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Transcript of Obamacare
This loophole could be exploited to make the vast majority of citizens buy government healthcare. Cindy Chen, Alicia Devalencia, Kenneth Wu, Alice Xu, Carter Yu Obamacare The Patient Protection And Affordable Care Act
(PPACA) Why Obamacare is Good BIBLIOGRAPHY http://dpc.senate.gov/healthreformbill/healthbill04.pdf
http://www.heritage.org/research/reports/2010/03/top-10-disasters-of-obamacare#_ftn16 Why Obamacare is Bad The Pros and Cons
of Obamacare The magic date is...?
March 23,2010 History Says It All... 1. President Theodore Roosevelt wanted universal health care coverage. 2. During Franklin Roosevelt's presidency, efforts were made to include publicly funded health care programs in the Social Security Legislation. 3. President Harry Truman also called for universal health care coverage. 1 2 3 4. President Johnson successfully pushed for Medicare and Medicaid. 5. President Nixon called for comprehensive health care. 6. President Clinton made a health care plan, but Congress rejected it. 7. George W. Bush extended Medicare. Yikes! Double the Trouble?
If you could describe a controversy of Obamacare in one word, it would be...? REPUBLICANS (in the Senate & House! ) What is Obamacare? II. The Role Of Public Programs
extending eligibility for Medicare, Children's Insurance Program, and the Exchange III. Improving the Quality and Efficiency of Health Care
Improving Medicare and Medicaid services IV. Prevention of Chronic Disease and Improving Public Health
creating healthier communities
funding for public health research VI. Transparency and Program Integrity
ensures the integrity of federally programs
combats fraud and abuse
nationwide background checking system VII. Improving Access to Innovative Medical Therapies
harder to get a drug licensed
more affordable medicines IX. Revenue Provisions
tax of 40% on insurance companies and plan administrators I. Quality, affordable health care for all Americans
Health insurance market reform
Making Coverage more Affordable
Federal Poverty Line(FPL)
premium It CREATES jobs! Why Obamacare is GOOD
for the economy: According to a 2010 Center for
American Progress report It will create 4 million
jobs over the next
decade! How? Health care costs are
reduced and it is cheaper
for businesses to hire. It will reduce
JOB LOCK. People will not stay in a
given job to retain their health insurance. The labor market is more efficient
and therefore more productive! But the net effect is positive! It will reduce the deficit! March 23, 2010 - Obama signed the
Patient Protection Affordable Care Act. Obamacare will be paid
for by cuts in Medicare,
new taxes, and penalties. Cuts in Medicare: Reduces the demand for labor and the purchase of services and equipment by health care sector. Taxes V. Health Care Workforce
projecting workforce needs
Increase supply of workforce
support the existing health care workforce & training programs VIII. Community Living Assistance Services and Supports
insurance program for individuals with functional limitations Nine Titles Various taxes on
insurers, and on
medical device and pharmaceutical manufacturers. The increased taxes could mean higher prices for drugs, medical devices, and insurance premiums Excise taxes on high-cost insurance plans and on the incomes of the rich. Penalties: If a business has 50 or more employees and the employers are not insured by 2014: employers must pay $2,000 per employee, except for the first 30 employees. Cost containment: Benefits of taxes: Impact on
small businesses: Impact on state/local
governments: Reduces the growth in health care costs. Reduces the taxes or borrowing the government has to undertake to finance these programs. Taxes on
insurers, and on
medical device and pharmaceutical manufacturers. The new revenues in these industries from expanded coverage would considerably exceed the new taxes. There will be increased demands for prescription drugs, medical devices and for insurances. Excise taxes on high-cost insurance plans and on the incomes of the rich. This will increase government revenue. Government will obtain revenue directly from the excise tax or from out of pocket expenses with less comprehensive plans. In 2008, 97% of businesses with 50 or more employees already offered health insurance to their workers. Small businesses with fewer than 50 employees will be exempt from the penalty. The businesses who do not offer insurance will receive tax credits to help employees pay for the insurance. In 2014, the tax credit increases to 50%. They will benefit from reduced Medicare spending and uncompensated care from the previously uninsured people. State/local taxes can be lowered. The Congressional Budget Office estimated that Obamacare will reduce the federal deficit by $210 billion over the next decade. According to other CBO analyses, Obamacare is expected to save about $1 trillion over its second decade. $335 Billion $107 Billion from drug companies $32 Billion from excise taxes $210 Billion from the rich $65 Billion The Present and Future Effects of Obamacare This act includes plans for comprehensive health insurance reforms which are to take effect over the next few years. Most of these effects should be in place by 2014. April 1, 2010 July 1, 2010 September 23, 2010 January 1, 2013 What Obamacare has already accomplished: What Obamacare strives to accomplish in the future: October 1, 2013 January 1, 2014 Some seniors (estimate of about 25%) view Obamacare negatively because they depend on medicare and fear that Obamacare threatens their access to doctors, treatment options, and insurance plans. Obamacare makes deep cuts to the Medicare Advantage program. Others view Obamacare as a positive program. They believe that everyone should be able to afford sufficient health care so that if they do get sick, they can have access to doctors and proper treatment. They believe that in the long run, Obamacare will help rather than harm. States can receive federal funds to cover some low income citizens under Medicaid.
Employers who have fewer than 25 employees and provide them with health insurance are qualified for a 35% tax credit to cover the cost of insurance. This is to make providing insurance cheaper. People with pre-existing conditions can be insured under the Pre-Existing Condition Insurance Plan if their state decides to runs this program.
People on this plan can receive primary and specialty care, hospital care, as well as prescription drugs. These benefits can be used to treat a pre-existing condition and this program does not charge higher. Children under the age of 19 can not be denied coverage based on a pre-existing condition. This will later expand and apply for everyone.
Young adults under 26 years old can be covered by their parent’s health care plan. This still applies even if they are married, attending school, or eligible to enroll on their employer’s plan. Primary care physicians receive 100% of Medicare payment rates for their services.
This will strengthen and grow the primary care workforce.
The goal is to have enough doctors to cover all the new people who will receive health care. States receive more funding to cover children who are not eligible for Medicaid.
Allows children of families who earn too much to be eligible for Medicaid but still can not afford private health Insurance to be part of the Children’s Health Insurance Program. This covers basic services such as routine check-ups and immunizations. Affordable Insurance Exchange established.
This program shows a variety of choices for health plans that each has certain benefits and cost standards.
All discrimination against pre-existing conditions prohibited.
Individuals who can and are able to afford health insurance must buy it or face a fee. More Facts: · The government increased efforts to fight healthcare fraud and waste. Estimated $2.6 billion had been recovered for Medicare in 2009.
· Insurance companies can be held accountable for unreasonable rate hikes.
· Health care companies must spend at least 85% of the money collected from premiums on improving health care services and quality.
· $15 billion funding towards prevention and public health programs has been added.
· Programs are created to help consumers get educated about the new laws as well as help them file complaints and appeals.
· Seniors are eligible for benefits such as lower prescription costs, and even free preventive services.
· Health care facilities such as hospitals are encouraged to be built. To pay for Obamacare, taxes will be raised an additional
over the next 10 years including a new 3.8% tax on investment income, and less tax deductions for those of low income Many of us pay taxes at the individual rate, so we get tax increases-- right on top of the already higher taxes we'll have to pay because the Bush era's tax cuts are ending!
A new 3.8% investment income tax is almost a 60% increase from what we were paying before for investment income! meaning
Small Business Owners have
less income to buy capital goods
to invest in their firms 1. Reduces the effectiveness of automatic stabilizers, since Obamacare will give the people with low-income less tax breaks
2. Reduces consumption spending, because the poor have less money to spend is bad for an already slow economy meaning the poor will
have to pay more in taxes will increase the federal deficit The Congressional Budget Office (CBO) says that since the health care package costs $940 billion, the health care package will reduce the federal deficit by $138 billion.
But its calculation is flawed, since the calculation was made based on assumptions about the future behavior of Congress—not based on its likely behavior. One example is that the CDO indexed Medicare benefits to general inflation rather than to the higher medical inflation, so the calculation for the cost is less than it would be with the higher inflation.
When these costs which the CBO omitted are accounted for, the health care package actually costs $2.5 trillion, which would increase the deficit further. slows economic growth Obamacare Businesses that don't offer health insurance to their employees will have to pay a fine of $2,000 reduce wages
rely more heavily on part-time workers And household disposable income will decrease by more than $17.3 billion a year Obamacare reduces consumption spending Obamacare discourages some investment spending Obamacare causes discrimination against low-income workers If a firm offers health insurance to its workers,
have to pay a fine of $3,000-- instead of the regular $2,000-- for each worker who opts for the health exchange instead. (Only low-income workers qualify for the health exchange.) actually causes certain employers to not offer health insurance More cost-effective for firms with a lot of low-income workers to not offer health insurance:
1. avoid paying for health insurance
2. avoid paying the $1,000-higher fine
(low-income workers) So firms avoid hiring workers from low-income families
Hurts those who need the jobs the most expands critically flawed entitlement
programs, potentially causing healthcare
to deteriorate in certain situations People who are on Medicaid:
have trouble getting healthcare: doctors don't want to accept Medicaid b/c of the low pay
so are more likely to go the emergency room (extremely cost-ineffective) when sick
--even more likely than those without health insurance Tennessee:
mortality rate declined at a much slower rate
health outcomes actually deteriorated Medicaid is broken. instead of reducing healthcare costs as intended,
it will increase overall health spending by $222 billion Parts of the bill try to reduce healthcare spending, but they don't attack the cause of the increased spending in healthcare--they inefficiently attack the effects instead. may cause widespread government healthcare because of a loophole Office of Personnel Management (OPM) Department of Health
and Human Services (HHS) makes
government-sponsored health-plans makes rules for
health insurance plans Government insurance plans will compete with private insurance plans on the market
--but govt. plans are not subject to the HHS restrictions that private plans are.