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Health Care Reform Name: Institution: The Affordable Care Act (Obamacare) Introduction The Affordable Care Act, also popularly known as Obamacare, is a health care bill that is bound to significantly transform the health sector by 2014. The bill was officially signed by the president on March 23rd, 2010, but it will be fully implemented by 2014 (Andrews, 2012).
The subsidies will enable the low earners to purchase private health cover. The legal provision also creates room for the development of exchanges for individuals that will be willing to buy cover. The bill also expands accessibility to health insurance by prohibiting insurance firms from denying cover to anyone based on pre-existent conditions (Andrews, 2012). The bill also makes provisions for the creation of an experts’ panel to limit reimbursements to only effective treatments and offer incentives to providers as a way to persuade them to “bundle” their services instead of charging by singled out procedures (Andrews, 2012). The reform redefines the way Americans purchase health cover by requiring all Americans without employee cover to buy privately provided health insurance cover or pay a tax percentage of 1%-2.5% (Andrews, 2012). Americans that cannot afford cover and do not have one from employers will either go into Medicaid/Medicare or receive tax credits to make the private purchases. Financing of the Affordable Care Act The Affordable Care act will be funded through government funding, taxes and budget cuts. The taxes will include 9% from Medicare and unearned income tax on earnings above $250 000. ...
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