She Is Focused

March 23, 2010

President Obama Signs Healthcare Bill Into Law

Filed under: Chat 'bout,President Obama — Felicia @ 5:59 pm

Unless you’ve been living under a rock, it is widely known that one of President Obama’s main focuses during his election run was Healthcare. The new bill which was recently passed and signed into law today will ensure that all Americans who currently are without healthcare receive coverage effective immediately. The House of Representatives’ vote of 219 – 212 sent the bill to the President late Sunday evening. As expected the GOP was and still is against the new bill saying that it will be very costly to everyone in the long run.

Attorney Generals from 13 different states have filed proceedings right after the bill has been signed by the President to stop the reform. According to the President the bill was definitely needed saying “The bill I’m signing will set in motion reforms that generations of Americans have fought for and marched for and hungered to see”. So what exactly does this new healthcare bill mean? Here are the highlights:

Cost: $940bn over 10 years; would reduce deficit by $143b

Coverage: Expanded to 32m currently uninsured Americans

Medicare: Prescription drug coverage gap closed; affected over-65 receive rebate and discount on brand name drugs

Medicaid: Expanded to include families under 65 with gross income of up to 133% of federal poverty level and childless adults

Insurance reforms: Insurers can no longer deny coverage to those with pre-existing conditions

Insurance exchanges: Uninsured and self-employed able to purchase insurance through state-based exchanges

Subsidies: Low-income individuals and families wanting to purchase own health insurance eligible for subsidies

Individual Mandate: Those not covered by Medicaid or Medicare must be insured or face fine

High-cost insurance: Employers offering workers pricier plans subject to tax on excess premium

Although the bill will be costly in the long run for some of us, knowing that those who desperately need healthcare who otherwise would not have been able to afford it is much more important and worth the sacrifice.

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