Please respond to the following Summary of the Health Care Act…
Summary of the Health Care Act
Summary of the Health Care Act rolls back to affordable care Act’s expansion of Medicaid. The Act eliminates tax penalties for individuals who are not covered by a health insurance and ending taxes on high income earners and manufacturers of medical related devices for them to finance the current health law. The American Health Care Act was announced on 6th March, and passed by the House of Representatives on May. The overall approach of the Act is increase amount for the young and reduce for the older adults. The Act has provisions that help people buy insurance if they are not enrolled in a government program and have no coverage at work. Under the previous rules, insurers could not charge older adults more than three times what they charge young adults (Gaffney & McCormick, 2017). The new Act allows the insurers to charge the older adults five times more compared to young adults.
Under the new Act, continuous coverage is encouraged by requiring that the insurers impose 30% surcharge on premiums for those people who have a gap in paying. On the other hand, the insurers are prohibited from charging very high premiums that are based on an individual’s health status. The Health Care Act does not change the benefit design by a large margin. The requirement of the Affordable Care Act to cover 10 essential health benefit categories remain unchanged. There no changes on prohibition on lifetime and annual dollar limits. Nevertheless, Federal premium tax credits cannot cover abortion services except those outlined in the Hyde Amendment. The Act is expected to cut taxes of high income earners by repealing payroll tax increase and a tax on investment as imposed by the Act.
References
Gaffney, A., & McCormick, D. (2017). The Affordable Care Act: implications for health-care equity. The Lancet, 389(10077), 1442-1452