Another Healthcare Bill has been rushed to the floor. Once again Congress is putting their efforts towards repealing the Affordable Healthcare Act. I believe this is their 3rd revision. The one played out inf ront of the American people and 2 additional amendments thereafter. Will this bill pass? Who benefits the most? What are these amendments?
Let's Examine this!
Pre-Existing Conditions - We are heading back to the Pre Affordable Healthcare Act era. Insurers will go bac to going over individual's prior medical conditions with a fine tooth comb and deem them uninsurable if they foresee that individual will have high claims at any point. In the past this was at the insurer's discretion and I am sure they have silly discretionary rules banning common conditions like acne.
Rich Tax-Cut -The Real Reason for the persistent and urgency for the Repeal of Affordable Healthcare Act. If you make at least $200k - $250k married- single respectively, then these cuts are for you, and will happen immediately! An estimated of over $300billion over the next 10 years.
Medicare- The GOP appears to be comfortable with cutting Medicare by $800 million dollars. This will reduced the current expansion Coverage from the 10 million low income American to zero in the ne t 3 years. The solution they have proposed has a trickled down effect. They will change Medicare into a grant program that reduces funding to State Governments forcing States to reduce their budgets and de-enroll individuals.
Defunding Planned Parenthood- Well this is tricky as the they have a rewable yearly provision. They will take away funding for one year starting off, then vote on renewing that provision yearly. With the current control of congress we can almost guarantee that this will continue to be renewed. Another reminder that voting for ALL elections is valuable!
Based on the above it is clear who benefits here, the protected class. The Rich and Well off. How do we make our Government accountable for our Country's low-income communities? The Affordable Healthcare Act, at least guaranteed that ALL Americans receive Healthcare and if they couldn't afford then help is here from your Government.
Here is one thing is for certain that the Affordable Healthcare Act is the current Law and althougth there were and Executive Order signed by Trump that the IRS doesn't have to presue those who don't have coverage, doesn't mean they can't and that they won't. An Executive order does not supersede the law. There has to be an Act of Congress to overturn the law, which is why this is so Important to them now. If the IRS does come after you for noncompliance you can not use the defense of the Executive order. Remain in compliance until the bill passes into law and is funded, Right now it is just sitting on Captial Hill.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.