In the past few days, we are hearing a lot about the ObamaCare. However, very few of us are aware of the ObamaCare care program and how does it affect an Average American?
Under the official banner, Health Care Reform or The Patient Protection and Affordable Care Act is a plan to reform the American Health Care System. The central idea is to provide affordable health care services to a large number of Americans and help them reduce their health care expenditure.
The Patient Protection and Affordable Care Act was signed on 23 March 2010. The act has made several reforms in the health care industry and it tends to offer subsidized health cover under the federally regulated Health Insurance Marketplace.
The Heritage Foundation initiated the idea of an affordable health care system in 1989. A similar health care plan under the name of “Romney Care” was implemented in the state of Massachusetts.
How does ObamaCare affect the American Health Care?
ObamaCare has several reforms and some of the most important ones are:
- The act includes hundreds of pages of reforms intended to cut the cost of health care and allow Americans to buy affordable health cover.
- ObamaCare tends to offer cost assistance to the Americans who are unable to afford a health insurance. The act lays stress over the expansion of Medicaid and Medicare for over 44 million uninsured Americans.
- The act requires Americans to have a health insurance by 1 January 2014. The citizens can even pay the sum along with their year-end taxes. The act offers subsidized insurance, which costs around 0 to 9.5 percent of their taxable income. The Health Insurance Market Place will offer subsidized insurance to the customers.
- One of the most important reforms is the elimination of pre-existing conditions norm (w.e.f. 1 January 2014). IN addition to it, insurance companies cannot charge an additional amount depending upon the gender and health related issues.
- Kids under the age of 26 years will be covered under the health insurance cover of their parents. Further, there will not be any “pre-existing conditions” for kids under the age of 19 years.
- With effect from 1 August 2012, every health insurance plan must offer free-of-cost preventative are (colonoscopies and mammograms etc).
- Individuals with a yearly income of less than $200k and families with a yearly income of less than $250k are exempted from any taxes under the ObamaCare health program.
The most important goal is to provide the access to health care to the individual rather than the health insurance companies. ObamaCare is an important reform and it will help millions of Americans to get the medical services they could not afford otherwise. We would like to conclude with two simple words: Obama Cares!