June 28, 2012

Today was a historic day for the United States and the Obama Administration. In a 5-4 vote, the Supreme Court of the United States upheld the healthcare law, also known as the Affordable Care Act.  The swing vote came from Chief Justice John Roberts, an appointee of President George W. Bush.  Roberts voted alongside the liberal justices, ruling the individual mandate as constitutional.

So what does all this mean for you?

The Affordable Care Act will do the following:

• Require people to have health insurance by 2014
• Insurance companies can’t deny based on pre-existing conditions
• Insurance companies can’t charge sick people higher premiums
• Insurance companies can’t drop people who become sick
• No lifetime limits can be set on insurance
• No co-pays on preventative care
• Medicaid expansion, including subsidies to help many Americans buy insurance (The Medicaid expansion won’t take place until a year and a half from now, this will allow those making less than 14,000 a year to receive healthcare)
• Employers (50 + employees) have to provide insurance
• Young adults (up to 26) can stay on parents’ plan
• Tax credit for individuals and small businesses, the tax credit is another means for individuals to be afforded insurance
• For those who rather keep their current health insurance, there is a penalty

With the law in effect, insurance companies will be forced to insure riskier patients, and pressure will be alleviated from states that are struggling to cover their uninsured population.

Presidential candidate Mitt Romney has wasted no time speaking out on his opposition for the Supreme Court’s decision. Romney has already declared he will work to get a full repeal of the law. Ironically, while Romney was Governor of Massachusetts he worked to get a now mandated health insurance for the state.  Regardless, this ruling has provided great momentum for President’s Obama campaign.

What are your thoughts on the Supreme Court’s decision?

Spill the Beans below…