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

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.

Health Care Reform Bill Summary and Highlights

Obama is campaigning to gather votes for his Health Care Reform Bill. This bill is said to be the largest proposed Health Care Bill since the introduction and Medicare and Medicaid in the 1960s.

Dubbed as the Health Care Reform Bill, the passage is seen to have various views from a lot of Americans. Some were pro to it while some were against to it.

For those who are not yet familiar with the Health Care Reform Bill proposed by Obama, here are some of the positive review summary and highlights of it:

– The Health Care Reform Bill proposes a huge expenses by the US Government at around $940 billion to cover all Americans.

– US Government will standardize the health insurance of all Americans with equal benefits for all. They will take advantage of a “wholesale” negotiation to lower the cost of the health insurance premiums.

– It also proposes to give Americans tax credit for those who still cannot avail of health insurance despite its low cost.

– Pre-Existing conditions will now be covered avoiding discrimination.

On the other hand, for those who are familiar with the Health Care Bill Reform proposed, it may also have some negative feedbacks from oppositions which includes:

– There is no statement in the Health Care Bill that states which health insurance firm will the US Government choose leading to a possible bribery of politicians.

– According to some experts, the Health Care Bill is not created equal among Americans. For those people who are making above a certain household income amount, they will not be able to avail of a subsidy from the US government. Instead, they will be the one subsidizing those old people who have poor health.

Anyway, to better understand this Health Care Reform Bill, you can read theĀ  FULL Text here.

Alternatively, you can also view some of the comments about the passage of this Health Care Bill here.