Similar Questions for How Does Obamacare Affect Medicare from Yahoo AnswersQuestionAnswer
No one who is on a government program like Medicaid, Medicare, Tricare, or is already insured has to buy new insurance. Your children will remain on Medicaid and you will remain on Medicare. You are essentially not affected but that doesnt mean Medicare premiums wont go up as they normally do, ot Medicaid will be exactly identical. The individual mandate does not take place until 2014 and people who buy insurance from the state-approved exchange dont get a tax credit or tax penalty until the following year, 2015. Here is that link and the timelines link to other provisions. Remember this is a new concept and has been modified along the way. It is a 10 year plan from 2010 to 2020. We dont have a crystal ball to see what will happen. Just remember this whole concept is driven by economics.
There are a number of things that will be affected, some have already started. You can see a list of items that will be affected here: http://www.yourhealthplanadvisor.com/Medicare%20reform.html
How does Obamacare affect small businesses?Answer
Can someone give me a detailed explanation for someone who doesn't know a lot about this. Assume I'm a high schooler doing a project on its pros and cons. How does this affect smaller businesses?
Pros: In a recent report by the The Congressional Budget Office entitled, "Analysis of the Major Health Care Legislation Enacted in March 2010," it states that small businesses (those with fewer than 50 employees) will be exempt from having to pay a penalty if they do not provide employer insurance or if the insurance they provide does not meet certain criteria yet to be determined by the new law. The penalties paid by larger businesses could benefit smaller businesses by increasing the potential hiring pool due to the number of jobs lost to compensate for the increased costs at these larger companies. Increased competition for fewer jobs at small businesses will mean more higher-skilled employees working at lower wages.
Cons: There will be fewer small businesses due to less household disposable income to support economic activity. Richard Foster, the Chief Actuary for the Centers for Medicare and Medicaid Services (CMS), reports that America will spend an additional $311 billion on health care in the next decade because of the law. CMS estimates the growth in health insurance costs will increase 10 extra percentage points in 2014 because of ObamaCare — a 14% increase, versus 3.5% without the law. In 2020, the net cost of health insurance is estimated to be $271 billion. Without ObamaCare, that number would have been $248.7 billion — a difference of more than $22 billion.