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 class tax cut for healthcare in America's history? ObamaCare actually saves low to middle income 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 are projected to 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 trickier; 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