The new health care bill had been passed in the House of Representatives just recently. What exactly will this mean for you?

Democrats are voting for US president Barack Obama‘s health care reform bill arguing that the new bill will allow thousands of Americans access to more health care and assistance with health insurance, while Republicans are more concerned that the sheer amount of monetary strain that an undertaking like this will have on the economy might hinder the country’s growth and recovery.

Below are a few points taken from a compilation by World Correspondents:

PROS

• Health insurance companies will no longer be able to refuse coverage for an individual based on their pre-existing health conditions. For example, an individual’s history of diabetes has no weight in deciding whether or not he/she can be covered by health insurance.
• Health insurers will also be required to waive coverage amounts for individuals.
• This would mean that more Americans are covered by medical insurance. According to economic theories, this would mean that there is more possibility that insurance companies lower their costs as they bid for more and more individuals’ patronage.
• Americans who still can’t afford health insurance might be eligible for tax credit.

CONS

• The new health care reform bill is currently estimated to run a hefty $940 billion over a course of 10 years. This is a great amount of money, perfectly capable of slowing down the recovery of the US economy.
• All Americans are required to have health insurance. If not, then you’ll be charged a 2% tax increase which will be used to finance the health insurance of others. This means that if you’re a perfectly healthy individual and won’t need health insurance, you’re liable to pay for the health insurance of others.
• A 1% tax increase will also be imposed on all individuals with an income amounting to at least $500,000 a year.

What are your thoughts on this? Do share your thoughts in our comments below.

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