What Does Obama’s Health Care Reform Act Mean For You?

The health care reform act, called the Affordable Care Act, was signed into law on March 23, 2010. Many people are still wondering what this means for them. Here is a short guide to what you can expect because of this new change.-Many of the changes won’t occur until 2014, so you might not notice anything because of the health care reform act right away.-The new law aims to help individuals and small businesses, those who are most in need of health insurance help.-Small businesses will not be forced to provide health coverage, but they might be able to qualify for tax credits if they do. This is a great plus for those of us who have really wanted our companies to implement group health plans. Tell your HR department to look into those tax credits!-Your health insurance should begin to cover more, and you are more likely to get tax credits and subsidies, so in the long run it should be a better value for you.-Medicare benefits will stay the same, for the most part. Don’t listen to rumors that people will lose Medicare; they aren’t true.Will your premium go up because of the health care reform act?Predictions are that most people’s insurance premiums will not go up, but don’t count on this, because you may be part of the unlucky few. Predictions also show that people on group plans through their workplace probably won’t notice any changes. However, there should be a lot of people who actually see a decrease in their premiums, and, as I mentioned above, with the tax credits and subsidies now available to help pay, it should be easier than ever to afford health insurance.What is the biggest change because of the health care reform act?The biggest change for health care under the new policy is that everyone must have health insurance. That’s right…everyone. The only people who are exempt are those living well below the poverty line, and even they qualify for subsidies and other health care options.In order for health insurance companies to back Obama’s plan, he had to write this mandate in (that way, insurance companies will benefit by getting more business). To make sure you follow the rules and get insured, the IRS will keep tabs on you through a tax code (reported through your employer or health insurance company).Again, the IRS won’t start issuing penalties until 2014 under the health care reform act, but after that, penalties could be as high as thousands of dollars.

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Restructuring the Commercial Loan to Prevent Foreclosure

Any business facing foreclosure may have the chance to retain ownership of the commercial real property in question if it takes a proactive approach. This can be a challenging situation for anyone, even for the lender. The foreclosure process is quite expensive for the lender, so both parties are likely to be eager to prevent this from happening. Pursuing a commercial loan workout can help the borrower through the restructuring of the loan so that the payment terms would be easier on the budget while the lender may avoid the high costs of foreclosure.There are many ways to restructure the commercial loan so that it becomes more manageable to repay it. Sometimes a lender will be willing to waive all delinquency fees or he can extend the payment period to reduce the monthly payments. Others will restructure the debt by allowing the borrower to pay only the interest charges for a certain period of time until such time that the business has recovered financially.As long as the borrower is honest with his real situation, negotiating with the bank to avoid foreclosure may be possible. Banks and other lenders are not eager to initiate the foreclosure process because it requires substantial expenses on their part. It will also mean that they lose the chance of receiving payments from the debtor. Finally, it may also mean that they will only be holding on to property that is very difficult to sell because of the state of the economy. With so many properties getting foreclosed, the chances of finding a buyer could even be smaller.

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