The term Obamacare is commonly used to describe the Patient Protection and Affordable Care Act of 2010 signed into law by President Obama. Obamacare is a heated issue as both sides of this critical legislation feel strongly about their position, with most Republicans against Obamacare and most Democrats for it. It doesn’t matter if you are a supporter or opponent of Obamacare; it’s essential to know the facts from both side’s perspectives. By 2014 this vital law will change the way every American will receive and pay for healthcare. It is also projected to have an impact on employees of the healthcare industry, causing private health companies such as a healthcare staffing agency to wonder how this will affect business. To help clear up your questions and misconceptions about Obamacare, non-partisan groups have tried through social media and news outlets to publicize both the pros and cons.
By 2014, Obamacare will reduce overall healthcare costs by making services available to the 32 million Americans who currently can’t obtain insurance due to various reasons.
The discrimination by health insurance companies will end. Pre-existing conditions clauses in health insurance contracts for adults and children will be eliminated, meaning health insurance companies will no longer be able to drop anyone from coverage once they become ill.
Parents can put their adult children, up to age 26, on their insurance, thus bringing increased profits to health insurance companies.
For Americans that cannot afford health insurance, the government will pay states to add them to Medicaid. This applies to families and individuals below the Federal poverty line—an estimated income of $29,000 for a family of four.
Since Obamacare will insure almost all Americans, the government will be able to negotiate among companies to lower premiums, thus less health insurance costs.
Increased coverage for all Americans may raise healthcare costs as preventative medicine such as cancer screenings are now free and available to everyone.
The potential price tag of $940 billion will be spread out over ten years; however, it may slow down an already heavily burdened American economy.
Individuals who earn over $200,000 and families that file a joint income of over $250,000 will have about a 1% Medicare tax increase.
In 2014, those under 65 years of age can only deduct medical expenses from their taxes if they exceed 10% of their income.
The healthcare industry may grow as more individuals receive preventative care, thus increasing the already strained demand for qualified clinicians at a healthcare staffing agency.
Where do you stand on Obamacare? Based on these facts, is it a way out or no way at all?