If you’ve looked online for information about the Affordable Care Act, you’re probably familiar with the avalanche of information available on the subject. With so much information out there, it can be confusing trying to separate the facts about Obamacare from the fiction. This basic guide will help you determine fact from fiction when it comes to Obamacare.
Basics of the Affordable Care Act
Here is what’s in store in 2014 from the Affordable Care Act
More generic drugs can be approved by the FDA
Increases rebates on drugs for Medicare plans, closes the donut hole and offers donut hole rebates for Medicare Part D
Chain restaurants have to disclose caloric content
Forbids disability-based discrimination by insurance companies
Elimination of yearly coverage maximums or lifetime limits
Children can be covered as dependents until age 26 under a parents plan
Tax rebates and subsidies for individuals and families between 100% and 400% of the poverty line
Insurers have less ability to alter the price of a plan and must report all proposed rate increases
An appeals process for denied claims
Better consumer protections and fraud prevention
Flex spending accounts will have a limit of $2500
Preventative care provided without cost with any new plan
Coverage cannot be denied on the basis of gender or pre-existing conditions
Individual mandate means most people will have to buy insurance or face a penalty.
Popular Misconceptions About Obamacare
There is a lot of misinformation surrounding the implementation of Obamacare since it has became such a politically charged issue. Some of the more popular complaints are that the Affordable Care Act represents a single-payer system, socialized medicine, Kevorkian-like death panels for seniors, a pro-abortion stance and gives coverage to undocumented workers.
In fact, none of these things are true. Let’s address some of the myths surrounding Obamacare by looking at how the bill will actually work.
The Affordable Care Act will give coverage to illegal and undocumented workers. This is expressly forbidden in the terms of the bill.
You will have to give up current coverage and enroll in a new plan. For the vast majority of Americans, nothing will change. If you were enrolled in a plan as of March 23, 2010, then you are grandfathered in and will remain so unless you alter your coverage.
Obamacare is an attempt at socialized medicine or government run health care. False. Private citizens will still be buying private insurance from private companies.
All businesses will have to extend coverage to their employees. Business are encouraged to offer health coverage, but certainly don’t have to.
It will reduce existing Medicare benefits. No cuts are allowed to guaranteed Medicare benefits, which is included in the wording of the bill.
Obamacare will implement end of life counseling, famously referred to as “death panels.” This portion of the bill was struck down, though similar provisions were approved for Medicare in 2003.
Federal funds will be used for abortions. The states, not the federal government, will be determining what type of plans they offer and they must offer at least one that does not include abortion coverage.
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Written by Todd Taylor
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
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