Portfolious

There is no going back. Health care reform is here to stay. So what changes can you expect to see in your home, and how soon are you going to them made?

President Obama addressed a crowd of college students in Portland Maine a week after he signed the health care bill into law. There, he assured Americans that this bill “…represents enormous progress. It enshrines the principal that every American should have the security of decent care, and that nobody should go bankrupt because they’ve got a kid that is sick with a preexisting condition, that small business shouldn’t be burdened because they want to do the right thing by their employee.”

Among the major changes that are going to take place are large tax cuts for the middle class. According to whitehouse.gov, “This is the largest health care tax cut in history for middle class families, helping to make insurance much more affordable for millions of families.”

For most of us, this means a significant decrease in monthly premiums on our current health insurance. It also means that if you are a small business owner, you will receive large tax credits for providing health care coverage for your employees, which could mean an increase in capital to spend on new labor, which means more jobs will be available across the country.

Here are some of the facts:

• It is the largest health care tax cut in history for middle class families.
• Americans buying the same coverage they have today in the individual market will see premiums fall by 14 to 20 percent compared to what they would pay without health insurance reform and by as much as 3% for those who get coverage through their employers.
• The Small Business Health Care Tax Credit can cover up to 35 percent of the premiums a small business pays to cover its workers. In 2014, the rate will increase to 50 percent
• Reduces out-of-pocket expenses so insurance doesn’t still leave families holding the bag
• Bans lifetime limits on coverage

As President Obama spoke about the new health care reform he said “We are going to have to make some adjustments along the way.” This means that we have to get the facts straight, and educate ourselves on how we can take advantage of all the incentives in place as a result of the new bill.

To get more information about the health care bill and to read more about the tax cuts for the middle class, visit www.whitehouse.gov.

Source:

Pfeiffer, Dan. “Health Reform and the Recovery Act: Unprecedented Tax Cuts for the Middle Class.” The White House. 13 Apr. 2010. Web. 21 Apr. 2010. <http://www.whitehouse.gov/blog/2010/04/13/health-reform-and-recovery-act-unprecedented-tax-cuts-middle-class>.