Obamacare: For better or worse

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2013 began the process of implementing the new legislation called The Affordable Care Act.  This act is no better understood now, then it was when Nancy Pelosi uttered her famous quote, “But we have to pass the health care bill so that you can find out what is in it.”  What we do understand is that the way healthcare is delivered in this country is going to change radically.  The question is, will it be for better or for worse?

So what should the average American do now?  One option is to pray, a lot! The second option is to read, study and listen closely to how Congress figures out implementation of this bill.  Or you can use option three, rely on your financial advisor to do option two on your behalf and guide you accordingly.

We have a firm-wide commitment at Karp Financial Strategies to consistently educate ourselves on current financial/economic issue, new investment strategies and new products that will improve our service. We are ready should you choose option three.

I was honored and happy to receive an invitation from Congressman Robert Pittenger to attend a seminar he was hosting in Charlotte, to discuss the current bill, and its impact on, both individuals and business owners.  I attended the event on January 29, 2013, at which the main speaker, Mr. Mike Tanner with the Cato Institute, gave a thorough presentation regarding implementation of the Affordable Care Act. He outlined details of the 2,400-page, 477,000 word, law that makes most Americans buy health insurance or pay fines, makes businesses with 50 or more employees provide health insurance for workers or pay fines, and offers federal tax credits to make insurance more affordable through state or federal health exchanges.  With a bill that large, no wonder most people, including our Congressmen/women (still) do not know what is in it.  Does anyone really know who wrote this thing? We know that much of the bill continues to be written and amended by Kathleen Sebelius’ Department of Health and Human Services.

It was clear by the comments from Congressman Pittenger and Mr. Tanner that their purpose in having this event was to try to inform small business owners, individuals and healthcare providers regarding what they should do to prepare for full implementation of the Affordable Care Act.

You can watch the presentation here:

The question I have is this, are we really going to improve the delivery of healthcare, reduce costs and improve the overall health of Americans or did we just shift the cost through unintended consequences, actually increasing the financial burden on the federal government, therefore, increasing the deficit?  There is evidence to support the opinion that cost savings were overestimated, and with 19 new taxes, not all just on the “wealthy”.  What will the true cost of this bill be?

We will stay on top of this bill as it is enacted and as always we welcome your thoughts and questions.  In the meantime, eat healthy, exercise and most importantly “don’t worry, be happy!”  (yes it’s that video)

Jeff

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