On Monday, Congress voted into law the new healthcare bill that has been in the works since President Obama has taken office. Since the bill has been turned to law, some smaller benefits will be implemented this election year, however, larger changes won’t take effect until at least 2014. Though this bill has many facets, here are some of the most important changes that will take place this year:

Dependent children can remain on their parent’s healthcare until the age of 26. Previously, dependent children could only stay on their parent’s healthcare until the age of 25. Children under 19 with pre-existing medical conditions cannot be excluded from coverage, also.

Some people who had a previous medical condition that left them uninsured may be able to attain insurance through a federally subsidized insurance program. This is expected to take place within 90 days.

People qualifying for and covered under Medicare will receive a $250 rebate, and will also see their drug costs decrease by 50 percent. Some preventive care such as cancer screenings will also be free of co-payments.

Insurers will be required to report to the government how much they spend on medical versus administrative costs.

Businesses that employ less than 25 employees and wages of less than $50,000 may qualify for a tax credit of up to 35 percent of the cost of their premiums. Other businesses are not required to offer insurance. However, if the government subsidizes the workers’ coverage, they will pay a fee.

There will be no government-run insurance plan.

No health plan is required to cover abortion, but health plans that do will require policyholders to pay for it separately from taxpayer money. Allowing this form of abortion inclusion in plans would allow states to ban abortion coverage. However, abortion would still be allowed in cases of rape, incest, and danger to the mother’s life. By Priya Patel <[email protected]>