If you plan to read the new health care reform law, you better start with a big table?or several computer monitors.
The Patient Protection and Affordable Care Act PPACA amends existing provisions of the Public Health Service Act, the Social Security Act, the Employee Retirement Income Security Act, the Internal Revenue Code, the False Claims Act, the Indian Health Services Act, and several provisions in the U.S. Criminal Code. Several PPACA provisions make absolutely no sense unless one reads them side-by-side with these statutes.
The PPACA contains over $400 billion in revenue raisers and new taxes on employers and individuals.
There are key tax changes effective in 2010, 2011, 2013, and 2014 which affect individuals, employee taxation, and businesses.
When the Affordable Care Act becomes fully effective in 2014, a number of provisions are designed to reduce the number of Americans without health care coverage. This includes an individual "mandate" that requires all residents to have some time of health coverage - or pay a "shared responsibility payment" (a.k.a. penalty). There are some who will be exempt. The calculation of the penalty makes my head spin. And there is a "premium assistance credit" or "free choice vouchers" for those who qualify. But this will require the coordination of the Health and Human Services, the Social Security Commission, Homeland Security Secretary, the IRS and somewhere along the line - the employer.
Much will be happening in the next few years. It is the top priority of all agencies. There are still some areas which need further clarification.
An over view of the health plan can be reviewed by subject matter. I have listed links below which will direct you to a great website of Spencer, Fane, Britt & Browne LLP. There is no way I could have this summarized any better.
For those of you that need visuals or charts, you may want to look at the following sites:
