July 2012 Archives

Healthcare Legislation - How will it affect you?

In a ground-breaking decision made by the Supreme Court this week, Obama's healthcare law has been ruled constitutional. One of the most controversial aspects of this law is known as the "individual mandate," which will require all Americans to purchase health insurance or pay a "shared responsibility payment" to the government. In the ruling, written by Chief Justice John Roberts, the Court determined that the law could not be upheld by the Commerce Clause, but rather that the law, specifically the individual mandate, could be considered a tax. The shared responsibility payments are to be in full effect by 2016, and will amount to the greater of either $695 or 2.5% of your income per year. There are no means currently in place to criminally prosecute Americans who do not have health insurance and refuse to also pay this amount.