On March 23, 2010, President Obama signed the healthcare and Education Affordability Reconciliation Act of 2010 (the "Act"), which is intended to extend healthcare coverage to approximately 31 million uninsured Americans by requiring most U.S. citizens and legal residents to purchase health insurance and by subsidizing health insurance premiums for those who cannot afford coverage. The extended healthcare coverage will be financed, in part, through a series of taxes and fees, and enforced, in part, through a series of fines and penalties.
Unless the Act is amended or certain controversial elements of the Act are ruled unlawful by the courts, the following is a brief synopsis (as reported by the Congressional Budget Office, the Wall Street Journal and other media outlets) of where we stand now and in the near future under the Act: