Starting in 2014, every person with insurance coverage through an employer will have to hand over $63 each year to cover the cost of getting insurance for people with preexisting conditions. It's a part of the Affordable Care Act, one of the many costs that law will impose.
Preexisting conditions tax to start in annually
It is definitely true that people with preexisting conditions, or preexisting medical conditions, most likely should be able get insurance coverage. If they're willing to pay premiums, why shouldn't they be allowed to have it?
It turns out the federal government agreed, or at least a ton of former Democratic congressmen agreed and they passed the Affordable Care Act, mistakenly referred to as "Obamacare" though all the president did was sign it into law. As a result, insurance businesses cannot exclude people from coverage due to preexisting problems. As with any government regulation of commerce, that means the money has to come from someplace.
The requirement will not start until 2014, but between 2014 and 2017, $25 billion will have to be elevated to pay for all of it. The only people left to pay for the extra costs are those who already have insurance and the companies who are forced to buy it for employees.
Cost not very high
Everyone presently insured will have to pay a fee, according to ACA's text, to be able to pay for the preexisting conditions. Every business that gives insurance to employees will have to pay the fee, and about 190 million people who get insurance through employers will end up having to pay the fee.
The fee is going to be passed to corporations on a yearly basis of $63 per insured person. That means the bill is higher for large companies and not so bad for small businesses. The fee will likely be passed down to workers at an extra $5.25 a month to get it all paid. It may not cause you to run for payday loans to pay the rent, but it could seriously impact people on tight budgets.
The good news is that the fee will drop from $63 in 2014 to $50 the next year. Yearly, it will decrease until 2017 when it phases out altogether.
To pay for Paul means taking from Peter
The ACA also states that $700 billion needs to be raised over ten years on top of the $25 billion to cover preexisting condition costs. A lot of people end up losing money when they have to pay for others to get health insurance, regardless how nice of an idea it is.
Because of the health care law, premiums have been starting to slowly go up. For instance, According to the Washington Post, HR consultancy Mercer found in a recent survey this year that 12 percent of companies with at least 500 workers have raised premiums on health insurance, compared to 10 percent last year. Everyone with insurance can probably expect to pay more in coming years, for every person else.
Preexisting conditions tax to start in annually
It is definitely true that people with preexisting conditions, or preexisting medical conditions, most likely should be able get insurance coverage. If they're willing to pay premiums, why shouldn't they be allowed to have it?
It turns out the federal government agreed, or at least a ton of former Democratic congressmen agreed and they passed the Affordable Care Act, mistakenly referred to as "Obamacare" though all the president did was sign it into law. As a result, insurance businesses cannot exclude people from coverage due to preexisting problems. As with any government regulation of commerce, that means the money has to come from someplace.
The requirement will not start until 2014, but between 2014 and 2017, $25 billion will have to be elevated to pay for all of it. The only people left to pay for the extra costs are those who already have insurance and the companies who are forced to buy it for employees.
Cost not very high
Everyone presently insured will have to pay a fee, according to ACA's text, to be able to pay for the preexisting conditions. Every business that gives insurance to employees will have to pay the fee, and about 190 million people who get insurance through employers will end up having to pay the fee.
The fee is going to be passed to corporations on a yearly basis of $63 per insured person. That means the bill is higher for large companies and not so bad for small businesses. The fee will likely be passed down to workers at an extra $5.25 a month to get it all paid. It may not cause you to run for payday loans to pay the rent, but it could seriously impact people on tight budgets.
The good news is that the fee will drop from $63 in 2014 to $50 the next year. Yearly, it will decrease until 2017 when it phases out altogether.
To pay for Paul means taking from Peter
The ACA also states that $700 billion needs to be raised over ten years on top of the $25 billion to cover preexisting condition costs. A lot of people end up losing money when they have to pay for others to get health insurance, regardless how nice of an idea it is.
Because of the health care law, premiums have been starting to slowly go up. For instance, According to the Washington Post, HR consultancy Mercer found in a recent survey this year that 12 percent of companies with at least 500 workers have raised premiums on health insurance, compared to 10 percent last year. Everyone with insurance can probably expect to pay more in coming years, for every person else.
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