13 Mar Affordable Care Act
The latest in CATA Chamber’s seminar series were held on Affordable Care Act, recognized as the nation’s most extensive health care reform.
In the subsequent seminars in Los Angeles and Irvine on Feb. 22 and March 1 respectively, experts in the field informed the audience on pros and cons that the reform brings along for Californians. Kursad Aras, Financial Professional Associate for Prudential, delivered the former at Hilton’s DoubleTree Westside, Los Angeles, while Xiomara Pena, Southern California Outreach Coordinator at Small Business Majority undertook the latter at Irvine Civic Center, OC.
Following are the highlights from both presentations:
-Individuals will be free to opt for any plan of their choice depending on their budgets, ages and residency.
-All plans will provide about 10 basic health care services to every buyer.
– Young adults can stay on their parents’ plans until 26 as opposed to the current 18-19 age limit in many states. They will also benefit from dental care until 19.
-ACA also does away with the pre-existing conditions. They will be no longer denied or overcharged but renewed with ease in the future.
-From 2014 on, those without a coverage will face federal fines. They will pay either 95 dollars per person or 1% of their household income (whichever is higher) annually. The penalty increases every year.
-MEDICAID will provide coverage to an entire four-member family with less than $29,700 yearly income. Those with an income between $29,000 and $94,000 will be eligible for varying coverages in return for 3%-9.5% of their incomes.
-Most importantly, irrespective of magnitude of a treatment, insurance companies will charge no more than $6,500 per person and $12,500 per family.
-Employees with insurance will be able to transfer their insurances in case of a dismissal or resignation to the ones available in their states.
-Large businesses will have only minor changes in their employees’ plans.
-Many small businesses, on the other hand, will be eligible for tax credits (up to 50% of premiums) and various incentives.
-Hospitals and pharmaceutical industry will be among those coming out most ahead as the reform will earn them over 30 million new costumers. At the end of the seminars, Kursad Aras and Xiomara Pena alike were presented gifts in recognition of their enlightening presentations.