NEW YORK ( TheStreet) -- Republicans must live with Obamacare. They have few prospects for electing 60 senators needed to repeal the law, and unless they work to make it more palatable -- something they have few ideas to accomplish -- the nation is headed for socialized medicine.Obamacare seeks to substantially reduce the ranks of uninsured and has the following features:
- It requires businesses with more than 50 employees to provide health insurance.
- Requires persons without employer insurance to purchase coverage, with federal subsidies for low- and moderate-income households.
- Expands Medicaid eligibility to many families with incomes up to 133% of the poverty line.
- Establishes government-run exchanges to help with the purchase of health insurance.
- Imposes minimum coverage standards for private policies.
- Requires that insurance companies not turn away individuals with pre-existing conditions or charge them more than healthy policyholders.