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How Does ObamaCare Work?
Health insurance will be made available through the ObamaCare Health Insurance Exchange Pool. The exchange is a group of health insurance providers that will offer coverage. You will choose the provider you want for you, your family or business based off of who offers the most attractive package in regards of affordability and quality of coverage.
The exchange pools are meant to be competitive, so this will help drive the quality up and cost down. Consumer Reports has provided a great breakdown of how to buy ObamaCare, we have provided this information on our site to help you better understand what the Affordable Care Act means for you. Tax credits and up-front assistance will be available to low and middle income Americans and small businesses.
What Does ObamaCare Do?
Now that we know what ObamaCare is, it’s time to find out what President Obama’s health care reform bill does. Here are some of the most important aspects of the law:
ObamaCare improves the quality of care that Americans receive by providing better preventative and wellness services and raising the standards of the quality of basic health care coverage. ObamaCare gives tens of millions of low-income and middle-income Americans access to quality health care by providing discounts on state or federal run health insurance exchanges. Although the Affordable Care Act (ObamaCare) was signed into law in 2010, the health care reforms it enacts roll out year by year until 2022. Many of the biggest reforms don’t kick in until 2014. ObamaCare helps to ensure that health care coverage is available to any legal U.S. resident who cannot otherwise obtain “quality” healthcare through their employer. Your access to health care is no longer in the hands of health insurance companies. ObamaCare gives American employers with over 50 full-time employees the choice between providing insurance that meets the standards of ObamaCare or paying a penalty. This penalty helps to offset the cost of employees who aren’t covered through their employer to purchase insurance through the public health insurance exchanges instead of using emergency services. Employers with less than 25 full-time employees may qualify for tax credits, tax breaks and other assistance for insuring employees. ObamaCare increases consumer protections. These help to protect you from being dropped while sick, cut off for lifetime limits, denied for pre-existing conditions and offers a better legal standing. Unless you make over $200k individual / $250k as a family or small business you are exempt from almost every tax ObamaCare levies. ObamaCare requires that all Americans have health insurance either through a private provider or through a state or federal assisted program. If you don’t have insurance you must pay a tax equal to 1% of your income in 2014 and 2.5% in 2016. ObamaCare expands Medicaid to over 15 million uninsured low income Americans. President Obama’s health care law aims to reform the healthcare industry by cutting out waste, reallocating where government funding goes, fixing what doesn’t work and most of all ensuring healthcare for Americans.