Obamacare in layman's terms?

I do not follow politics at all, and honestly don't understand a lot of it. So can someone please explain the new Obamacare to me in simple laymens terms? I do realize that the bill is quite complex, and if oversimplified, it gets vague, but can someone give it to me in a nutshell, like how this affects middle class people with no current health insurance..
REPLIES
By: Miss.Lee
Member since Sep 18, 2011
Posted: on Jul 01, 2012
Bump

I was wanting to know the same
By: andes2010
Member since Feb 11, 2011
Posted: on Jul 01, 2012
I heard if you do not get insurance by 2014 you will be taxed for it.
By: brittney3
Member since Mar 18, 2012
Posted: on Jul 01, 2012
Ik more money is gonna get taken out of my paycheck now. And I need every penny i,earn
By: FieryPhoenix
Member since May 05, 2012
Posted: on Jul 01, 2012
What I know so far...
-it will be mandatory that everyone have insurance by 2014, or there'll be penalties.
-insurance companies are required to provide insurance to those with a preexisting condition.
-people who make a lot of money will be taxed more
-and something about how this makes us socialist.

Anything else important that should be added??
By: raud
Member since Jul 30, 2011
Posted: on Jul 01, 2012
Supposedly there will be a website for people who dont get covered at wrk. This site will put together a bunch of different plans that compare prices and what is covered...kind of like orbitz and Travelocity does for travel. Some people think that this might help people with individual insurance did better deals. And the insurance companies can offer better deals to regular people because there will be more of them buying insurance.

Other people say that this will cause companies to not provide insurance to their employees because there will be these other options. A company with 50 or more employees have to offer insurance to their employees or pay a fine. But some companies say that the fine is cheaper than the insurance so they'd rather pay the fine.

I am curious which side is right. Although personally I hope that the prexisting condition clause works for people.
By: MarieRobert
Member since Feb 03, 2012
Posted: on Jul 01, 2012
Lol @more money out of your paycheck.
WRONG!
I wonder what ppl are going to do when all the horrible stuff that was supposed to happen from this plan doesn't actually happen.
*facepalm*
By: MarieRobert
Member since Feb 03, 2012
Posted: on Jul 01, 2012
OP,
There's a post "Obamacare explained to a five year old" or something like that. It has a link to a site that basically breaks everything down.
By: heather71460
Member since May 06, 2012
Posted: on Jul 01, 2012
I work at an insurance brokerage firm and a lot of our small business clients are going to quit offering insurance because the fines will be cheaper than the insurance premiums. This means more people will have to change to plans offered by the government. Which IMO means there will be less completion between the insurance companies because they know you have to buy insurance and they can raise the premiums and you'll still have to pay or switch to the government plan.
By: hdcollins85
Member since Mar 29, 2012
Posted: on Jul 01, 2012
Depending on your income level there may be an additional sum being taken directly from your paycheck. From what I've read on finance websites the plan will directly affect taxpayers financially in 4 ways:
1. Depending on your income they will take an additional percentage out of your paycheck as a Medicare tax
2. If you currently use a health savings account you will no longer be able to put more than $2,500 a year into it (you will be taxed on medical expenses that exceed this), currently if you have high health expenses you can put more than this into an account and know it won't be taxed
3. If you have investments you will be taxed an additional 3.8% to help cover expenses
4. if you currently itemize your medical expenses as a tax deduction they will now have to equal more than 10% of your adjusted gross income in order to qualify (used to be 7.5%)

This is all I know now. I have heard rumors of worse taxing to fund the overall but these are the only facts I have so far in terms of the direct effects on the average tax payer. There will be many indirect effects but those are harder to predict. For it or against it, just never forget that nothing in life is free. Someone always has to pay the bill, and although the majority of the burden may fall on others, most working Americans will have some part in footing it.
By: hdcollins85
Member since Mar 29, 2012
Posted: on Jul 01, 2012
*overhaul not overall
By: MarieRobert
Member since Feb 03, 2012
Posted: on Jul 01, 2012
We are already footing the bill for the uninsured... Big time.
By: hdcollins85
Member since Mar 29, 2012
Posted: on Jul 01, 2012
That's true pp, but it may be in a more direct way now which may bother sine people. We will see...
By: hdcollins85
Member since Mar 29, 2012
Posted: on Jul 01, 2012
That's true pp, but it may be in a more direct way now which may bother sine people. We will see...
By: hdcollins85
Member since Mar 29, 2012
Posted: on Jul 01, 2012
*some

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