Obamacare is a federal statute that represents the most significant government expansion and regulatory overhaul of the United States healthcare system. Obamacare will increase healthcare costs tremendously. A positive to it is that it will provide over thirty million uninsured Americans with healthcare. Obamacare will affect businesses, especially small businesses by cutting their hours and jobs. It may also prevent them from providing their employees with health benefits.
Obamabcare will also affect Medicare and Medicaid with budget cuts of around $ 716,000,000, a tax increase, and also increase the cost of medications. Health insurance exchange will be set up to try to organize the programs and offer different choices for health care plans. Overall, Obamacare will affect people that already have insurance by making their costs continue to rise. Obamacare is estimated to make the cost of insurance skyrocket, but no one truly knows.
Obamacare is mostly modeled after Romneycare. Obamacare is going to cost the federal government $1.1 trillion net cost. Obamacare will be paid for mostly by the 9% tax increase and the $716 billion dollars cut from Medicare. Doctors will also be affected by pay cuts, business mergers, and them having to close their practice to new patients. Obamacare will affect young adults with premium increases, loss of coverage, government takeover of student loans, less money for education, and crushing fiscal burdens. It will affect senior citizens by increasing the age at which they can retire, and by cutting the amount of access they have to medical care by a doctor. Obamacare will affect hospitals by merger increases and many of them will lose doctors.
They will be under a tremendous financial squeeze while having to manage the overall health care of their patients. To fight back against such things, many states are changing laws and not accepting it at all. Some negatives of Obamacare are newer higher taxes and the government’s control over doctors’ decisions. Drug companies and medical device companies will benefit from this law because more people will have access to medicines and equipment. Drug companies will benefit more because these patients will have medicines paid for that before they may not have been able to afford.
Obamacare’s employer mandate is among the newest laws with the most anti-growth provisions. When implemented, it will force most American businesses to offer government approved health insurance to their employees or else pay new federal taxes for not doing so. This costly new requirement will make it more expensive for companies to hire new employees in the future. Consequently, it will destroy jobs and many companies are likely to slow down hiring in anticipation of it being implemented. Major players that were instrumental in getting this bill past were Gary Cohen, President Obama, Max Baucus, Ron Wyden, Bill Nelson, and Maria Cantwell.
Courtney from Study Moose
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