Thursday, June 28, 2012


I was beginning to think that I might have to delete my "ranting and rambling" blog category since I am not feeling the heat of venting/ranting for a while now.  Thanks to Obamacare I have something to rant about again.

According to Wiki Obamacare, formally, The Patient Protection and Affordable Care Act.  If you just go with the name, it sounds so noble and caring of Obama to make such a law for the underprivilege and low income group.  This is Obama's pet project since he started his presidency which passed the senate in 2009, today the supreme court upheld all but one of the provision of the law.

I don't think I have the intelligence to understand and interpret the law but this part of the provision disturbed my mediocre brain:

*A shared responsibility requirement, commonly called an individual mandate,[22][23] requires that all persons not covered by an employer sponsored health plan, Medicaid, Medicare or other public insurance programs, purchase and comply with an approved private insurance policy or pay a penalty, unless the applicable individual is a member of a recognized religious sect exempted by the Internal Revenue Service, or waived in cases of financial hardship.[24]

There are a lot of must dos, prohibitions, requirements for the insurers and employers.  It is going to be funded by a variety of taxes and offsets.  Here is how the insurance will cost:
Health Insurance Premiums and Cost Sharing under PPACA for average family of 4.[18][99][100][101][102]
Income % of federal poverty levelPremium Cap as a Share of IncomeIncome $ (family of 4)aMax Annual Out-of-Pocket PremiumPremium SavingsbAdditional Cost-Sharing Subsidy
133%3% of income$31,900$992$10,345$5,040
150%4% of income$33,075$1,323$9,918$5,040
200%6.3% of income$44,100$2,778$8,366$4,000
250%8.05% of income$55,125$4,438$6,597$1,930
300%9.5% of income$66,150$6,284$4,628$1,480
350%9.5% of income$77,175$7,332$3,512$1,480
400%9.5% of income$88,200$8,379$2,395$1,480
A family of 4 with an income of $31,900 will have a Max Annual out of pocket premium of $992.  Is this really something to be cheerful about?  I don't know.  The whole ACT is mind boggling for me.

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