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What the Obamacare decision means for you

Real Estate Tax Talk

As you've doubtless heard, on Thursday the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act, also known as Obamacare. This means that unless Congress overturns the law, it will take full effect over the next several years. What does this mean to you? The most significant change created by the new law is the requirement that all Americans have health insurance coverage by 2014. Currently, there is no federal law requiring individuals to have health coverage; nor are employers required to provide it for their employees. This is all scheduled to change starting in 2014. By that year, all Americans must have at least minimal health coverage or they will have to pay a penalty to the Internal Revenue Service. To help everyone obtain coverage, starting in 2014, health insurers will not be allowed to deny coverage because of pre-existing medical conditions. The mandatory health coverage requirement will affect all businesses, large a...