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:
| Income % of federal poverty level | Premium Cap as a Share of Income | Income $ (family of 4)a | Max Annual Out-of-Pocket Premium | Premium Savingsb | Additional 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 |
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