Thursday, July 10, 2014

New Health Care Bill Pros and Cons: Obama Health Care Plan Explained

March 22, 2010 by · 162 Comments 

With the recent passage of the proposed Health Care Reform Bill in the House of Representatives, a lot of Americans are now looking for the explanation of the pros and cons of this new health care bill. They are asking themselves: “What does the health care bill mean to me?”

How can you explain the Obama Health Care Plan? Well, we all know that most Democrats agreed and voted “yes” to this new health care bill on the ground that it will help a lot of Americans with their health insurance costs.

In contrast, Republicans voted for a “no” simply because they claim that this Health Care Reform Bill is so expensive that it may hinder the growth of the US economy given that the total expenses of the US Government is pegged at $940 billion.

So given the contrasting ideas of both Democrats and Republicans in this Health Care Reform Bill, what are the pros and cons of this new health care bill to the millions of ordinary Americans? Let’s enumerate some of them.

Health Care Bill PROS:

1. Discrimination of health insurance companies will be eliminated. No more pre-existing conditions clauses in health insurance contracts.

2. Given the fact that millions of Americans will be insured by this new health care bill, the US Government can negotiate among health insurance firms to lower the premiums of their health insurance. This would mean less health insurance costs for a lot of Americans.

3. Tax credit will be given to those Americans who still cannot afford to avail health insurance to help them to have one.

4. Stiff competition among health insurance firms will possibly result to much lower insurance costs and more quality health insurance products and services.

5. Aside from the elimination of pre-existing conditions stated above, the coverage amount or sum insured will also be waived by health insurers.

Health Care Bill CONS:

1. Given the huge amount of expenses pegged at $940 billion in a spread of about 10 years, it might slow down the growth of heavily burdened US economy.

2. Insurance Availment Mandate. You have no choice but to get a health insurance. Otherwise, you will be subjected to a 2% tax increase which will be used to subsidize the insurance costs of other Americans. Healthy people who take care of themselves will have to pay for the burden of those who smoke, are obese, etc.

3. There will be a tax increase on people with very high income. If you are making more than half a million per annum, you will have about a 1% tax increase.

4. The US Government will have more control in the health insurance industry causing patients’ confidentiality to be more likely compromised since centralized health information will likely be maintained by the government.

5. Chances of bribery may possibly increase as health care equipment, drugs, and services may end up being rationed by the government.

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