March 24th, 2010 – Yesterday President Obama signed the Health Care Reconciliation Act into law.
Earlier this week the House voted 220-207 to give final approval to the Reconciliation Act that approves the House Democrats’ desired changes to the Patient Protection and Affordable Care Act (PPACA).
The PPACA Health Reform Bill was signed into law by President Obama on March 23rd. Now that the Reconcilliation Act was signed into law by the President this will conclude the passage of the historic health reform bill.
Summary of Bill of Changes to the PPACA Health Reform Bill:
- All individuals will be required to have health insurance, with few exceptions, starting in 2014 or else they will be fined up to $695.
- New taxes on more “rich” employee health benefits are now delayed to 2018.
- Companies that employ over 50 people will be require to offer health insurance to employees or they will pay a fee of $2000 per full time employee.
- Starting in 2013 Flex Spending Accounts will be capped at $2500 annually.
- The Medicare Part D donut hole will be closed by 2020
- Medicare beneficiaries with gross incomes over $250,000 will be taxed 3.8% on investment income, including annuities.
For a more comprehensive breakdown of the new Health Reform law visit New Health Reform Law & What Changes Happen When.
The Controversy Continues: In a new poll 62 percent of Americans said they want congressional Republicans to continue challenging the bill. 53 percent of those polled oppose the new mandate requiring every American to buy or obtain health insurance. The majority of Americans still do not understand how this bill will impact their families.
This week Attorneys Generals in 13 states, including Colorado, filed lawsuits questioning the constitutionality of the new law and claiming that the new health care reforms violate state government rights in the U.S. Constitution and will force massive new spending on hard-pressed state governments.
If you are interested in reading the fixer bill and PPACA, they are online at:
- HR 4872 – “Fixer” Reconciliation Bill (153 pages)
- HR 3590 – Patient Protection and Affordable Care Act (2409 pages)
- CBO Estimates (As of March 20)
