How The President Is Changing Medical Insurance For Americans

Written By: Sal Marino on September 10, 2010 No Comment

Want to know how Obama is changing health insurance for Americans? The battle to reform the financial end of the medical system has been carrying on for quite some time now, but President Obama has made headway with his new law regarding the insurance providing industry. The 1000 pages of legalese defining the law are comprehensive in singling out every living situation a citizen may find themselves in, and how they will be effected.

Small business owners were very concerned when they first heard the new law suggested would force them to offer insurance to their employees. Policies for business are typically expensive, and in hard economic times, small business owners thought that this is the last thing they need. However, the law passed, and small business is protected by a tax deduction, with a varying percentage depending on how many employees there are, and how much the policy to cover them costs.

The law takes each life situation into account, and offers aid to those who cannot afford their own insurance plan. Full-time college students are unable to possess full-time jobs to acquire medical coverage, and many students are being forced into part time employees and part time students to pay for their education. With the new law stating that children can stay on their parent’s policy until age 26, or they obtain their own, students have one less worry while trying to get a degree.

The main goal the new insurance laws are intended for is to achieve some kind of medical security for everyone in the near future. In theory, this will be lower medical costs all around by relieving the burden on hospitals when patients come in with no possible form of payment. Anyone who does not follow the steps set up to receive insurance will be penalized on tax day to discourage people from neglecting to secure their own health insurance.

The most drastic changes to the system with which insurance policies are bought and sold will change in 2014, when the whole method of dealing with insurance plans turns into a system similar to the stock market. There will be a freer means of exchange for customers to switch companies and policies then there is currently, with few options between insurance companies in any given situation. The plan for this exchange market is to force insurance companies into stiffer competition with each other, lowering the cost of coverage and making insurance more accessible to all.

To put an end to the unfair practices of medical insurance companies dropping their customers when they get sick, since that is the whole point of paying for insurance at all, Obama’s law states that it will be illegal. Also under the new law, people with preexisting medical conditions who are in even greater need of insurance cannot be denied service. Insurance companies will be forced to help Americans survive against the high cost of medical treatments, rather than trying to avoid serving their purpose at all costs to make a profit.

Companies also charge more for their policies the older a customer becomes. The new law restricts the charges that can be added based on a person’s age to a 3 to 1 ratio of older against younger. This way, senior citizens cannot be charged increasing amounts they can barely afford to pay, and can only be charged three times more at most than a young person.

The stage is now set for a great change in the way medical finances are dealt with, and people are ready to be eased of the huge burden medical bills can become. How Obama is changing health insurance for Americans is by acknowledging every individual’s state of finances, hopes for the future, and protecting citizens against an accident destroying one’s entire life’s work. The future and hope for a better medical system is no longer so far away.

Get those individual health insurance plans you need now by looking online. Laws have changed and buying individual health insurance will be something you have to do. Go online now and learn more.