Contemporary Health Care Issue The Affordable Care Act

Contemporary Health Care Issue: The Affordable Care Act Mary Kennedy Grand Canyon University HCA 530 Healthcare Policies and Economics Professor Steve Klense Contemporary Health Care Issue: The Affordable Care Act Introduction More than 45 million Americans are uninsured. Even those that do have health insurance often face financial and other barriers when getting healthcare. The Affordable Care Act (ACA) removes most of these financial barriers (Kocher, Emanuel, amp; DeParle, 2010). The ACA guarantees access to healthcare and creates new incentives to change clinical practice, but some might be surprised to learn that the financial price tag attached goes beyond healthcare costs and taxes which all Americans will pay for costs†¦show more content†¦Other costs are the January 1, 2013, increase in the Medicare tax rates by 0.9% for a single wage earners with incomes over $200,000 or married over $250,000 which are part of the new taxes enacted to help support the ACA (Manchikanti et al., 2011). However, the economic and jobs stimulus tax cuts enacted in 2010 expired at the end of 2012, and all wage earners Medicare tax rates increased from 4.2% to 6.2% to help pay for the ACA (Miller, 2012). Basic Rules and Regulations the Financial Manager Must Address While the United States has some of the best doctors and healthcare facilities in the world we fail at being efficient and effective. Currently there are too many unplanned readmissions, medication errors and hospital acquired infections. The United States health system does not effectively provide preventive medicine for individuals with chronic diseases, and this portion of health care consumers account for the majority of health care costs (Kocher et al., 2010). The basic rules and regulations the financial manager must address are the steps of the ACA in controlling costs as private insurers must demonstrate through the financial accounting process that 80% or more of the premiums received from individual and small group markets is devoted to clinical services and activities to improve health care quality. 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