Tuesday, April 20, 2010
What the Affordable Care Act Does
I should have posted this a month ago, but since the topic is back in the news cycle, here's a breakdown of what the Affordable Care Act does, and when. Everyone should read it if they want to know what to expect from insurance companies in the next decade.
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2 comments:
What I like about the legislation: 1) There is no "public option." The pitfalls of socialized medicine are many, and I am glad that the bill that was passed is not the socialist bill that was proposed; 2) Requirement for everyone to carry health insurance. There is no reason why my costs should go up because of uninsured free-riders who don't pay their medical bills; 3) Restrictions on insurers' ability to "cherry-pick" customers. The new bill disallows insurance companies from denying coverage to many people due to pre-existing conditions or age.
What I don't like about the legislation: 1) The plan puts even more financial and accounting burdens on states and employers. Most states are already in financial crisis, and I've always felt that it is ridiculous for my health care (and retirement, for that matter) to be administered by my employer; 2) The very expensive requirements of states aren't partially-funded by the fed until 2013, and the help states do receive to conform to the federal law only lasts for 2 years. So, states get help with this new burden from 2013-2015, and after that, they're on their own. What programs will be cut to pay for these requirements? 3) The real benefits of the act don't really start until 2014 when President Obama will either be out of office or already in his second term. This means that he won't have any real accountability if the wheels start coming off of this thing.
Those of us who remain roughly a month behind on their lives thank you...!
Now maybe I'll be able to pull it all together in my head.
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