Patient Protect and Affordable Care Act

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					                     The Patient Protection and Affordable Care



The Patient Protection and Affordable Care is a statute passed by the United State
Congress on March 21, 2010, and signed into law on March 23, 2010 by United State
President Barack Obama. The law was challenged all the way to the Supreme Court
by many states within the U.S. as unconstitutional. On June 28, 2012 the United State
Supreme Court passed a ruling upholding the law for the exception of the Medicaid
Expansion portion, which it provided the states autonomy and deciding whether to
expanding Medicaid as a provision of the law. The Patient Protection and Affordable
Care Act has many different un-official names that it is commonly referred by such
as Obamacare, ACA, Health Care Reform, Health Care Law. The Patient Protection
and Affordable Care represent the biggest change in the United States Health Care
system since 1965 when Medicaid and Medicare was put in place.

The main goal of The Patient Protection and Affordable Care is to help decrease the
number of Americans who do not have health insurance, as well as help reduce the
overall cost of health care in the United States. The cost of health care in the United
States has been increasing at a faster rate the inflation. The Patient Protection and
Affordable Care also put in place many regulations to help protect the benefit and
level of service individuals receive from their health care providers.


The various provisions of The Patient Protection and Affordable Care will be phased
in over a period of 10 years. The provisions of the law went in effect in 2010, and
will continue through 2020. Below is a list of the main provisions of The Patient
Protection and Affordable Care

      Guaranteed Coverage: This a requirement that everyone be issued a health
       insurance policy regardless of community rating, pre-existing medical
       conditions, or age. Policy providers cannot charge higher premium to any
       applicant with any of the previously stated conditions. Everyone within the
       same age group, and location must be charged the same premium.

      Individual Mandate: This is a requirement that everyone must purchase
       health coverage. This is a requirement for all individuals that do not have an
       employer sponsored plan, Medicare, Medicaid, or any other state public
       health insurance program. If you do not purchase health coverage you will be
       charged a Health Insurance Tax also referred to as the Obamacare tax
      Health Insurance Exchange: Each State will either establish a state run health
       insurance market place for individuals and small business to purchase
       insurance or default to the federal government to setup and manage one for
       the state.
      Medicaid Expansion: State that choose to partake in Medicaid Expansion will
       change the state Medicaid eligibility to offer Medicaid to anyone within
       133%-400% of the federal poverty level.
       Lifetime/Annual Caps Banned: Health Insurance providers will no longer be
        able to set financial limits on the amount of payout for healthcare to their
        members on a lifetime, or annual basis.
       Business Health Insurance Tax: Companies with 50 or more employees with
        at least one full time employee must provide health insurance or pay a fine
        starting at the 31st employee

       Preventative Services: Certain preventative services that will be considered
        “essential benefits” will be free of co-payments, co-insurance or
        deductibles.


The Patient Protection and Affordable Care: will be funded through a variety of
channels including the Health Insurance Tax for individuals and families who forego
health coverage, and Increase in Medicare Tax for incomes above $200,000, Excise
tax on Medical supplies, and Cadillac plans, Tax on tanning, and reduction of various
Medicare Advantage programs.

It is projected within the next ten years the following taxes will be increase to
generate revenue.


   Medicare tax rate increase $210.2 billion
   Health insurance providers annual fee: $60 billion
   40% excise tax on health insurance Cadillac $32 billion (Other IRS Tax Implications)
   Annual fee on manufacturers and importers of branded drugs: $27 billion
   Impose a 2.3% excise tax medical devices:$20 billion
   medical expenses deduction to 10%: $15.2 billion
   Limit FSA/HAS Contributions to $2,500: $13 billion
   All other revenue sources: $14.9 billion



Ihealthcareupdates.com provides the latest news and updates related to the
Affordable Care Act and its implementation as well as other news updates on health
care related items in the United States. To be informed of the latest news and
updates related to the Affordable care Act please visit Ihealthcareupdates.com

				
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Description: A summarized viewd of the Patient Protect and Affordable Care Act, and Obamacare read more to understand the various provisions going in effect the next couple of years.