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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.
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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