What is ObamaCare?

ObamaCare is another name for the Affordable Care Act. ObamaCare is a program in place in the United States set up to provide and to increase the quality of health care services for American citizens. The aim of the Affordable Care Act is to eliminate discrimination among individuals and to make health care services available to all citizens at more affordable prices. ObamaCare requires that all American citizens have a healthcare plan by March 31st, 2014.

Individuals who do not subscribe to a healthcare plan will be fined. A Health Care Marketplace will be opened up online by the federal government, where individuals can shop for different healthcare plans in order to tailor care to their personal health needs.

What are some issues with ObamaCare?

• 10% of Americans will be unable to get HealthCare as of right now with the ObamaCare plans This affects approx. 30 million people. Most of these individuals will be affected due to financial difficulties in obtaining health care, as they will have to purchase their own health care plans.
• There are penalties for those who do not subscribe to a health care plan by March 31, 2014. The penalty is applied on a monthly basis to each individual.
• In order to subsidize some of the increased services to be provided to individuals, the government has imposed an increase in taxes for high income earners, large businesses, and the healthcare industry.
• Not all states are open to the adjustments with the Health Insurance Marketplace purchases, an online health care website where individuals can shop to find a plan that fits their needs and their budgets.
• Enrolment using the HealthCare marketplace closes on March 31, 2014, if individuals have not registered by this date they may have to wait until the next registration period to sign up.

What are some benefits of ObamaCare?

• Tax credits (/tax-services/) are available to low-income families to help subsidize the cost of obtaining a health care plan.
• Under ObamaCare, no individuals can be turned down for pre-existing conditions or can be charged more based on sex. In 2014, it will be illegal for an insurance company to charge women a higher premium than men, or to turn down or drop potential customers based on a pre-existing condition.
• Large businesses will have to offer employees health care or will have to pay a penalty by 2015.
• Basic health care has to be covered under any plans – including hospital visits, doctor visits, maternity care, mental health care, and prescription drugs.
• With ObamaCare, individuals cannot be dropped from their insurance plan after becoming sick.
• Children can remain on their parent’s health care plans until they reach the age of 26.
• Health Care plans can be purchased in the marketplace, which offers different types of care (bronze, silver, gold, and platinum plans). Depending on which level of the plan is purchased, the individual will pay more or less out of pocket expenses.

Being informed about sociopolitical environments that may affect a growing enterprise will protect your company from unforeseen shifts. Canada and the United States are exceptional trading partners; many of our clients rely on American business and vice versa. It is important that you work with an accounting agency that understands global markets and the ways in which macro-economic events will hamper or catalyze your profitability.

If you would like more information please visit http://www.obamacarefacts.com. If you are concerned that this, or other cultural shifts may impact your finances, contact Hogg, Shain & Scheck today to secure certainty.