How the Recent Health Care Reform Affects Health Insurance Business
In recent times the argument about health care has intensified, died down and is still being argued. The most important things people should be talking about is how the health insurance affects them trickling down to the insurance business. If people are affected negatively it spells doom for the insurance business and vice versa. Here are some of the issues people should look at and how it influences them.
The health insurance reform taxes the rich more. Presently your income may be around the five figures like $100,000 for a person or as a couple which is seen as a wealthy citizen status. This group was been taxed for the health insurance. However after serious complaints from lawmakers it has been upgraded to the six figures category. That is incomes from $1 million and above. If your annual income were to hit this figure then beware that you will be paying an additional 5.4 percent graduated tax on this income. This is to help cover the health care reform.
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The other issue is about tax credit for small business owners. You could benefit from a tax credit if you own a small business with employees of about one to fifty. The new reform has tax credits that help small businesses purchase health care for their employees and would not be punished if they do not like large businesses. It gives the small business the opportunity to engage their employees in the health care at an affordable rate than if they had a large number of employees. Therefore if you are an entrepreneur of a small business you stand to gain.
If you carry a pre-existing medical condition insurers will take that into consideration in determining the premium to be paid. Sometimes they would choose not to insure you at all. However, in the proposed health care reform it prevents the insurers from charging people more than the normal premium if they have an existing medical condition. It allows a system called ‘age rating’ where older people will not be charged as high as younger people.
The insurance scheme helps you to keep your present health insurance. You already know that in your contribution your employer pays a greater share of the premium. This does not change in the present scheme. You can continue to enjoy this privilege.
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