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Healthcare in retirement:  Affordable Care Act

The Affordable Care Act, or ACA, is the nation’s health insurance reform law, initially enacted in March 2010 and being gradually phased in over a period of years.

Beginning in 2014, most U.S. citizens and legal residents must purchase or be provided by an employer with minimum essential health coverage or be subject to a penalty.

While there are estimates as to what the ACA will cost and how much of that cost will be offset by new taxes and fees, realistically it’s impossible to predict at this point in time with any accuracy what impact health care reform will have on family budgets. The hope is that the current legislation, together with possible future changes, will transform an industry that currently pays doctors and hospitals based on the volume of services provided to a system that rewards medical providers on the basis of health care outcomes, resulting in lower health care costs. In reality, however, the legislation doesn’t include any proven strategies for tackling what many consider to be the biggest concern: health care costs that are rising at twice the rate of inflation.

What we do know, however, is that to help finance the cost of health care reform, the Affordable Care Act includes a number of taxes and fees that will take effect over a period of years… Read more here.

Just Ask Freeman any questions you have about the ACA and its impact on your retirement: (301) 627-0123