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Transcript of ObamaCare Presentation
Is it even workable?
1. A person can not be denied health insurance because of a preexisting health problem.
Are you wondering how this will effect you?
1. Partial control over medicine.
2. All businesses with 50 or more workers are required to purchase health insurance.
3. It will reduce the amount of people that depend on medicare and medicaid.
Insurance Companies & The Exchange
Obama Care In Washington State
2. People feel like they're being forced into purchasing health insurance.
3. Some taxes are raised due to the changes in medicare.
What is ObamaCare?
ObamaCare is made up of two acts:
Patient Protection Act
Affordable Care Act
These two acts contain nine titles that address each important point of the reform including:
Quality, affordable health care for all Americans
The role of public programs
Improving the quality and efficiency of health care
Prevention of chronic disease and improving public health
Health care workforce
Transparency and program integrity
Improving access to innovative medical therapies
Community living assistance services and supports
A total of 26 Republican-led or Republican-leaning states have declined to establish insurance exchanges, a centerpiece of the reforms ushered in by the Affordable Care Act, ceding control of a critical element of their health care system to the federal government.
The ACA requires the creation of the one-stop marketplaces called exchanges to connect buyers and sellers of health insurance — the vehicle through which the law would expand coverage and protect consumers. The law encourages states to build their own exchanges under the guidelines. If they refuse, the federal government will take on the task.
One of my clients recently said “I heard when I sell my house I have to pay Obama Care taxes, is this true?” In short, that depends, on how much money you (and your spouse make) There are a number of factors:
•If you salary is in excess of $200K/$250K (single/MFJ) you will pay .9% Medicaid, from 1.45 to 2.35%, and
•There will be an assessment of 3.8% tax on unearned income (rentals and capital gains) calculated at the less of the individual’s net investment income or the amount of adjusted gross income that exceeds the threshold$200K/$250K (single/MFJ)
So depending on salary level, adjusted gross income, and unearned income, most of us who sell a house in the Valley will not be paying toward Obama Care government subsidies through federal tax increases.
However, we are all subject to penalties if we do not purchase adequate medical insurance which will pay for Obama Care subsidies and these penalties will be collected via our federal income tax return. Most of us believe that our insurance premiums are going to increase dramatically, and this has in part already be borne out by the increased premium rates that most businesses suffered this year when their insurance premiums went up for renewal.
CPA, EA, CMA, Financial PlannerCertified QuickBooks Pro Advisor