Health Care Reform: Should It Stay or Should It Go?

With the Supreme Court’s long-anticipated decision now behind us, the news has sparked another frenzy of debate. Pundits and concerned citizens are busy reanalyzing and reinterpreting the pros and cons of the health care reform legislation as it now stands.

Keying off a popular song, “Should I Stay or Should I Go?” public debate will be dominated by the health care issue from now until the general election in November. Supporters and opposition are cranking up the rhetoric to drive the polls to their favor.

The “It Should Stay” side points to the landmark legislation as the most significant reform of our health care system since Medicare that finally will bring services and coverage to all Americans. They vow to press forward to implement the provisions of the legislation.

On the “It Should Go” side, the opposition derides the legislation as the largest government power grab, ever, accompanied by the largest tax increase in U.S. history. They agree that the country needs health care reform, but want to scrap the legislation and start over to craft a plan that does not involve a government take over of this significant sector of our economy.

 Now that we have a decision on the constitutionality of the legislation we are forced to face the reality of what health care reform will mean for our business and our personal life. For most people, absolutely nothing will change. A majority of U.S. citizens receive health care benefits connected with their employment. These private sector programs will remain essentially intact.

As the implementation milestones start to roll out, Americans without health coverage must make choices that will significantly impact their budget. States will be setting up and structuring health benefit exchanges. Businesses will be analyzing whether to keep their current benefits package or move into the exchange. Individuals working for small companies, self-employed workers, unemployed and those without insurance will turn to the new exchanges to purchase affordable policies.

How will these exchanges work? Perhaps a typical individual policy costs $500 per month at an HMO. That individual will now be able to purchase the policy through the exchange. Based upon level of income, he or she will receive a subsidy from the government exchange to pay a portion or all of the monthly cost.

How will health care reform affect your ability to pay your mortgage? For many who join the exchange there will be more room in their monthly budget. For others, the intent of the reform is to keep health care costs under control. A catastrophic illness, chronic condition or long term care will no longer bankrupt Americans or hijack all of the hard earned equity in their home.

With the debate still in progress, and the outcome uncertain, Americans still have the opportunity to add their voice and answer the question, “Should It Stay or Should It Go?”