The Affordable Care Act, also known as the Obamacare, named after the man who conceptualized the idea himself is going to be effective starting 2014. Debates were thrown left and right regarding its effectiveness, benefits, and even its cons. While the Obamacare was made to increase the affordability of health insurance to majority of people, some individuals, health care and even insurance providers think otherwise. With that said, as early as now, you should find a way to lower your medical debt.
The Obamacare boasts to lower the premiums and the total health care spending, but according to recent studies given by the Society of Actuaries, it can in fact raise the claim costs to 32%. This figure can affect a large number of individuals, including the healthy people and medical professionals themselves. That is why some health care providers are considering having an early retirement because of the loss they will suffer.
Financial Surge Causes:
The Affordable Care Act aims to have everyone eligible insured by 2014. Failing to do so can lead to a penalty fee for both children and adult. This only means that the seniors, children, and individuals who have prior conditions will now gain access to insurance. While this seems beneficial, a large number of people, particularly the young adults and healthy individuals will be forced to simply pay more to support the higher risk groups mentioned. In short, whilst the uncovered elderly benefits, the younger age group will be affected.
Who Else Will Be Affected?
- Covered Elderly- The elderly who has prior coverage relies heavily on Medicare, and because of the Obamacare effect, they will no longer be able to get coverage at all.
- Doctors and Health Care Providers- Reimbursement for the medical professionals will be lowered by an astounding degree, thereby prompting more doctors to retire earlier than planned.
- Businesses- Due to Obamacare, businessmen will think twice before expanding because they will not be able to afford providing health insurance for 50+ full time employees.
While the Obamacare seeks to lower the health care fee for some, it unintentionally raised the cost for others. This is the reality of the situation, and if you are one of the affected, you should think of ways to lower its impact on you.