Save More with the New Healthcare Bill

Families everywhere shell out for health insurance, whether by paying a percentage while their employer covers the rest or by paying for it all on their own. Many families pay thousands of dollars every year for health insurance.

Other families though cannot afford health insurance and are stuck working a low income often classified as a ‘part time’ job so their employers can get around offering health insurance coverage. 

With the new healthcare bill passed, come 2014, many things will change that can and will benefit the people as whole for this bill does not cater to the individual but the nation’s population.

An Overview

We have talked about a few of the changes over the past couple of weeks, so after a quick refresher we are going to dive right into the question that is on everyone’s minds. ‘How will this save me money?’

Now that the healthcare bill has passed, high income households will pay a higher tax, which will do a couple things. It will help to cover lower income households that could not otherwise have insurance and, over the course of years, it is speculated that the tax will get our country out of its current economic crisis.

Come 2014, there will be a fine that will gradually increase till 2016 in which it will then be capped off. The fine is for those that refuse to get healthcare, but with all of the new benefits that come with the healthcare bill, those numbers will be few.

How the Bill will Save You Money

From the start, people’s concern has always been about the money, so we are here to break it down for you and ultimately tell you how things will save you money. For starters, insurance companies can no longer cap what they spend on your health coverage over a lifetime. Basically, there are no more ‘it’s too much’ spiels.

Secondly, individuals with pre-existing conditions will receive coverage. After all, you can’t control that you have diabetes. Another benefit is that insurance companies can no longer just drop your coverage; they have to stick with it and help with the bills.

Children will be covered until the age 26 under their parent’s plan (this is already in place) while low income households will receive care and seniors will receive discounts on prescription drugs as well as other healthcare services. 

While the higher income families will have to pay a tax, the fees are not higher than the bronze plan of insurance and, in the end, this gives more families access to the healthcare they deserve and need.

Be sure to check back with us in the future when we will provide further updates on the ongoing changes to the healthcare system.