Sunday, October 28, 2012

Elder Law, Drug and Device Laws and Insurance Laws: Contents of ...

Individual Responsibility: Subtitle F, Part I, is ironically entitled ?Individual Responsibility?. I say ?ironically titled? because Mitt Romney, who believes 47% of the US population takes no individual responsibility, wants to repeal this provision. This is the provision that was upheld by the United States Supreme Court. Under this provision, individuals are fined $750 on their personal tax return if they do not purchase minimal essential health care coverage during a calendar year. This is phased in at a rate of $95 for 2014 and $315 for 2015. If an individual goes one month without minimal coverage the fee is 1/12 of this amount. ?Minimal Essential Coverage? includes Medicare, Medicaid, CHIP, Tricare, Veteran?s plans, and plans for Peace Corp volunteers. It also includes employer-sponsored plans, individual plans and grandfathered plans. Although the penalty is collected on your income tax form, the law expressly prohibits the Depart of Treasury from filing criminal charges against you if you don?t pay the penalty and also prohibits the IRS from filing liens and levies against your property to collect the fee. The US Supreme Court debated as to whether it was constitutional for the government to require you to purchase health insurance, and this provision was upheld under Congress?s taxing power. Beginning in 2014, your insurer will send you a formal notice of your coverage for tax purposes. Employers shall also be required to file a return regarding coverage of their employees and also to provide notice to their employees. Assisted Suicide: The law prohibits discrimination against individuals or health care entities on the basis that they refuse to execute assisted suicide, mercy killings or euthanasia. Expansion of Medicaid. The law required the states to expand Medicaid by offering it to anyone with an income of %133 of the federal poverty line but the United States Supreme Court struck down this requirement. It is now optional for the states. Children?s Health Insurance Plan (CHIPs): The law enhances funding for this federal program to assist the states in providing health insurance for Children.

Source: http://scschurr.blogspot.com/2012/10/contents-of-obamacare-part-v.html

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