Why does the healthcare bill matter? Well, for starters, a 2009 Harvard study published in the American Journal of Medicine found that 60% of filers cited heath problems/medical bills as the main reason they filed bankruptcy.
The healthcare bill is now signed into law; but what does it mean for you?
We sifted through the press and propaganda to uncover how the new healthcare bill may affect you.
How the Healthcare Bill Will Affect…
The Uninsured
- $5 billion immediately goes to provide temporary coverage to the uninsured living with preexisting conditions. This measure is intended to bridge the divide until all the healthcare changes go into effect in 2014.
- By 2014, more people will qualify for Medicaid coverage, such as people who are low-income and have no children.
- By 2014, small businesses, the self-employed and the uninsured will be able to join together to buy less-expensive policies.
- By 2014, Americans who don’t qualify under a hardship plan must have healthcare insurance or face fines. Those who qualify under the hardship plan will be low-income individuals and families of four making less than $88,000.*
- By 2014, the uninsured will face fines of $95 (or 1% of the uninsured’s income). By 2015, the fines increase to $325 or (or 2% of their income). By 2016, the fines increase to $695 (or 2.5% of their income).*
The Insured
- If you buy a policy, insurance companies can’t limit your lifetime coverage anymore. This means your insurance money shouldn’t “run out” if you’re diagnosed with a serious illness.
- Insurance companies can no longer deny your child coverage because of a preexisting condition.
- By 2014, the same preexisting condition protections will arrive for adults.
- Adult children can now stay on family insurance plans until they’re 26 years old.
- By 2011, prescription drug costs are expected to drop by 50% as manufacturers drastically discount brand-name drugs. By 2020, it’ll drop by 75%.
- Those on Medicare Part D will soon receive $250 for prescription help.
- By 2014, families will receive tax breaks to help cover healthcare premiums. The amount will depend on household income.
- Six months from now, insurers must provide some specific preventive healthcare (such as immunizations) for infants, children and teens with no cost to the insured.
* Based upon House changes to the bill, which must still be approved by the Senate.
Quick Healthcare Facts
The Bill Aims to Cover 32 Million People.
That’s the combined populations of Alabama, Colorado, Illinois, New Mexico and Wisconsin, according to the Census Bureau.
Healthcare Spending = 16% of the U.S. Total GDP.
That’s $8,000 per person ($2.5 trillion), according to the Organisation for Economic Co-Operation and Development.
Check Out These Illustrations of Medical Bankruptcy:
More Changes to the Healthcare Bill May Come
In order to get enough votes to pass this bill last night, the House had to make certain changes to the bill and create a reconciliation bill. The Senate still has to vote on this reconciliation bill, so there may be some bill tweaking.
Stay tuned to Total Bankruptcy for more healthcare and medical bankruptcy news.
What Do You Think: Is the Healthcare Bill a Good Deal for Americans?
Tired of politicians and reporters telling you what’s best for you? Post a comment and share your thoughts.
Sources:
Organisation for Economic Co-Operation and Development
The U.S. Census Bureau, U.S. Population Projections
TheWhiteHouse.Gov: Health Reform by the Numbers.
Harvard Study: The American Journal of Medicine, August 2009 issue
BBC News: Obama Healthcare Reforms May Pay Off for Drug Firms, March 22, 2010
Reuters U.S. Edition: Factbox: Winners, losers in House Healthcare Bill, March 22, 2010
Associated Press: House Sends Health Care Overhaul Bill to Obama, March 22, 2010
CNN Health: How the Health Care Bill Could Affect You, March 22, 2010
The Christian Science Monitor: Health Care Reform Bill 101: What Does it Mean for Kids and Families? March 22, 2010.
Tags: bankruptcy, medical bankruptcy, new healthcare bill, uninsured
This entry was posted on Thursday, March 25th, 2010 at 4:42 pm and is filed under Economic News: How Are We Doing?. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.