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A Close Look At The Latest Health Insurance Politics And Legislation

In the latest past, there has an enactment of several laws affecting the health insurance industry with an aim of ensuring that there is an increased access to health care insurance to the majority of the Americans. The most significant of these has been the Health Care Reform Act which was signed into law by president Obama on 23rd March 2010. The aim of the law was to come up with reforms in the health insurance industry that were to be enacted in a timeline of four years and above. However, some of these reforms have already begun taking place.

With the full enactment of the law, an additional 32 million Americans who were previously uninsured would get coverage. The law also makes it possible for those who are uninsured or even self employed to buy a policy cover that is subsidized via state-based exchanges. This is especially for families or even individuals who have an income that is between the poverty level of 133 and 400 percent.  There would also be a creation of separate exchanges for micro businesses to enable them to buy coverage with effect from the year 2014. There would also be funding to all states to enable them to establish the exchanges up to the period of 1st January 2015.

As per the law, those who make between a Federal Poverty Level of between 300 and 400 percent and intend to buy their own policy are also eligible for the subsidies. Those buyers who are eligible are given health insurance premium credits though there is a limit on the amount they should contribute to their premium on a scale that is sliding. It is also worth noting that for a family of four, the Federal poverty level is $22,500.

The law also proposes some ways to fund for the plan.  This in the first place, will be through the expansion of the Medicare Payroll Tax net to bring on board any unearned income. Therefore, for families earning more than $ 250,000 in a year, they will be taxed a rate of 3.8 percent on their investment income. Individuals earning an amount of $ 200,000 will also be charged at the same rate. There will also be an introduction of an excise tax of 40 percent beginning the year 2018 to be paid by health insurance companies on what they call the ‘Cadillac’ insurance plan which targets the high end. This is for those plans which are worth $27,500 in the case families and $10,200 for individuals. The only plans that are exempted are the vision and Dental and they are excluded in the calculation of the cost of the family’s plan. There will also be an excise tax of 10 percent on the indoor tanning services.

Therefore, it is clear that health insurance has become affordable to more people. It is possible for you to compare the available low cost health companies in your area by simply entering the zip above. This will guarantee you a good health quotes on your insurance