Monday, September 22, 2014

Health Care Reform Bill Summary: What is in the Health Care Reform Bill?

July 19, 2014 by · 20 Comments 

With the recent passage of the new Health Care Reform Bill into law, a lot of Americans are left asking themselves “what is in the Health Care Reform Bill?”

Does the pros outnumber the cons? Will this new Health Care Reform Bill be really beneficial to the Americans or will it be detrimental in the long run given the huge amount of expenses involved, which is pegged at $940 billion? To answer these questions, let’s examine it by having a Health Care Reform Bill Summary.

In this summary, several features of this new Health Care Reform Bill will be discussed to inform the average Americans about this new Health Care Reform Bill recently signed into law by President Obama.

Health Care Reform Bill Summary:

1. Uninsured Americans will get the most benefit out of it. With this Health Care Reform Bill now passed into law, health insurance firms won’t be able to deny coverage based on pre-existing conditions.

Sounds good news? Not really. Americans who decided not to get health insurance will have to pay a penalty fee of $695 per year or 2.5% of income (phased in before 2016)

2. Drug and Biotech companies will also benefit a lot in the passage of this new Health care Reform Bill into law. They will suddenly have additional tens of millions more insured customers who can afford their expensive medicines.

3. For senior citizens, the so-called “Medicare Donut Hole” is now closed upon the passage of this bill. However, for those who are not yet considered as ‘senior’, health insurance firms can no longer deny Americans because of age.

4. Americans who have existing health insurance may probably see their premiums go up. This is especially true if you purchase your own health insurance but don’t qualify for any of the new subsidies brought by this new Health Care Reform Bill.

5. As the new Health Care Reform Bill promises to benefit millions of poor American individuals, the rich and wealthy Americans get affected. Under this new Health Care Reform Bill, there’s a 0.9% increase in Medicare payroll taxes for Americans who earn more than $200,000 annually individually and $250,000 for couples.

6. Given the huge expenses of the US Government, they are more likely be of control in the health insurance industry. With this, they can have easy access to private and confidential information among patients.

7. Small businesses with fewer than 50 employees will get subsidies in the form of tax credits to help cover the health insurance premiums of their employees.

8. Extension of parents’ health insurance to their children who are young adults will rise up to the age of 27. This means more and more young adults will get beneficial health insurance coverage from their parents’ coverage until they reached the age of 27.

9. Are you worried in the sum insured or lifetime caps of health insurance contracts? With the passage of this new Health Care Reform Bill, this will be abolished and banned. In addition, annual caps will be limited, and banned in the year 2014.

10. Since the US Government will be more likely be of control in the health insurance industry, chec and balance among health insurance firms will be monitored to avoid health insurance fraud and waste.

What do you think of this new Health Care Reform Bill? Whether you’re pro or against it, share your opinions and read others’ comments too in our mini discussion here.

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Comments

20 Responses to “Health Care Reform Bill Summary: What is in the Health Care Reform Bill?”
  1. terry says:

    I think passage of the health care bill will be greatly beneficial to America.

  2. Ivana says:

    Well…this article is obviously against the new Health Care reform. So…what is the point of commenting?
    May I just say… I am from Italy, and I believe it is every human being’s right to receive affordable health services when they’re most needed.

  3. Ken says:

    I think it’s long over due, and VERY upset at the Republicans answer of doing nothing now and for the last 8 years. Congress is broken! Neither the Democrats or Republicans are listening to America.

  4. Christina Jacobson says:

    My employer just increased the cost of my health insurance benefits. I am a part of the middle class and am struggling just to get by. It seems like the harder I work to get ahead the more behind I get. With the increase in taxes that were implemented in the middle of the year without notification, I was not able to adjust my income tax deductions to cover the tax liability for last year leaving me in the hole for $2500! Now with adjusting my taxes and the increased cost of health care, my paycheck is shrinking before my eyes and I don’t know how to make up the difference. I am already away from my family for 10 hours a day and don’t see any relief in site. When is President Obama actually going to do something that will actually help me and the millions of others that I am sure are in the same boat?

  5. Terri says:

    I am all for healthcare reform, but this scares me. We are stuggling to make ends meet pay check to paycheck now, when they raise our insurance premiums we are going to have to decide do we send our children to college or feed them? We will be in the same boat as the elders are now do they eat or buy their medications. When you pay more for your health insurance than you bring home in some weeks we have a serious problem and now they want to raise the premiums. OUCH!!!!!

  6. Chuck Anthony says:

    This article is not journalism; it’s an opinion piece. Besides the numerous factual errors, there are many, many spelling, syntax and grammatical errors, too numerous to enumerate.
    (I’m no expert, but have been a licensed insurance agent for 33 years. I am a former working newsperson and have a degree in journalism.)
    The most outrageous opinion claim is in “No. 6″ which fails to recall that more than a fourth of all Americans are currently provided insurance by that same Federal government — through Medicare, Medicaid and Veterans’ Administration programs. And, the most disturbing misuse of health information has been by providers and third-party processing firms — the private health insurance industry.

  7. David Reyna says:

    Why, oh why!

  8. Pierre says:

    Love it!!! Long overdue… I don’t mind paying a little extra. We’ll see how the reform is accepted after the learning curve passes. I’m thinking it will be favorable.

  9. David Reyna says:

    Hey Ivana! This isn’t Italy. This is the United States of America. I understand Taxes. I understand the law. The only thing I don’t understand is why I have to pay for something I don’t want. UHC will cover everybody from the obese to illegal immigrants. UHC will take care of those people who choose to eat whatever they want and disregard the consequences of those actions.

  10. Rachel says:

    Very poorly written article. I was really hoping for some real information not opinions. Thanks for wasting my time.

  11. Plubius says:

    The passage of this bill seriously destroys constitutionally provided liberties for citizens. It is blatant disregard for our choice to decide the direction of our lives with a Gov’t Known Best attitude.

    Our representatives voted on the bill based on what they were told was in it. Nobody was allowed to read this bill before voting on it. The president himself made last minute executive orders that were never signed. The senate passed one Bill, and the House another. Which one is the law?

    The bottom line is that this bill does nothing to provide health care, it simply REQUIRES you to BUY health care from a private provider, with substantial penalties for non compliance. This is unprecedented in American History and sets a horrible precedent for future laws.

    Our law makers of course exempted themselves from this aspect of the law, as well as their staff and other select people of the oligarchy.

    We have the royalty, and the peasants.

    We the people did not agree to this, nor did we enter into a new social contract with this would be tyrant. It does not matter how good or noble the bill may be or try to be. It was pushed through with deceit, and Obama is now off to do what he does best: Hit the campaign trail to sell this law to the people.

    I consider this similar to a salesman showing up to your door step to sell you the car you already own.

    E Pluribus Unum

  12. Megan says:

    I barely make enough money to exist. I have insurance through my employer. If my insurance premiums go up, I cannot afford to exist.If I drop the insurance, how can I afford to pay the $700 per year fee to not get it? This is a very poorly thought-out excuse for a solution, and it’s just going to make things harder for me. How could something that makes this little sense get passed?

  13. Miss Jones says:

    I am still confused. This article was NOT helpful. Just caused me to…I can’t find a word. Now…what about those people who get the Welfare (MediCad sp?) That isn’t FREE, because WE pay for it. It’s just unfortunate that some of us are acting like this reform is going to happen overnight! All people should have AFFORDABLE/DECENT coverage. Why can’t we (not of congress) have access to the same coverage you (members of Congress) have? Are you better than me because of your position in society? We all want to be healthy and when illness arises or whatever needs medical attn…then we should be able to be cared for. Check it out: A person becomes ill…they think its nothing; has a job and a family, and lives on what we call “Middle Class America”…the employer offers no insur and the spouse can’t afford family coverage, so only the kids and 1 parent are covered. That is jacked up! So, the person is ill and goes to the ER and is admitted and treated, and needs meds and follow-up…NOT! No insurance…now only 1 income…Oh, then you get bombarded w/ collection calls and now not only do you have medical issues, you get credit issues too!! Oh…how much is this benefit of insurance going to cost and individual, family coverage or Parent w/ children? Okay..I went on a tangent. WE DESERVE DECENT MEDICAL COVERAGE!! Let’s see what it does…give the President time to work out not only this issue but others as well.

  14. kliff says:

    How does this effect unemployed people, including people collecting unemployment? Will they force people who are already struggling to buy health insurance or risk the fine?

  15. kliff says:

    Things will never change in a large way until we force our politicians to reform campaign financing rules. The average citizen with a basic education should be able to afford to run for office without relying on corporate funds. It’s all smoke and mirrors being held on one side by the DEMS and the other side by the GOP.

  16. PC says:

    Thanks for pointing out the devastating affect that this socialist idea of providing health care to all will have on wealthy Americans. How come the wealthy who are clearly the most deserving people in our society always get the short end of the stick? Your summary of the legislation also was written as objectively as possible, wasn’t it. You might even be in line for a Pulitzer.

  17. marie says:

    What people seem to forget about why these uninsured numbers continue to rise in not just due to illegals in this country or people under a certain age. Look at one of the big problems that contributes to the issues this country is facing. People who don’t work for large corporations really have no idea. Large corporations continue to downsize the American worker. They outsource jobs to India, China, Brazil and anywhere that the cost to the corporation shows favorable revenue numbers and profits. The top eggs never get hurt — they continue to get their millions and millions and what do they exactly do to earn this type of compensation. Why don’t we look into outsourcing their positions — think of the jobs it would save in this country.

    The wealthy people are deserving. WHY WHY WHY? Because they inherit from families or are lucky enough to have got into the correct positions or have the correct connections. THey should have to help out more than they ever have — BUSH screwed this country royally with always helping the rich, not the average American.

    We need to help each other out in this country and everyone should have health insurance. Sorry if the rich won’t be able to make their country club payments for the year and play golf with the elite. Get back to reality.

  18. kush says:

    I don’t see why President Obama didn’t basically set up pilot government insurance coverage for the 50 million.It would have had the effect of scaring the insurance companies into not 20-fold overbilling other government sponsored programs,and with careful monitoring,it would freefall the healthcare and related industries back to basal profitability…

  19. kush says:

    Major corporations are just making Trillions providing products and services we have been trained to consume.When the demand increases,the capitalist has an obligation to raise the price,to stem overconsuming,which has bad effects on eveything from the environment to the human condition…

  20. ThrilG says:

    I hope we all don’t choke on this elephant we will have to eat. I am all in favor of helping the elderly and the disabled. I am not all about 4th generation welfare receipients we have now. ASSISTANCE, for some reason, always bcomes WELFARE, as it will in this bill. The poor should be helped, but the poor also need to rear their children to take advantage of programs created to help them become UNPOOR-mainly, an education. My sister-in-law was pregnant at 15. On WIC, food stamps, medicaid, you name it. She earned her GED, and through government assistance, went to college (free) and is now an internal auditor for a large company. She is “paying back” what she used by becoming an assest to the system. This happens VERY rarely. That is only one reason, I and many other taxerpayers hate this plan. Reason #2, this plan does not control cost. It doesn’t address tort, it doesn’t address the $8B on tests for COVER YOUR ASS medicine that doctors must do to fend off malpractice suits. (BTW, most suits are by people who do not pay for their healthcare-see reason #1). This bill does not prevent doctors from seeing my parents, who are on medicare, because reimbursement will be to low. And I can honestly say, I wouldn’t blame them. No business can function at a loss (except the US government) for long. This bill does not prevent illegal persons in this country (who DO NOT have the rights of the Constitution) from using OUR tax money from their healthcare. How is it going to control premium prices? As more people are added, insurance companies will have to raise prices to cover costs. If they don’t, they go bankrupt. If they go under, there is less competition. Less competition means higher costs. Who EXACTLY is the economic advisors and did they ever take ECON 101?
    For those of you, like I, who worry about making ends meet and affording health insurance when your employer drops you and pays the fine because it’s cheaper, you should be. You should be mad that you will continue to pay taxes, plus NEW taxes, to cover perfectly healthy people people who pay none at all.

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