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Obamacare: Pros and Cons

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Obamacare is a very controversial topic in the United States currently. According to polls, on average 52% of Americans disapprove of the law as it stands. It will continue to be an issue that drives the electorate, along with an issue that drives our economy, as the health care sector is a very large segment. The first pro of Obamacare is the extension of coverage to those who have pre-existing conditions, or were kicked off of previous insurance plans for a multitude of reasons. This includes up to 32 million people who mainly used the ER as their primary source for healthcare, raising costs for everyone else. The second pro is extension of coverage on young adults to 26 under their parent’s health insurance. This helps to safeguard removal until they can hopefully find a full time job with benefits. The last pro is the closure of the “Medicare Donut Hole” in coverage by 2020. This is a very long term pro, and who knows if the law will stand until then, but if it is well executed it could be a very positive effect. The first con of Obamacare is the increase in premiums that most are experiencing, some as much as 40%. This is due to the new required benefits in all plans, which leads to the second con; you can’t keep your plan if you like it. Some plans have now been discontinued because they don’t meet the core requirements, even if the insured doesn’t want those required benefits. When that insured person is required to pick a new plan, chances are it’s a lot more expensive. The third con is the change in the percentage of income that must be exceeded to claim medical expenses on tax returns from 7.5% to 10%. That is a significant change, depending on your income. Some argue that this disproportionally affects those with low incomes, which would be the opposite of Obamacare’s “intentions”. The last con is the so-called “Cadillac tax” on plans that are more than $10,200 for individuals, and $27,500 for fami

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