Health Care Reform Triggers New Provisions, Taxes

Representing a sweeping overhaul of the U.S. health care system, the Patient Protection and Affordable Care Act was signed into law on March 23 followed by a companion reconciliation act. Together, the bills will significantly change the nation’s health care system and will cost $940B. To pay for these changes, the bills impose $438B in new taxes and fees on insurers, businesses, and individuals. The remainder of the cost is paid for by cuts in Medicare funding. The implications of this legislation are outlined in the article.