ObamaCare – What is it anyway?

June 28, 2012

in Lifestyle

According to Obamacarefacts.com:

There are really only three things you need to know about President Barak Obama's Obama Care / Health Care For America Plan.

• Obama Care gaurentees that Health Care is amiable to any legal U.S. resident who cannot otherwise obtain "good" healthcare through their employer.

• Gives American Employers the choice between providing comparable insurance and paying a modest contribution to the ObamaCare Health Care system to aid in the Health Coverage of all Americans.

• Requires that all Americans have health insurance either through a private provider or by the Health Care for America Plan.

The Congressional Budget Office lists the advantages of Obamacare:

  1. The Act was designed to reduce healthcare costs by making services available to the 32 million who currently can't get insurance. They often use a hospital emergency room as their primary care physician, increasing costs for everyone.
  2. The Federal government will pay states to add more low income people to Medicaid.
  3. The states will be required to set up insurance exchanges to make it easier to shop for private health insurance coverage.
  4. Insurance companies can no longer deny children coverage for pre-existing conditions. This benefit applies to adults in 2014.
  5. If a company denies someone coverage, that person can go to an external appeals process.
  6. Insurance companies can no longer drop anyone from coverage once they get sick.
  7. Parents can put their children up to age 26 on their health insurance plans. This will bring more profit for health insurance companies, since they will receive more premiums without higher costs for these healthier individuals.
  8. The Medicare "doughnut hole" gap in coverage will be eliminated by 2020.
  9. The Act will lower the budget deficit by $143 billion for the next 10 years by raising some taxes and shifting more cost burdens. (Source: CBO CBO Report on Health Care Reform and the Budget)

The Heritage Foundation lists the disadvantages of Obamacare:

  1. New taxes, penalties, and fees will discourage businesses from growing, lowering economic growth by $706 billion and costing 800,000 jobs.
  2. The Federal government will force the 18 million of the uninsured to go under Medicaid, while others must accept another government program. Despite this, millions will still remain uninsured.
  3. Each year, $125 million will go towards subsidizing school-based health centers and programs to reduce teen pregnancy, with no requirement to reduce abortions. Parents won't know what services their children will receive.
  4. Half of those on Medicare Advantage will lose this coverage thank to rate increases.
  5. Health care costs will rise thanks to $47 billion in new taxes on drug companies and medical device makers.
  6. Nearly two-thirds of doctors are considering abandoning any kind of government-sponsored health care insurance, stating that regulations are too high and reimbursement too low.
  7. By forcing States to accept federally-mandated health insurance, the Act violates States' rights.
  8. Small businesses, the drivers of new job growth, will be especially penalized by $52 billion in new taxes and new IRS reporting requirements.
  9. Despite $500 billion in new taxes, Obamacare will increase the deficit by $500 billion over the next 10 years. (Source: Heritage Foundation, Impact of Obamacare)

Basically, in my opinion, ObamaCare is good for the regular everyday people who need healthcare. It is bad for insurance companies, drug companies. doctors, and the really rich. What are your thoughts on the Supreme Court upholding most of the act today?