April 8, 2014

Obamacare Overview

“The Patient Protection and Affordable Care Act of 2010 is a federal mandate that was signed into law by President Barack Obama. Also known as Obamacare, this sweeping reform of the United States health care and insurance communities will is being instituted in set intervals that began when the Act was signed into law and will continue to the year 2015.

The most radical reformation of health care ever attempted , Obamacare, makes it illegal for insurance companies to charge people with pre-existing conditions a higher premium. Instead there will be a set payment for all individuals regardless of sex, age, location , or health. – in addition, companies will not be allow to deny insurance based on existing health issue. This particular aspect of the law goes into effect in 2014. People who earn up to 133 percent of the poverty level will be eligible for Medicaid and states will receive additional funds from the federal government to cover the new applicants.

Under the Patient Protection and Affordable Care Act, Doctors are encouraged to form communities of accountability, in which a group of doctors will work together to higher quality care to their patients, prevent the spread of disease, and reduce the strain on hospitals in their given area. Another provision of the bill changes the system from volume based to value based. Under the new law Doctors who give higher quality care will receive higher payments then those Physicians who give lower quality care.

The health care plan comes at a high cost, a cost which is to be paid for through a combination of taxes and offsets. These include a much more expansive Medicaid tax on those individuals with an income over 200,000 and couples filing jointly with an income over 250,000. The revised Medicaid tax on high income citizens and families alone will generate 210 billion dollars. Other taxes include a new 10 percent tax which been imposed on indoor tanning services across the nations, and a new federal tax that has been imposed on certain medical equipment. It is estimated that the new funding initiatives will generate 409 billion dollars over the next ten years.

The first wave of initiatives have already been enacted but Obamacare is under heavy scrutiny. The constitutionality of the bill has already been brought before five federal courts. Three ruled that is was not in violation of the constitution while two declared it unconstitutional. The issue is expected to be put to rest within a year when It goes before the Supreme Court.”

Resource link:

Wikipedia Entry on Patient Protection and Affordable Care Act

Provisions of the Affordable Care Act, By Year

Initiatives Related to the Affordable Care Act

Patient Protection and Affordable Care Act; Establishment of Exchanges and Qualified Health Plans

Health Care Law Is Constitutional, Court Says

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