Obamacare and Your Bank Account February 5, 2013My MoneyOff

Wondering how affordable the Affordable Care Act really is and how it’s poised to change your life… and bank account?

We checked in with experts for a financial breakdown:

Coverage equality

“In states that haven’t banned it, over 90 percent of best-selling [healthcare] plans charge women more than men,”says Elle Kaplan, CEO, Lexion Capital Management, LLC. “This practice banned by the ACA costs women about $1 billion annually.”

Additional Medicare deductions

“Obamacare increases Medicare deductions, particularly for those making over $200K yearly,” notes Mary Smith, HR Manager at Reliance Payroll, LLC. “The deduction increase will range between 0.9 and 2.35 percent; in addition to the 1.45 percent we’ve already been paying.”

Penalties for the uninsured

“The six million Americans estimated to remain uninsured will face penalties of a minimum of $695 per person if they fail to purchase insurance,” says Monica Mehta, a small business and finance expert.

Better maternity coverage

“Maternity benefits, including lactation services and coverage for breast pumps, will be required for every plan. Options will increase for uninsured pregnant women,” says Erinn Springer of GoHealth.

Penalties for choosing private insurance

“Individuals opting out or choosing private insurance will be taxed, which will gradually increase from about $95 to $750 by 2016, in addition to private insurance costs,” says Leslie Tayne, Esq., financial attorney, The Law Offices of Leslie H. Tayne P.C.

No one left behind

“Basic preventative care will be cheaper, reducing the cost of basic care like annual doctor visits. Also, the ACA will not allow insurers to refuse coverage to anyone, even if they are in poor health,” says Jennifer Streaks, financial expert, author and pundit.

Employer-sponsored insurance is safe

“If you have employer-sponsored insurance, the law’s effects will be minimal. If you don’t have insurance or you’re buying your own, the new law will affect you,” says author Anna Bernasek.

Bonus PINK Link: Curious about what it’s like to work in the healthcare industry? Read our profile on former WellPoint CMO Kate Quinn.

By Sarah Grace Alexander

“I’ve learned from experience that the greater part of our happiness or misery depends on our dispositions and not on our circumstances.” Martha Washington

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