2010 Healthcare Reform Bill Summary and Middle Class Health Care Woes
March 27th, 2010
Healthcare Reform Bill Summary and Middle Class Woes. The current health care bill as passed will change the landscape of the health care industry as we know it. There are some good things and bad things that come along with the bill, and a lot of heated debate surrounding the legislation as passed.
The middle class is particularly concerned with the cost of healthcare. There are many families that are single income families or families whose wage earners work for small businesses that don’t offer insurance. These families oftentimes don’t qualify for Medicare or other subsidized programs, yet cannot afford the hefty cost of health insurance.
The bill is set to help these individuals but one has to ask – how much will it help? There are many uncertainties that must be taken into consideration and the bill’s implementation is far from complete.
Looking through the provisions of the bill through a summaron on CBS news, it appears as if the middle class won’t feel as big of a relief as previously hoped, although there will be more help than is currently available.
Medicare is expanded to families earning 133% of the poverty level, which is $29,327. Families making between 133% and 400% of the poverty level will receive some relief through subsidies available in the insurance exchanges starting in 2014.
Still don’t want to buy insurance? You’re facing a $695 annual fine. Previously it was reported that the fine was $750, but CBS news reports that the fine is $695.
Click here for the healthcare reform timeline.
Are you a small business owner? IF you are and don’t provide insurance options for your employees you could face a fine of $2,000 per employee per year.
Do you think that these provisions will help the middle class, or do you think that the middle class crunch will continue? We are currently in the middle of running some numbers using some income information from anonymous volunteers and will report back later to see if the bill as we understand it will help these individuals.
Source:
CBS News
