Do you have quite a bit of difficulty understanding the Trump and Obamacare? Yes, with all those political and financial jargon, it’s easier to get distracted than understand. So really. What is Trump and Obamacare? Are they the same or are they different?
Let’s look at the facts for better understanding.
In 2010, Obama and congress signed the Obamacare or the Affordable Care Act into law.The goal is to provide affordable health care and insurance for all.
Here’s how Obamacare affects you:
- Parents can include their children until ages 26 yrs old in their plans
- If anyone in your family get sick, the insurance company cannot limit the amount of payment for treatment and medicinal costs they will cover.
- If you have a long-time illness (like diabetes or asthma) or what they call pre-existing illness, the insurance company cannot deny coverage.
- Pregnancy and wellness exams like mammogram, blood tests are now free.
- Insurance companies cannot increase monthly payments for insurance without approval of state governments.
- Everyone must get insured otherwise those who won’t will be charged a penalty fee which is more costly than just getting insurance.
- Medicare members will have free wellness and preventive diagnostic coverage and the fund will be expanded so they can have more of their medicines for free.
- If you earn more than $200k a year, you pay more on taxes which goes to funding the Obamacare programs
- Higher income industries are also taxed higher to fund Obamacare.
The effect of Obamacare:
The wealthy subsidizes the insurance of the poor.
Trumpcare refers to all the changes that President Trump has done or is doing to Obamacare.
He initially planned to repeal and replace Obamacare but that initiative has been shelved in Congress which chose to continue Obamacare as the law for healthcare.
Here are some of the facts with Trumpcare that may affect you:
- The penalty fee mandate is retained but the penalty fee for those who do not get insurance and for those large company employers who do not get insurance for their employees has been lowered considerably.
- Funding for Medicaid is lowered as well as the funding for its expansion has been frozen.
- It removes most of Obamacare taxes on higher income-earners, employers and industries.
- This cuts Medicaid but offers tax credits based on income and age.
The Effect of Trumpcare:
The plan reduces costs for the wealthy, healthy and young while the other demographics like women, seniors and low incone-earners get more obstacles.
In closing, though Obamacare still lives on as the Law on healthcare, and while possible changes in it are still being debated much in the Senate, the focus of Trumpcare is quite clear:
Trading entitlements for the low-income people for entitlements for all.
You may be one of the high-income earners or business owners who have previously groaned under the heavy taxes for Obamacare and now is seeing a bit of a breather with Trumpcare or you may be among the low income sectors enjoying the benefits of Obamacare but now are dreading the changes that have taken place and those that are yet to come.under Trumpcare, just hold your horses for now.
Nothing is set in stone yet with Trump and Obamacare and the latest bill is still being debated.
So all provisions above could still be subject to change.