Healthcare+Bill+of+2010

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On March 23rd, 2010, President Barack Obama signed the new Health Care Reform Bill Summary into law. This bill will cost the United States $940 billion over the next 10 years on health care. Although that is lots of money out of the government's pocket, Obama believes that in the long run it will benefit us greatly. For start, health care coverage would spread to 34 million people who are all currently uninsured. Then, it is estimated that over the first ten years, the deficit would decrease by $143 billion and over the next ten years after that it would decrease by another $1.2 trillion. Those who are uninsured can purchase insurance if they make between 133 percent and 400 percent of poverty level. They would need to do so through state based exchanges with subsidies.=====

To pay for this huge bill, the government will expand the Medicare Payroll Tax starting in 2012. It will increase the income tax by 3.8 percent investment income of families over $250,000 per year, or individuals with an investment income of $200,000 per year.The government will also create and Excise Tax for companies. This will require companies to pay a 40 percent excise tax on high-end insurance plans that are worth at least $27,500 for families or $10,200 for individuals. This includes all companies except dental and vision plans. Lastly, there will be a tanning tax on indoor tanning salons. This will require these companies to pay a 10 percent excise tax.

The Medicare and Medicaid will also be changing with this new health care bill. The Medicare prescription drug "donut hole" will be closed by 2020, and any senior who hits this drug by 2010 will receive a $250 rebate. Also, beginning in 2011, seniors will receive a 50 percent discount on brand name drugs.Medicaid will now include 133 percent of federal poverty, which currently is $29, 327 for a family of four. Also regarding Medicaid, states will be forced to include childless adults starting in 2014 and is no longer eligible for illegal immigrants.