The Affordable Care Act (ACA) has been a contentious point of discussion for many Americans, especially amongst politicians and pundits. It is a huge, complicated and confusing piece of legislation that was signed into law in March 2010 and will be implemented over a number of years. Many of our clients are concerned how the law might affect their health and their wealth.
At the Raskin Planning Group, we believe financial planning is the key to your important financial decision-making. Healthcare spending, which includes insurance premiums, co-pays and deductibles, can directly affect your spending and saving. We have always considered healthcare costs when developing financial plans for our clients and the new law doesn’t change our approach.
A great place to get unbiased information about the ACA is the Henry J. Kaiser Family Foundation, a non-partisan organization with a "special role as a trusted source of information in a health care world dominated by vested interests". The organization has summarized many aspects of the law. Go to their website.
We recommend the video "Get Ready for Obamacare" by the YouToons. It is entertaining and simply describes how the law might affect you. If you or someone you know might be purchasing health insurance through the exchanges, take a look at the Health Insurance Subsidy Calculator.
We suspect it will take months and probably years before we know if the Affordable Care Act is good for America or not. Most of our clients already have health insurance through their employer or through Medicare and, therefore, access to insurance hasn’t been a personal concern. The ACA has already increased taxes for many of our clients and healthcare premiums may increase for some and decrease for others. In the near term, clients probably won’t see many significant changes to their healthcare or their wealth due to the ACA.
Some aspects of the ACA are being delayed and there may be additional adjustments. You should expect that in our next planning review we’ll be discussing how the ACA and any future changes will affect your physical and financial health.