This article is designed to give you a general overview or refresher of Obamacare. Not only is this good review for upcoming interviews and applications, but it is integral for us as future practioners to understand and be knowledgeable of healthcare reforms. We have organized a list of key facts from various resources for you to read up on.
ObamaCare, Obama Care and health care reform are all the same thing. The official name for “ObamaCare” is the Patient Protection and the Affordable Care Act, a bill signed into law to reform the health care industry.
• Some aspects of ObamaCare health care reform are already enacted. The Patient Protection and Affordable Care Act was signed into law March 23, 2010. Over 100 million Americans have already benefited from the new health care law.
• ObamaCare requires that all insurance plans cover preventive services and stops insurance companies from dropping you when you are sick, as well as offering a number of other reforms and protections.
• ObamaCare’s goal is to provide affordable health insurance for all US citizens and to reduce the growth in health care spending.
• ObamaCare does not replace private insurance, Medicare, or Medicaid.
• The Fact is ObamaCare gives 47 million women access to preventive health services and makes it illegal to charge women different rates than men.
• 1 in 2 Americans have a “pre-existing” condition they could be denied health insurance for. ObamaCare chips Away at pre-existing conditions until 2017 when there are no more pre-existing conditions for anyone, including high-risk customers.
Middle income Americans (those making between 133% – 400% of the federal poverty level), and employees will be able to use tax credits and subsidies on the exchanges to save up to 60% of the current cost of premiums making insurance affordable for up to 23 million Americans.
Doctors and hospitals will be moved to a system where they are rewarded for providing quality care, instead of being reward for quantity. May of the provisions to enforce this punish high turnover rates, this however has some unintended consequences. Some doctors and health care institutions are getting hit hard from this, although the overall reform will create a better health care system for all Americans.
While there are many obvious benefits to enact Obamacare, it is important to be knowledgeable of the downsides.
Small business firms in the US with over 50 full-time employees will have to choose to insure full-time workers or pay a fine. To avoid this some businesses will cut employee hours or not hire. Some things worth noting are that the fine isn’t paid for your first 30 workers. Also, many businesses are coming up with solutions that don’t hurt the workforce such as passing the extra costs onto consumers.
There is some argument over ObamaCare funding women’s health services like contraception, which may go against some individual’s religious beliefs.
ObamaCare doesn’t raise premiums itself. In fact, it reforms the insurance industry, finding ways to drive down costs, make the quality of insurance better and prevent insurance company abuses like . Unfortunately, many provisions of ObamaCare that offer protections to consumers do not go into law until 2014. In the meantime, premium rates have been rising at alarming rates.
Taxes for those who choose not to purchase health insurance. By 2014, you must purchase insurance or pay a “penalty income tax”.
Obamacare takes away money from Medicare.
Let us know your thoughts!