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President Barack Obama yesterday signed the landmark healthcare bill, HR 3590, the Patient Protection and Affordable Care Act, into law. He noted however that while this bill was major, it was not radical reform. While some of the most important provisions will not take effect until 2014 or later, there are some immediate benefits to Americans. For example, insurance companies will be prohibited from placing lifetime caps on their policies as well as from cancelling coverage except in cases of fraud or intentional misrepresentation; and children will not be denied coverage due to pre-existing conditions. Children will also be able to stay on their parents’ plans until age 26. Adults with pre-existing conditions will be able to enroll in a new, temporary high-risk insurance plan now, but the ban on denial of coverage to adults with pre-existing conditions will not take effect until 2014. The Individual Mandate to buy health insurance, as well as government subsidies to make that insurance affordable for low income individuals, also goes into effect in 2014. Meanwhile over a dozen states have already filed suit over conditions in the healthcare bill. As for the Public Option, there remains a measure of hope. Americans will find out during the ongoing reconciliation which, if any, senator will stand up to introduce a Public Option amendment.

GUEST: Ellen Shaffer, Co-Director at the Center for Policy Analysis