Supreme Court Upholds ObamaCare!!!

Considering how many people in the USVI don't have/can't get individual insurance, how can this law be a bad thing?

I watched a news clip yesterday morning where Romney came out saying he would repeal it once elected President. Horrors!
Guess he figures only the wealthy and those serving in Gov. deserve great health care and why should he worry since he is already rich enough to afford his own but taxpayers already pay for all of our U.S. and its territories Governor's, Senator's, Congressman's (etc.) health insurance for the rest of theirs and their families' lives.

Having coverage for those with pre-existing conditions is a good thing for so many.
Many insurance companies won't even consider insurance for those people.

LindaJ - The GOP doesn't like it because they haven't yet figured out how to exploit it and turn it into a way to siphon off $$ for their personal enrichment. They like the money machine they've built through insurance agencies in their current iteration.

Unfortunately because they aren't starting from scratch and implementing a full blown new system, we will have generations of new laws and revisions and growing pains as the new healthcare world becomes what it will someday be. And of course there will be huge efforts in congress to frustrate the progress towards a workable system because congress likes nothing more than to obstruct and point fingers when things don't work even though they're the ones causing the roadblocks.

A wise insurance company should put out new offerings next year with maybe 6-10 different base packages for healthcare (the variations would make sense depending on whether you're single or a couple or a family and the needs you have due to the ages of those you are insuring) and then with add-on options much like the Medicare supplemental insurance plans for people to pick and choose and tailor their plan to their specific needs and buying power. The first company to put out understandable and affordable plans and options is the one that will ultimately rule in the new insurance world and define the next generation of healthcare coverage. So they will get the volume business that is more lucrative over the long haul than the flash in a pan high percentage profit margin that lasts only a short time.

But will the heads of the currently profitable companies take that route or will they focus on overturning the new law so they can stick with business as usual?

It's nothing new at all that although the US is in the top ten percentile of health care spending per capita, it ranks way below other much smaller nations in actual benefits to the masses. A viable and workable general health care program is long overdue and it's morbidly fascinating that the Republicans, who only quite recently supported exactly what "Obamacare" now proposes, are now radically opposed to it simply because they'll take every opportunity to diss Obama's administration in every sphere.

Republicans support every part of this bill, except the Obama part.

Should be called Romneycare anyway.

I like calling it the ACA

In the individual mandate of the Affordable Act, if you don't buy insurance, then the IRS will tax you.
As far as the pre-existing condition goes, doesn't the Act cover only children? Because this is what I keep hearing in the news. But be aware that the major insurance carriers already raised the premiums in anticipation of the pre-existing clause. Somebody has to bear the brunt of this increase4d cost and the risks are being distributed.
As far as offering better healthcare package, some insurance companies have stopped writing new individual policies. We had difficulty obtaining insurance for some subcontractors and the Affordable Act does not really have a provision for forcing insurance carriers to sell insurance. We seem to forget, insurance companies are businesses - if it's not profitable, they won't do it.
There is a reason why the RomneyCare isn't so successful in Massachusetts - it drove the costs of his government up. His state ranks among the nations lowest in economic growth. If this is a microcosm of the Affordable Act, it doesn't look very pretty in economic terms. So I hope you are all correct in your assumption that this is all a good thing. Otherwise, we may all be insured but poor.

On the other hand, I would like to see a healthcare reform that rewards those who try to stay healthy (it is hard work to do that) and make those who are non-compliant to wellness programs pay more in premiums. I have nothing against coverage of non-avoidable pre-existig medical and health issues. But for someone like me who pay premiums diligently all my working life and hardly met my annual deductible, but see my premiums increase and be the same rate with somebody who doesn't take care of her/himself, is non-compliant with doctor's orders, and still complain about healthcare, this is hard to swallow.

Here's another "benefit" of ObamaCare (or should it be called (ObamaTax?)

How would the 3.8% tax apply to the sale of a principal residence?

It would apply if the net gain on the sale exceeds the $500,000 exclusion for joint filers ($250,000 for singles) and the taxpayer's income also exceeds the adjusted gross income threshold.

For instance, suppose a couple bought a residence long ago for $100,000 in a high-cost city such as New York or San Francisco. In 2013, when they have wages of $100,000, they sell the home for $1.5 million. After subtracting the $100,000 cost of the home and the $500,000 exclusion, they have investment income of $900,000. That plus their wages puts them $750,000 over the $250,000 AGI limit, and they would owe $28,500 in extra tax.

If, however, a single person bought a house many years ago for $50,000 and sells it for $350,000 next year, after subtracting the $50,000 cost and the $250,000 exclusion, the investment income is $50,000. If this taxpayer has $150,000 or less of other income, no extra tax will be owed. But if he earns $150,000 of wages and has $20,000 of dividends and interest, then he would owe extra tax on $20,000, or $760.

Straight from the WSJ- Amazing, now our personal primaryresidence sales are affected...

As far as the pre-existing condition goes, doesn't the Act cover only children?

The Act is currently covering children with pre-exisitng conditions. In 2014 when the entire bill is rolled out, all people, regardless of age, will be covered even with pre-existing conditions.

This country spends a fortune of medical care and is presently 49th in the world in infant mortality. I heard someone on TV today say that we had the best health care in the world. Baloney!

we have the best healthcare if you are a billionaire with a private jet to take you to the best specialists on the planet. But the average American gets less than average care. In fact, poor Americans with Medicaid get better care than middle class Americans who are uninsured. All of this matters not one whit to those with big $$ for whom spending a few million on treatment wouldn't even make them blink.

Jamison: Thanks for re-stating your earlier comment. Much better. As for this statement: "I don't watch Fox, ever! They weren't even the ones to drop the ball yesterday." Fox dropped the ball yesterday as well. They corrected after 2 minutes. CNN took about 8. You really should watch Fox every once in a blue moon. Good to get a different viewpoint. It can be very entertaining. 🙂

For the USVI residents, here's where we stand on the ObamaCare:

The individual mandate of the Affordable Care Act is not a requirement for the territories, but government may request it thru local legislation. Two things are being considered by our local VI government - the Exchange option or expanded Medicaid coverage. However, funding for the Medicaid expansion for territories is still on the table and access to it will depend on compliance of certain provisions.
For the VI, the likely funding for Medicaid expansion is close to $300M phased out thru 2019. If we choose healthcare exchange, the funding to establish it is $30M. My understanding is we can't have both - that it's one or the other, but I am not sure on this one.
As for the other stipulations of the Act, like coverage of dependents under family plan till age 26, or coverage of children with pre-existing conditions, I was told by good authority we are covered.

Where did you get that information? The exchanges and Medicaid expansion are 2 different provisions. And Medicaid expansion does not address small businesses, and those who can pay, but aren't eligible foe insurance otherwise. So something about that doesn't seem right.

I watch Fox sometimes...like when I'm afraid I ate something. Ad and I don't have any Kaopectate. Just sayin'. Time for Mango Melee!

nice to see this discussion going on here, and lots of good info for inquiring minds! thanks stxem!

in the interest of full disclosure, i am pro- affordable care act.

it's a republican bill, not sure why they keep calling it obamacare. in fact the individual mandate was forced on the president because opponents objected to single payer setup.

then they got hoisted by their own petard!

they are beside themselves, much wailing and gnashing of teeth.

I watch Fox sometimes...like when I'm afraid I ate something. Ad and I don't have any Kaopectate. Just sayin'. Time for Mango Melee!

Melee, that's how you spell that hahaha. I've been writing Malay haha, big difference.

I agree Anita. Full disclosure, I'm anti ACA, don't watch any major news networks ever, preferring to do my own research with no agenda pushing media or politicians. Good discussion.

I agree Anita. Full disclosure, I'm anti ACA, don't watch any major news networks ever, preferring to do my own research with no agenda pushing media or politicians. Good discussion.

Why are you against the ACA?

it's a republican bill, not sure why they keep calling it obamacare. in fact the individual mandate was forced on the president because opponents objected to single payer setup.

then they got hoisted by their own petard!

they are beside themselves, much wailing and gnashing of teeth.

Well said. See Mitt stumbling all over himself tying to disassociate himself from it all when he was one of the prime supporters of exactly the same program when that petard was first hoisted by the Republicans. Too funny!

it's a republican bill, not sure why they keep calling it obamacare. in fact the individual mandate was forced on the president because opponents objected to single payer setup.

then they got hoisted by their own petard!

they are beside themselves, much wailing and gnashing of teeth.

Well said. See Mitt stumbling all over himself tying to disassociate himself from it all when he was one of the prime supporters of exactly the same program when that petard was first hoisted by the Republicans. Too funny!

i'll say, old tart. i even put another jiffy pop on the cooker!

I agree Anita. Full disclosure, I'm anti ACA, don't watch any major news networks ever, preferring to do my own research with no agenda pushing media or politicians. Good discussion.

Why are you against the ACA?

I don't think it is good for the country Jamison.

I agree Anita. Full disclosure, I'm anti ACA, don't watch any major news networks ever, preferring to do my own research with no agenda pushing media or politicians. Good discussion.

Why are you against the ACA?

I don't think it is good for the country Jamison.

Got that part. Wondering why?

MAybe Mitt is trying to get away from the program in his state because he sees what it did to his state.
Good idea gone bad.

MAybe Mitt is trying to get away from the program in his state because he sees what it did to his state.
Good idea gone bad.

It's amazing to me. To change the top, you have to start at the bottom.

Lets use the ACA as an example.

We call it Obamacare, but his plan was a little different. It was almost the exact plan Mitt used when in Mass. It bankrupted his state and failed. Now he is against it.

Dems support it blindly because it's called "obamacare" and the the Reps hate it for the same reason, even though it's a Reps plan.

Come the election, Obama will own Romneycare as his own and the election will be about it.

Facts are the last thing to matter in the electionbowl.

Last time, I would see people with the Obama peace sign sticker on their car and say "Hey, I get that joke, but it's not funny" and they would ask what I meant. I'd explain what he has said and what was on his page as being prowar and they'd argue with me. Well, look now. Obama has proven to be a hawk. We are at war, attacking and killing people in 5 countries in the ME, as opposed to just the 2 under Bush. Peace prize my ass.

From http://stcroixsource.com/content/news/local-news/2012/07/02/individual-health-insurance-still-hot-topic

"Individual Health Insurance Still a Hot Topic"

It's a long article. Some highlights:

Nobody is writing new individual health insurance policies in the USVI, and nobody is committing to do so in the future.

"As for if and how the territory will implement Obamacare, McDonald said that territories are not required under the law to set up a key provision of the law called Health Care Exchanges. McDonald said a decision must be made by January 2013 with the Health Care Exchange going into effect in January 2014."

"...if the territory opts to create a Health Care Exchange, the Virgin Islands can receive up to $30 million in federal funds to provide premium and cost-sharing assistance to residents buying insurance through the exchange. That assistance would help to provide relief to families who have no insurance or otherwise could not afford to buy it. However, if the territory decides not to create an exchange, it can trade in this allocation for additional Medicaid dollars."

"...Virgin Islands residents are exempt from paying the 2.5 percent penalty on income for those individuals who do not have or acquire health insurance. This is another key provision of the Obamacare law."

We call it Obamacare, but his plan was a little different. It was almost the exact plan Mitt used when in Mass. It bankrupted his state .

Ummm, no, it has not bankrupted Massachusetts. It seems like perhaps your facts are the ones getting lost??