Health Care Reform: A Make or Break for Our Economy
Health Care Reform: A Make or Break for Our Economy
Health Care Reform is here and many are scrambling to find out exactly what the changes are. The Affordable Care Act was passed by Congress and later signed into law by the President on March 23, 2010. The Act was challenged in the Supreme Court and the final decision upheld the new law. The decision was rendered on June 28, 2012 and can be accessed by clicking on the link below.
Supreme Court’s 2012 Decision on the Affordable Care Act
The certified full text version of the Affordable Care Act is 2,409 pages and extremely difficult to read through in its entirety. However, the text can be accessed by clicking the link below. Rumors spread quickly about legislation and often have the effect of distorting what the actual law is. For this reason, it is important to go to the text of the actual law to form your own opinions on any type of legislative reform.
Certified Full-Text Version: Affordable Care Act (PDF – 4.27 MB)
There are pros and cons to the law and those will depend on what class you fall into as far as your health and other aspects are concerned. Those with pre-existing conditions and many others will benefit greatly from the Act. However, those who have great health and were previously offered comprehensive and inexpensive plans through their employer may see an increase in premium cost. Health Care Reform effects upon an individual depend on much more than just health and age. Income, age, health, family size and other factors will determine one’s satisfaction with the changes in reform. There are several resources to help you understand the changes taking place which allow for less time consuming ways to understand reform rather than reading through the entire text of the law. Below is a helpful video to aid you in understanding a bit more about Healthcare Reform.
“The YouToons Get Ready for Obamacare,” The Henry J. Kaiser Family Foundation, accessed October 31st, 2013, http://www.youtube.com/watch?v=JZkk6ueZt-U
Those who are eligible to purchase healthcare through a health insurance marketplace may qualify for a tax credit. Please click here for the tax credit calculator.
Those who do not purchase health insurance may be penalized through a tax penalty. Please click here for the tax penalty calculator.
There are currently 6 healthcare plan types: catastrophic, bronze, silver, gold, and platinum. To see example premiums for your state, please click on this link. Enter the requested information about family size and location to obtain a sample of possible coverage prices.
Below is a table providing income thresholds for qualification of lower costs through the insurance marketplace:
| Number of people in your household | Income range to qualify for lower costs |
| 1 | $11,490 to $45,960 |
| 2 | $15,510 to $62,040 |
| 3 | $19,530 to $78,120 |
| 4 | $23,550 to $94,200 |
| 5 | $27,570 to $110,280 |
| 6 | $31,590 to $126,360 |
| 7 | $35,610 to $142,440 |
| 8 | $39,630 to $158,520 |
“Household and Income Range Table,” Healthcare.gove, accessed November 1st, 2013, https://www.healthcare.gov/find-premium-estimates/#6/&aud=indv&type=med&state=AZ&county=Maricopa&cov=family
If your employer offers coverage, you may not qualify for coverage through the marketplace. You will need to submit an application and your employer’s coverage will be evaluated along with your income level to determine whether or not the monthly premium you would pay through your employer would require you to pay too high of a percentage of your annual income. If so, you may still qualify for coverage through the marketplace and reduced cost through tax credits. The tax credits are applied immediately to the monthly premium you will pay for health insurance if you qualify.
