What Is Obama Care
What Is Obama Care?
You may be wondering, what is Obama care? Obamacare, also known as the Patient Protections and Affordable Care Act (PPACA, or commonly ACA) of 2010, is a term coined by critics of the health care reform act that was signed off by President Barack Obama. One of the most common criticisms of people who ask ‘What is Obama care?’ is that the federal government is allowed too much control over personal choices in healthcare decisions and benefits. Persons in favor of the ACA want to lower health care costs so that it is more affordable for those who is
Here are some positive points for those who ask ‘What is Obama care?’
- This was designed to reduce health care costs by making services available to those who cannot afford health insurance.
- For persons that are unable to afford health insurance, the federal government will pay certain states to include them in the Medicaid program.
- Anyone who is denied coverage will have access to tools that will allow them to appeal.
- People who do not qualify for Medicaid may be eligible to receive tax credits.
- Insurance companies can no longer refuse coverage to children with pre-existing medical conditions.
- Dependent children up to age 26 may be included on their parent’s health insurance plans.
- The “donut hole” gap in Medicare prescription drug coverage will be eliminated by 2020.
- People may retain their existing health insurance under Obamacare.
- Obamacare does not apply to businesses that have less than 50 employees.
- This Act is intended to lower the budget deficit over the next decade by raising some taxes and shifting more cost burdens.
On the other hand, here are some relevant facts that all individuals and consumers should know about ‘What is Obama care?’
- The increased coverage may also increase health care costs for all.
- Person who choose not to purchase insurance, and don’t qualify for any of the federal programs will have to pay a tax of $95, or 1% of their income, whatever amount is higher. The numbers are expected to increase over the years.
- About four million people, or less than two percent of the population, will end up paying the tax instead of buying health insurance.
- Approximately one million persons that have annual incomes of at least $200,000 and about four million couples that file jointly with incomes that exceed $250,000 will pay increased Medicare taxes.
- Pharmaceutical companies will pay almost $85 billion in fees over the following decade as a way to close the Medicare “donut hole” in Part D.
- In 2018, insurance companies will be assessed an 40 percent excise tax on “Cadillac” health plans that are targeted to those in the high-risk pool, which includes older workers and those who hold potentially dangerous jobs like fireman.
- Beginning in 2013, medical-device manufacturers, and importers are required to pay a 2.3% excise tax.
- Roughly, 4 million people may stand to lose their employer-sponsored health care plans.
- Over 30 million people have their own private health insurance plan.
- Families will only be able to deduct medical expenses that exceed 10% of income by 2014.
Rocky Mountain Health Brokers has an experienced, professional staff that is happy to answer questions if you are wondering what is obama care and the health insurance needs of you or your family members. Call now for a quote or consultation to gets the facts on Obamacare and how it can affect you and your loved ones.