The NY Daily News published a brief overview of the Affordable Health Care for America Act, or H.R. 3962. It gives a gist of the who, what, why and how of this bill.

Should the bill pass in its present form, it will affect 96% of the American population. It is estimated to cost up to $1.2 trillion over 10 years. Income taxes will be raised for those earning $500,000 per year for individuals and $1 million per year for couples.

The Act will require those with certain incomes to have health insurance coverage or face a financial penalty on income. However, subsidies for health insurance premiums and a health insurance exchange are in H.R. 3962, but if passed, will not be put in place until 2013. Pre-existing conditions will no longer be a reason for coverage denial. Premium caps will be in place for age-based premiums. Medicare costs will be reduced and the prescription plan will be revised.

There are additional provisions related to employer and small business health insurance coverage. Small businesses will be allowed to use the exchange, once it is in place, to obtain coverage. Some small business may qualify for tax credits to help they provide coverage to employees. Large companies may face the risk of penalty for not providing health insurance coverage for employees.

http://www.nydailynews.com/news/politics/2009/11/09/2009-11-09_key_questions_you_need_answered_on_health_care.html