Obamacare Facts

The Health Care Bill- 26 has brought a lot of discussions in the US. The bill is commonly referred to as Obamacare Facts due to the fact that Obama himself the president of the United States campaigned for its passage. But why have there been so many heated debates about the law that Obama thinks would help reform the health sector? Why did the bill not get a single vote from the Republicans? Was it all politics or are there some reasons that the Republicans considered when abstaining from voting for the bill. Well, let’s try to look at the various implications and facts about the bill.

Obamacare Facts

By a vote of 219 to 212 the House of Representatives, the house tasked with drawing laws for the United States approved the health care reform bill. Currently the estimated number of uninsured US citizens stands at 32 million. This is the reason why the president and other top ranking officials in the government saw the need for a reformed health bill that would address this issue. Many Americans will agree that a reform of the health bill was long overdue.

One thing that the bill advocates for is increased taxation of American citizens. The bill proposes that the estimated cost of healthcare reform in America over the next 10 years will be a whooping $940 billion. Due to this the bill proposes a 49 % tax be imposed on Insurance companies that are offering Cadillac Health schemes for individuals estimated at $10,200 and  $27,500 for families starting the beginning of the year 2018. In addition to this, a 3.8% Medicare tax will be imposed on all Investment income, which include the sale of a home for individuals making over $200.000 and couple making over %250,000. This tax mechanism is estimated to bring in $ 210 from 2013 to 2019.

What if an individual fails to purchase this Insurance scheme? The bill proposes that come 2016 any individual who fails to purchase the health care insurance coverage will be liable for a penalty or fine. The fine will be $695 or 2.5 % of the total income whichever is more. However, there is an exemption for the poor Americans who have very little sources of income. Companies with over 50 workers will be required to submit $ 2,000 for every worker if they fail to provide the coverage while the workers of the company receive federal health care cuts. However, the first 30 workers will be removed from the payment calculation.

The bill further increases the amount of costs individuals and companies have to pay. For example, drug manufacturers in the US will have to pay $16 billion from 2011 to 2019. This would very much increase their cost to do business. At the same time, health insurers will have to pay $ 47 billion in the same period. Indoor tanning services will be charged a 10 % tax between 2010 and 2019. The Medical device Manufacturers will pay a 2.9 excise tax on the sale of all their products from 2013. All this translates to extra costs for households and companies.

However, the bill also holds major positives. Insurers will be required to cover non-dependent children below the age of 26 years. At the same time subsidies to families of four will be given. The bill also imposes restrictions on the use of federal funds for abortion. In conclusion, it is better to point out that the bill is receiving as much support as criticism with 46% of Americans supporting it and 45% against it. It is therefore upon ones own conviction to support or oppose it!