Covering Preexisting Conditions To Cost Everyone Else $63 Per Year
by Cornelius Nunev
Starting in 2014, every person with insurance coverage through an employer will have to fork over $63 each year to cover the cost of getting insurance for people with preexisting problems. It's a part of the Affordable Care Act, one of the many costs that law will impose.
<strong>Tax to pay for preexisting problems takes effect in 2014</strong>
No matter what a person's situation, people with preexisting problems should always be able to get insurance coverage. It should be given to any person who is willing to pay premiums to get it. Insurance is really important to a person's health.
It turns out the federal government agreed, or at least a ton of previous Democratic congressmen agreed and they passed the Affordable Care Act, mistakenly referred to as "Obamacare" though all the president did was sign it into law. As a result, insurance companies cannot exclude people from coverage due to preexisting conditions. As with any other government regulation of commerce, that means the cash has to come from somewhere.
People who already have insurance and businesses purchasing it are now going to end up paying the additional costs, according to CBS. Between 2014 and 2017, $25 billion needs to be raised somehow, though the requirement does not start until 2014.
<strong>Fee to be problems</strong>
Everybody currently insured will have to pay a fee, according to ACA's text, in order to pay for the preexisting conditions. Every business that gives insurance to workers will have to pay the fee, and about 190 million people who get insurance through companies will end up having to pay the fee.
The fee is going to be passed to companies on a yearly basis of $63 per insured person. That means the bill is higher for large companies and not so bad for small businesses. The fee will likely be passed down to workers at an additional $5.25 a month to get it all paid. It may not cause you to run for payday loans to pay the rent, but it could seriously impact people on tight budgets.
The good news is that the fee will drop from $63 in 2014 to $50 the next year. Every year, it will decrease until 2017 when it phases out altogether.
<strong>Taking just a little to give just a little</strong>
All told, apart from just that $25 billion cost to cover people with preexisting conditions, the ACA mandates $700 billion be elevated from numerous sources over a decade. Noble as the idea is to get more people covered under health insurance, a lot of Peters have to pay for Paul, so to speak.
As a result of the health care law, premiums have been starting to slowly go up. For instance, According to the Washington Post, HR consultancy Mercer found in a recent survey this year that 12 percent of companies with at least 500 workers have raised premiums on health insurance, compared to 10 percent last year. Everyone with insurance can probably expect to pay more in coming years, for everyone else.
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New Unique Article!
Title: Covering Preexisting Conditions To Cost Everyone Else $63 Per Year
Author: Cornelius Nunev
Email: bryanh@adworkz.com
Keywords: aca,affordable care act,obamacare,preexisting conditions
Word Count: 493
Category: Insurance
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