Thursday, June 28, 2012

Summary of Affordable Care Act

The Affordable Care Act – Brief Summary

·         By 2014, 32 million will have health insurance who now do not  
·         The Affordable Care is not a Federal government run program as it will expand access to private insurance.
·         The non partisan Congressional Budget Office says the Affordable Care Act will reduce the deficit.
·         There are no death panels, and the Federal government is not paying for any abortion services. 

As of 2011
·         Children  can stay on their parents insurance plan until the age of 26.
·         Children cannot be denied health insurance coverage.
·         seniors will have expanded preventive care 
·         seniors who have prescription drug plans will have reduced drug costs
·         small businesses will get a 35% tax credit to cover employees
·         In 2014, there will be a wider range of insurance choices with better coverage at better costs.


I.                  What are some of the key benefits of the Affordable Care Act

·         The law is already benefiting many Americans:

·         Children can stay on their parents' health plan until they turn 26 .
·         Insurance companies cannot deny or cancel children’s coverage for current or previous medical problems
·         Insurers can no longer put a dollar maximum on health insurance coverage or cancel a plan if a person gets sick 
·         Seniors who have Medicare prescription drug plans and have high prescription drug costs now will pay less for these drugs, and by 2019 all prescription drug costs will be covered 
·         All 46 million seniors with Medicare will get coverage for several preventive services, such as yearly checkups and mammograms.
·         Small businesses get a 35% tax credit to help pay for employees' coverage.

Additional benefits and savings in 2014, when the law is fully in place:
·         32 million people who are currently uninsured will get health insurance
·          Insurance companies won't be able to deny anyone coverage for medical conditions or place a limit on your coverage.  Now only kids cannot be denied.
·         People who don't get health coverage at work will choose among a number of health plans, in a new marketplace run by state governments.  These will be better health insurance plans than now available, and people will pay based on their income and other financial criteria.
·         The Act will also improve quality, make health care more efficient, and reduce the deficit.

Myths: Are there any misleading information being said about the law?
·         Charge: The law creates death panels
o   This is a totally false charge.
·         Charge: The Federal government will pay for abortions
o   The bill specifically states that no Federal funds can be used for abortion services.
·         Charge:  The law covers undocumented or illegal immigrants
o   This is a totally false charge.

·         Charge: This is program run by the Federal Government.
o   The bill specifically states that the Federal Government will not operate any new insurance programs. 
·         Charge: the law increase deficits
o   The Congressional Budget Office (CBO), which has always been regarded by both parties until now as a unbiased scorekeeper says the law will reduce the deficit by a trillion in 20 years.  This is the only time that Republicans have questioned the Congressional Budget Office. 

II.               What is the impact on businesses?
·         Small businesses get tax credit in 2011
·         Small businesses employees under 100 can get insurance thru exchanges in 2014
·         Need to reduce rate of health care inflation, which is twice as high as rest of developed world, seriously hurting small and large businesses
·         Better health care makes more productive employees which is good both for the employees and their families
·         More health care jobs

III.           What about the individual mandate

·         Requires everyone to have insurance,  same as auto insurance
·         If a person gets sick, avoids doctors, and ends up in the emergency room, this costs everyone more money
·         With everyone insured, it spreads the costs to everyone, and makes it cheaper for all of us
·         If a person chooses not to get insurance, why should we bear the burden when they gets sick.  


here is a more detailed summary of the benefits

here is a list of an earlier post of my most useful blogs.  I plan to update this tomorrow.

see also earlier post today with more personal thoughts. 

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