Affordable Care Act And Small Business - 1662 Words

Affordable Care Act and Small Business Many people have a lot of questions when it comes to the new healthcare reform law. First off Obamacare is formally called the Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act is the healthcare reform law that was signed in 2010 and now many states have opened their health insurance marketplace exchanges as of October 1, 2013. This new healthcare reform law aims to increase the number of Americans that are covered by health insurance and also to decrease the cost of health care. Under this new law everyone in America will have to get health insurance of some form. Insurance companies can no longer deny people coverage because of a preexisting condition nor†¦show more content†¦For those who cannot afford to pay the health insurance premium could be eligible to use federal tax credits and subsidies to help save up to 60% of the current cost of health insurance premiums. This will make health insurance coverage affordable for up to 23 million Americans (Obamacare, 2013). Under the new health care reform law over 47 million women will have access to women’s services with no out of pocket costs for preventative and wellness services (Obamacare, 2013). The low-income individuals will have the opportunity of getting health insurance coverage through the state exchange, Medicare, or Medicaid; however some states have opted out of the Medicaid expansion in which some low-income individuals will not be eligible. Seniors and other individuals eligible for Medicare will see expanding benefits and coverage options; however there will be decreases in home health payments and hospital coverage as well. Obamacare will require businesses with over 50 full-time employees to provide affordable health insurance coverage to its employees however small businesses with 25 employees or less will receive federal tax credits to help offset the costs that a small business will face to encourage these businesses to provide health coverage toShow MoreRelatedAffordable Care Act and the Effect on the Economy Essay1165 Words   |  5 PagesAffordable Care Act and the effect on the economy The Affordable Care Act, also called Obama Care, was signed into law by president Barrack Obama, on March 23, 2010 (Erickson, Scott 1). What exactly is the Affordable Care Act? It was a legislation that addressed the idea that all Americans should have access to affordable health care. 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