The Affordable Care Act may come with a host of new benefits and protections, but it also comes with a slew of new taxes, fees and fines to pay for them. But while many of the law's benefits have been in effect for a year or more, these new Obamacare taxes only became effective as of Jan. 1.
The U.S. Supreme Court may have upheld the constitutionality of Obamacare in June of 2012. But what of the unilateral changes President Obama has made to the law since then? Are they constitutional? A group of 11 attorneys general say they are not, and that they illegally change the intent of the legislation.
Health and Human Services Secretary Kathleen Sebelius told Congress the dysfunctional Obamacare website, Healthcare.gov, cost $175 million. Meanwhile, the Government Accountability Office came up with a $394 million price tag. But a Bloomberg Government Analysis has tallied up its true cost - a cool $1 billion.
The website has been a disaster. Millions of people who need to shop for health insurance on Healthcare.gov because they've gotten cancellation notices can't because the site is down most of the time. Now HHS Secretary Kathleen Sebelius, in her testimony to Congress, drops yet another bombshell that could scare people away for good.
"Too many people tried to sign up." "We didn't have enough time." Such are the excuses coming from the Obama administration as they try to explain the disastrous launch of the healthcare exchange websites. But the failure of the websites was inevitable. In decision after decision,
We all know where the road that's paved with good intentions takes us. That's Obamacare in a nutshell. And here's the latest proof: People are being told to work fewer hours and earn less pay so they don't lose their government healthcare subsidies.
After three years and more than $400 million, it's obvious the technology underpinning Obamacare was woefully inadequate. But even if the government manages to fix the initial problems by late November, as it's promising now, that won't end the website's troubles.
Considering taxpayers shelled out more than $500 million to build the Obamacare online exchanges, we'd like to know how they're actually operating, for good or for bad.
We know it's not all good...
For example, the federal government is operating an exchange for 36 states, and it's seen some of the worst complications. Part of the problem is volume: Within three days, a whopping 8.6 million people visited healthcare.gov.
We also know that Obamacare's success depends on having a large number of people enroll - especially the younger, healthier crowd. The Congressional Budget Office says Obamacare needs 7 million people to sign up at a minimum for it to stay afloat financially.
Now that Obamacare is officially up and running (well, sort of), a lot of Americans are anxious to know how well - or how badly - things are going. Here's the latest word on five key aspects of the new health care law...
With the Oct. 1 deadline for open enrollment in Obamacare just days away, the pro- and anti-Obamacare chatter has elevated to a roar.
Just two days ago, the Obama administration released data addressing the cost of premiums in the 36 states that have opted to launch new healthcare exchanges.
On one hand, Obamacare proponents are proud that the data shows that most individuals will be able to pay around $100 per month for a policy, and some even less, depending on qualification for tax subsidies.
Love it or hate it, Obamacare is almost here. So we weren't surprised when our e-mail inbox started to overflow with concerns from readers about how the new health care law will affect them. That meant it was time to bring in Money Morning Capital Wave Strategist Shah Gilani for some answers...
Obamacare popularity is about to soar – among some cities, that is. We're talking about broke cities, which will save billions with the “Obamacare Bailout.”
We know how Obamacare will (or could) affect a lot of our current healthcare options, but what about how Obamacare will affect Medicare?
America has become a part-time nation. The Bureau of Labor Statistics recently reported that in June part-time employees in the labor force reached an all-time high of 28 million, 3 million more than when the recession began in 2007.
The economy lost 240,000 full-time jobs in June and added 360,000 part-time jobs, the BLS noted. Of the 753,000 jobs created this year, 589,000 were part time.
The real unemployment rate in June, the U6, stood at 14.3%, up from 13.8%, a figure that includes part-time workers seeking full-time jobs and those who have become discouraged and are no longer looking for work.
Now many economists and many in the financial press with sympathies to the administration have attributed the rise in part-time America to uncertainty among employers about future profitability and growth and not to the looming Obamacare mandate.
It's ironic that in trying to play down Obamacare's influence on the job market, they end up dissing the president's stewardship of the economy.
However, Obamacare has likely played a significant role in the part-time job wave. Under the Affordable Care Act, companies with 50 or more full-time workers must provide health insurance to all full-time employees, those working 30 or more hours per week.
So if your workers don't work 30 hours per week you don't have to provide health insurance. It makes economic sense to have a part-time work force in many cases. Even with the administration's recent one-year extension of implementing the employer mandate until 2015, most small companies are still preparing to it.
A reported 74% of small businesses are positioning themselves to slash hours, layoff workers or both.
Want to sound off about the most frustrating, upsetting Obamacare facts you’ve heard? Want to know how others are preparing? Here you go… Read more...