How GOP tax bill’s Obamacare changes will affect health care and consumers…
President Donald Trump on Wednesday said “Obamacare is being repealed.” That’s not technically correct, though some worry that eliminating the requirement that people who don’t get health insurance pay a penalty may weaken Obamacare, also known as the Affordable Care Act.
Here are a few things to know about how eliminating the penalty, a change that’s part of the tax bill awaiting Trump’s signature, will affect consumers and the health care system:
Don’t cancel your health insurance yet
The tax bill doesn’t eliminate the penalty until 2019. That means that those who forgo health insurance for 2018 could still face a penalty. The penalty for not having health insurance this year is $695 per adult or 2.5 percent of household income, whichever is greater.
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This is a republished excerpt. Read more here at the article’s original source: http://www.chicagotribune.com/business/ct-biz-obamacare-insurance-penalty-repeal-1221-story.html