Last week the U.S. Supreme Court upheld President Obama’s Patient Protection and Affordable Care Act in a 5-4 decision. The only part of Obama’s legislation to be struck down was a provision that threatened to withhold Medicaid funding from states that don’t agree to the terms of the bill’s Medicaid expansion.
Otherwise the provisions of our President’s historic health care law stand as they were written and approved in 2010. A summary is highlighted below. The source links map to the official document.
. All U.S. citizens must have health insurance by 2014.
. Noncompliance will cost $695 or 2.5% of your income – whichever is higher.
. Parents can carry children on your insurance up to age 26.
. Insurance companies cannot deny coverage based on a preexisting condition.
. A state-run insurance exchange will be created as an option for self-employed adults.
Last week the U.S. Supreme Court ruled that President Obama’s Patient Protection and Affordable Care Act is protected by the U.S. Constitution. Justice Roberts cast the deciding vote. Do you know how the other eight justices voted? Read on.
How They Voted
Yes: Sonia Sotomayor
Yes: Stephen Breyer
Yes: John Roberts
Yes: Ruth Bader Ginsburg
Yes: Elena Kagan
No: Clarence Thomas
No: Antonin Scalia
No: Anthony Kennedy
No: Samuel Alito
Does your 401(k) plan subtract administrative fees from your investment fund? Sometimes employers pay these fees. When the individual plan participant pays, the charges can take a bite out of your retirement nest egg.
Beginning July 1, 2012 the Department of Labor requires transparency in 401(k)-type employer sponsored pension plan reporting. Plan participants can expect to receive a fee disclosure statement by August 30.
The reader-friendly report will provide plan-related and investment-related information including administrative and individual expenses. The source link maps to the DOL website for additional information.