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Obama Health Care Plan Explained

 

You are probably like many at this moment in that you would like to have the Obama health care plan explained in simple English. With health care reform dominating the news in the past months, there has been lots of information concerning President Obama's health care plan. The information is flying around, but it becomes difficult to put the pieces together as they were constantly in flux and different sources touted different aspects of the plan. This article is designed to narrow the focus so you better understand how things are going to change for you. Here you will finally get the Obama health care plan explained so that you can make sense of it.

 

Obama Health Care Plan Explained for Individuals

The Obama health care plan may bring about considerable changes for you as an individual. First of all, choices between private health insurance and public health insurance plans will be available. Secondly, if you have had trouble getting health insurance because of a pre-existing condition, that will no longer be an issue as pre-existing conditions cannot be denied coverage. Third, you may see more help from your employer when it comes to paying for health care. Most businesses will be required to offer some sort of compensation toward employees for health care costs, or, if the business is small enough, will receive incentives to offer health insurance. Also, if you switch jobs, you no longer will have to worry about losing existing health insurance.

 

Obama Health Care Plan Explained for Businesses

As a business owner, you will also see some major changes due to the government health care plan proposed by President Obama. Depending upon the size of your business, you may have incentives to offer health insurance or a mandate to help cover health care costs. The smallest of businesses (those with less than 25 employees) may receive tax credits if they provide health insurance for their employees. Large businesses must either offer health insurance or tag a percentage of payroll toward the health care costs of employees. Small businesses may pool together to buy health insurance in a larger group, thus lowering the overall cost. The federal standard for small business is less than 100 employees, though states can reduce this to less than 50. Most provisions of the Obama health care plan do not kick in until 2014, so there is time to prepare, especially for small business owners. One that does go into effect quickly, is that any employer with over 50 employees that doesn't offer coverage will face a fine for each employee that relies on government subsidies for his or her coverage.  

 

Obama Health Care Plan Explained for Low to Middle Income Families

For low and middle income families, health insurance premiums will be reduced due to increasing tax credits for families. A family of four with a total household yearly income of less than $88,000 will see a reduction in premiums. There is a sliding scale in which the lower your household income, the lower the maximum percentage of income that can be spent on health insurance premiums according to Obama's health care plan. The Obama health care explained hopefully gives you more insight as to what is coming and helps you plan accordingly.

 

 

 

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