The following ObamaCare Summary is a quick overview of Obama's health care reform. The purpose of a our Obama Health Care summary is to quickly understand what ObamaCare is and what costs are associated with it. If you would like a more detailed overview of the law read out our Affordable Care Act Summary.
Obama's Health Care Bill aims to reform the American Health Care System and provide affordable quality health care to all Americans. The Patient Protection and Affordable Care Act (Obamacare) was signed into law March 23rd, 2010 and upheld by a supreme court ruling on June 28, 2012. The bill includes unprecedented preventive care and protections including insurance companies no longer being able to deny individuals for preexisting conditions or to drop them from coverage when they get sick.
ObamaCare's health care plan reforms the way we buy health insurance requiring that all Americans, purchase a private health care plan or pay a 1% - 2.5% tax (it's a tax, not a mandate). Americans who cannot afford health insurance will either qualify for Medicare / Medicaid or get assistance in the form of tax credits, tax breaks or assistance with up-front costs on the Health Insurance Exchanges (HIX).
The new health care law makes Health insurance available to most uninsured low and middle income individuals on the "ObamaCare Exchanges". The exchanges are state or federally run online marketplaces where customers can shop for affordable quality health insurance. Small businesses can also use the exchange to purchase insurance for their employees. The Health Insurance Exchanges will open in Oct of 2013, coverage starts Jan 1st, 2014.
Did you know that Obamacare healthcare reform includes the biggest middle tax class cut for healthcare in America's history! ObamaCare actually saves families and small businesses billions of dollars by providing reduced costs and reduced premiums to millions of Americans.
(ObamaCare Summary Image is public domain)
Regardless of what you pay, ObamaCare greatly improves the health care industry. 30 million Americans who currently do not have health insurance will be covered under new health care law. Other coverage milestones include better preventive care, women's health services, better care for seniors and expanded coverage of our nations poorest.
Learn more about the Benefits of ObamaCare
ObamaCare also expands Medicaid in order to provide health coverage to 17 million uninsured Americans who are falling in between the cracks of being able to afford insurance and qualifying for Medicaid. Obama's health care plan overhaul's Medicare as well adding new benefits, expanding coverage, fighting fraud, cutting costs, and improving care for patients.
Want more than a Summary of Obamacare, get the full text and learn more about the Obamacare Bill.
The ObamaCare cost will be around $1.1 trillion over the next ten year according to an updated CBO report. This number may seem big but the end result is actually a reduction of our national deficit by $143 billion dollars!
Summarizing the cost of ObamaCare for individuals is tricker, those who make over 400% of the poverty line may pay about what they do now, while those under will most likely pay less, due to financial assistance. Learn more about ObamaCare's Cost
In summary, Obamacare will be paid for through budget cuts, taxes and government funding. This includes a .9% Medicare tax and unearned income tax (on income over $200/$250k), cuts to wasteful spending, a tax on insurance companies and a tax on employers with over 50 full-time employees who do not supply their employees with affordable quality health care. This is just a summary of how ObamaCare is paid for. Learn More about ObamaCare Taxes
It's important to note that the taxes work on a sliding scale, so the more you make the more you pay. Nearly 99% of families and 97% of small businesses will benefit from ObamaCare. While over 70% will save money and have better coverage by being able to purchase their healthcare through a competitive insurance exchange or qualify for Government program.
ObamaCare helps small businesses under 25 full-time employees insure employees, if they choose, through tax credits, while employers with over 50 full-time employees will have to pay a percentage of their employees health care or a penalty. Some people say this will hinder job growth and hiring, but the only studies done so far have shown the opposite, in fact most studies show that ObamaCare will create millions of new jobs in both the private and public sector. Find out more about ObamaCare and Small Business
ObamaCare reforms everything from practices of insurance companies to ensuring better quality health care for all Americans. A summary of all the reforms within ObamaCare is a available here at our Health Care Reform Timeline
We have only touched upon some of the benefits of the Affordable Care Act in this Obamacare summary. The Bill itself is a cumulation of many different reforms that improve our healthcare system and provide affordable health insurance to all Americans. Read more about the specifics of Obamacare or read a more detailed overview of what the ObamaCare has to offer in our Affordable Care Act Summary