I'm sure a lot of people have been following the news and depending on your position on the issue, you might have been happy or dissappointed about the fact that Obamacare has been OK'd by Congress. Let's see what this really means to us.
First off, Obamacare is also known as the Affordable Healthcare Act, so don't get confused between the two.
Uninsured: Probably the most affected people, those without any current health insurance will/must get insurance by 2014. Not doing so will make you pay a $95 penalty or 1 percent of your income every year.
This also a hotly debated issue by libertarians and small government people, who argue that forcing people to have health insurance is unconstitutional.
Insured: For those of you that are insured, nothing really changes. Kids will be able to use their parents plan until they're 26.
Finally, the law's provisions on preexisting conditions remain intact. Beginning in 2014, the law makes it illegal for a health insurance company to exclude, limit, or set unrealistic rates on coverage based on preexisting conditions. This part of the law is already in effect for children under the age of 19.
Watch the video below; skip to 2:10.
Though all this sounds fine, there was a slight hiccup in the desicion made by the Congress two days ago. In a nutshell, a divided Court concluded that the individual mandate was really a "choice," and the penalty for not purchasing health insurance was really a "tax."(US News)
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