In a landmark bill, President Obama signed the Affordable Care Act into law in 2010. This is a health care reform bill that will change the way America does business as far as health care is concerned. This bill will not only change the face of health care insurance in America, but it will also change healthcare. Since this law will affect every man, woman, and child in this country it is important to understand just how Obama Care works and what it means to you.

 

Reform

To begin, Obama Care is designed to change how Americans purchase health insurance. If you currently get your health insurance through your employer you will continue to do so. If you, however, are not offered health care through your employer you are now eligible to purchase health insurance through the Marketplace. You can find out what your options are by visiting www.healthcare.gov . The great thing about this new insurance is that if you qualify you may receive subsidies from the government to offset the high cost of insurance. That means the government is going to pay all or part of your insurance bill.

 

Obama Care also ends some of the practices of insurance companies such as pre-existing conditions. You can no longer be turned down for insurance because you are already sick. In addition everyone is now eligible for some kind of health care insurance. This should help to make this a healthier country.

 

The Problem with Obama Care

To ensure that everyone has coverage under the Affordable Care Act, also known as Obama Care, it is a mandate that everyone purchase insurance. This is going to be a problem because if you are not used to paying for insurance then this is going to be an added cost. Also, if you do not buy insurance you will be charged a penalty of $98.00 per adult and $47.50 per child. This will reach a capped out amount of $285.00 per family. This penalty will be added to your tax bill for 2015.

 

The Future

As time goes by, the penalties for not having insurance are going to become more severe. Meanwhile, there are going to be new penalties and surcharges that are going to be added. For example, beginning in 2015 smokers are going to pay an additional surcharge on their insurance. This surcharge could be as high as fifty percent, making your affordable insurance unaffordable. These penalties and surcharges are all designed to help pay for Obama Care, which in turn is supposed to reduce the deficit. The bottom line is that Americans are going to be changing the way they do business. These changes are going to be going into affect for many years to come. The Affordable Care Act is not supposed to be fully implemented until 2021 that means there is a lot that can, and will, change between now and then.

ObamaCare By State