How does Healthcare Reform Affect You

Unless you've been hiding in a cave, you've heard about the new healthcare law that changes everything.

Unless you’ve been hiding out in a cave for the last few years, you’ve heard there’s a new healthcare law that changes everything for both employers and employees.

First, the goods news. Many people without insurance will soon have their own policy. That policy will have benefits that many people have never had before.

Of course, as with most big changes, there are some unintended or unfortunate consequences. This law and its new rules will soon exceed 20,000 pages. Unmarried men will have to pay for pregnancy benefits that they themselves do not need. Younger people with low incomes will be paying more for insurance to help keep insurance costs lower for older people who have more money.

Under the new law, employees may have to contribute up to 9.5% of their income or total family income for health insurance. If an individual refuses to buy health insurance or pay the employee contribution, the government will fine that person.

The new law empowers the IRS to collect the fine from that person’s tax refund. On the other hand, if you are considered poor, the government will pay some or all of your cost through the medicaid welfare program.

As a result, you may not be able to keep your doctor or the employer-provided health insurance in the future… despite the fact that our government leaders made promises that would not happen.

Some employers may not be able to continue to afford the plans they offer and will opt to drop coverage and pay the smaller fine of two thousand dollars per employee… leaving millions to fend for themselves or ask for government assistance to obtain insurance.

Under the new law, insurance companies will have to cover everyone who wants insurance even if they have a very expensive disease or medical condition. In order to cover these costs, the insurance companies will be substantially increasing rates for most people… to be able to cover these new requirements. Many experts have said insurance rates will go up as much as 200% to cover all of these costs.

As with most government programs, there are winners and losers. You may soon pay more in taxes, fees, and penalties while others will receive new benefits… or maybe you will be one of the winners.

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