With the massive overhaul of healthcare in the U.S. based on the Affordable Care Act, also known as ObamaCare, there has been a high level of political discord. Reports from both sides of the political aisle spin the story presenting it whatever way sounds best based on the political affiliation of the storyteller.
The headline of this story is “ObamaCare Facts, Please Stand-Up!” because at Injured Money we cut through the politicized talking points and report what affects you. The facts are:
- January 1, 2014, ObamaCare became law
- A primary focus of ObamaCare is solving the problem of 47 million Americans without healthcare coverage. Go to this link at the Kaiser Family Foundation for more information on healthcare coverage trends and why Americans uninsured for healthcare is increasing.
- The Associated Press reported on December 26, 2013 that 4.7 million policies had been cancelled due to ObamaCare in 32 states. The other 18 states do not track this information so policy cancellations is only known in 32 states.
- The Health and Human Services Department reported 2.1 million people enrolled in ObamaCare by the end of 2013.
ObamaCare Facts, Please Stand-Up!
The initial impact of ObamaCare has been a loss of health insurance coverage for a minimum of 2.6 million people. While the loss of coverage would be more if all 50 states were reporting, whether the loss of coverage is much greater than 2.6 million may be hidden in the terminology. When coverage is lost, it is referred to as a cancelled “policy.” When someone enrolls in ObamaCare, it is referred to as “people” enrolling. With many healthcare policies covering families, is it possible the “people” impacted by the cancellation of 2.6 million policies is far greater than 2.6 million people? If any readers know the answer to this question, please comment.
The Real Test Will be Accessibility and Cost
While lost coverage is a problem, this will prove to be a temporary effect. The real test of healthcare is the availability and the cost of the service. Time will tell how ObamaCare impacts this for all Americans. Without doubt, the system will be different than what you and I have become accustomed.
Next Steps You Must Take
If you are not covered by healthcare, you must to enroll by March 31, 2014 in order to avoid penalties imposed by the IRS. Make sure you enroll in an ObamaCare approved plan before the end of March.
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