannot deny coverage based on pre-existing conditions. Insurers also can't cancel coverage for sick people or charge higher premiums based on gender or medical history.
• Non-dependent children can be covered up until age 26
• The Medicare prescription drug "doughnut hole" will be closed by 2020
• Starting in 2018, a 40 percent tax will be imposed on insurance companies that provide health plans valued at more than $10,200 for individuals and $27,500 for families.
• The Medicare tax will be imposed on investment income for individuals making more than $200,000 and couples making more than $250,000
• The federal government will pick up 100 percent of the costs of expanded Medicaid coverage between 2014 and 2016 and 90 percent beginning in 2020
• Individuals will be required to purchase coverage or face a fine of $695 or 2.5 percent of their income, whichever is greater, starting in 2016. However, there will be a hardship exemption for poorer Americans.
• Companies that have more than 50 employees will be required to pay $2,000 per worker if they don't provide coverage and any of the company's workers receive federal health care subsidies.
• States can choose whether to ban abortion coverage in plans offered in health insurance exchanges. If individuals purchase plans through health insurance exchanges, they will have to pay for abortion coverage from their own funds.
• Illegal immigrants will not be allowed to buy health insurance in the health insurance exchanges.

To view more information on the health care bill as it becomes available, click here.