President Obama signed the Affordable Care Act in 2010, and many of its provisions are now law. However, it’s not clear whether it will remain the law of the land until 2014, when it is to take full effect, as Gov. Romney has said he will repeal the law if elected.
President Obama (D)
• New federal program to cover more than 30 million uninsured by 2014.
• Requires insurance or pay a financial penalty.
• Creates state insurance exchanges to offer competitively priced insurance.
• Expands Medicaid by up to 17 million.
• Tax credits for people with incomes that are between 138% and 400% of the poverty level (up to $92,200 annually for a family of four in 2012) to help pay for insurance.
• Young adults can stay on their parents’ health insurance plan up to the age of 26.
• Guaranteed insurance coverage for children under the age of 19 with pre-existing health conditions. This guarantee will expand to all people with pre-existing conditions in 2014.
• Cover many preventive services such as annual doctor visits, contraceptives, mammograms, and screening tests without a co-payment or deductible.
• Requires most businesses to cover employees or pay a penalty.