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Tag Archives: Obamacare
Last night President Obama delivered his 5th State of the Union Address. During the near 90 minute speech, he covered topics like the citizenship, the United States’ military presence in the Middle East, and equal pay. An increase to minimum wage was a hot topic in the speech. President Obama would like to see it increase to $10.10 per hour. That portion of the speech provided the most easily quoted moment of the night, “Give America a raise.”
In a blink-and-you-missed-it moment, the president also, unsurprisingly, talked a bit about health care and the still much-debated Affordable Care Act.
Hear ye, hear ye! Let October 1, 2013 henceforth be known as the day all hell broke loose in the United States. That’s when the government shut down and the website HealthCare.gov went up. Well, actually, the website went up, then back down, then up for a few minutes and back down for several more. HealthCare.gov is home to The Health Insurance Marketplace, the centerpiece of the Affordable Care Act and if you’re confused already, you’re not alone.
Though it’s been three years since the first measures of the Affordable Care Act started rolling out, some people still don’t understand what it is or if it will even affect them. With the help of Dr. Richard Besser, ABC News’ Chief Health and Medical Editor, let’s whittle down to the bare bones and answer the most pressing questions.
What’s in a name: The Affordable Care Act (ACA) and Obamacare are the same thing. ACA is the official name while Obamacare is the tongue-in-cheek moniker coined by opponents. Now, the names are used interchangeably, particularly in the media.
The ACA is a law. It was passed by Congress and signed by President Obama on March 23, 2010. Since then, it’s been unfolding in phases. (more…)
My fellow Americans, I don’t want to alarm you, but the government is in official shutdown mode! On Monday, lawmakers were unable to agree to a budget and neither the House nor the Senate wanted to back down. The shutdown appears to stem from one source, the Affordable Care Act (ACA), also referred to as, Obamacare. The Republican-controlled House is refusing to sign the budget unless they can add a stipulation that essentially pushes the ACA law back one full year.
Since the Affordable Care Act law was passed in 2010, some lawmakers have continued to criticize it publicly to any reporter or television camera that will listen. A common theme among ACA opponents is their love of the Constitution, though most Americans remain confused about what one has to do with the other. Last night on the satirical political talk show The Daily Show, host Jon Stewart summed it up nicely when he referred to the GOP/Obamacare fight as, “The End of America as We Know It for Reasons No One is Able to Clearly Explain.”
While the government shutdown is clearly about health care, how will it actually affect health care? In addition to the furlough of nearly one million civilian federal employees, the closing of national parks and passport offices, and the temporary stoppage of other government functions, this is what you need to know for the impact this will have on your family’s well-being.
The Affordable Care Act, first disparagingly referred to as Obamacare and now adopted as its accepted moniker, is the most sweeping and dramatic health care legislation since Medicare. It’s also one of the more divisive.
Proponents say it will bring health care costs down through wider preventative care; opponents say it is intrusive and sets us up for a new bloated federal bureaucracy.
One of the most important tasks in preventative care and health care cost-reduction is addressing the obesity epidemic. According to the Centers for Disease Control and Prevention, the direct and indirect medical care costs of obesity in the U.S. in 2008 was $147 billion. While obesity rates have leveled in recent years, long-term projections are still grim, with the possibility of nearly half of all Americans being obese by 2030. One report projects the majority of states will be over the 50 percent level.
While there are many myths about Obamacare, one of the better known facts about the legislation is that it will eliminate insurance companies’ ability to discriminate based on pre-existing conditions. But it’s not the utopian “health care for all” scenario some critics may think. Companies are able to more aggressively reward employees for achieving preset wellness goals, and conversely, saddling those who don’t make an effort to improve their health with higher premiums. (more…)
If you’re like many Americans, doing your taxes is a confusing chore. Deductions are crucial elements to filing taxes, especially if you’re expecting a return. However, few people know about all their options, especially their health deductions. And as we move into 2013, the new Affordable Care Act will cause even more changes to health deduction section of your tax forms, but not as much as you might think right away.
“Most major changes brought by the Affordable Care Act will come in 2014,” advised Jean Chatzky, finance expert and journalist whose Jean Chatzky’s Money School debuts this April. However, there are a few things that Chatzky advises taxpayers watch for this year:
- The contribution limit for Flexible Spending Accounts has been revised downward, to $2,500 beginning in 2013. There was no limit before, though most employers capped it at $5,000.
- Medicare payroll taxes may increase for some taxpayers. Those who earn over $200,000 as an individual or $250,000 as a couple will pay 2.35% to medicare. Those who earn less will continue paying the current rate of 1.45%.
Where taxpayers can see the biggest advantage will be in their medical-related deductions.
“Many taxpayers assume they can’t reach the 7.5% threshold to deduct medical expenses, but you might be surprised if you add it all up and include everything the IRS allows,” advised Chatzky. She provided a lot of insight on the common oversights we make that can and probably will push you to the 7.5% threshold. (more…)
During Friday night’s campaign debate, Joe Biden and Paul Ryan squared off to discuss the nation’s problems and how their administration will solve them. Between focusing on complicated foreign policy issues, moderator Martha Raddatz asked about the future of health care in America: “Both Medicare and Social Security are going broke and taking a larger share of the budget in the process. Will benefits for Americans under these programs have to change for the programs to survive?”
The debate got very heated as each candidate has completely different views about how Medicare should be funded. Ryan began his answer with a strong statement, “Medicare and Social Security are going bankrupt. These are indisputable facts.” He went on to say how the program has helped his family and how he will honor his promise to keep it funded for future generations. He differs from the Obama administration in that he and Romney want to reform Medicare and take $716 billion currently going to Obamacare and give it back to Medicare. Ryan criticized Obama’s plan to have a board overseeing the health care programs.
Biden shot back by appealing directly to seniors to ask themselves if they have more benefits than before Obama came into office. While avoiding major political gaffes during the debate, Biden delivered clear messages about his views, like when he spoke about Republicans, saying, “Their ideas are old and their ideas are bad, and they eliminate the guarantee of Medicare.” (more…)