Supreme Court rules to uphold Affordable Care Act

The Supreme Court ruled on the controversial Affordable Care Act on Thursday morning, and the court decided to uphold President Barack Obama's healthcare law. This law requires that nearly all Americans to get health coverage and guarantees those with pre-existing conditions will still get insurance as well, according to ALFA.

The most argued section of the law was the individual mandate, which requires the majority of Americans to obtain insurance or they will be fined if they refuse, and it was upheld as well. The decision went 5-4 with Chief Justice John Roberts being the swing vote. In addition, the provision to close the gap in seniors' Medicare drug coverage and one that forces companies with more than 50 employees to provide health insurance was also upheld.

"The court today limits the financial pressure the secretary may apply to induce states to accept the terms of the Medicaid expansion," states the ruling. "As a practical matter, that means states may now choose to reject the expansion; that is the whole point. But that does not mean all or even any will."

According to The Associated Press, the next step will be starting in 2014, when almost everyone will have to be insured or they will be fined. There are certain subsidiaries to help people who can't afford the coverage and newly created insurance markets will make it easier for companies to buy coverage.

Now is as good as a time as ever for seniors to set up a Medicare supplement insurance plan, which will protect the individual financially in the event of an unexpected medical condition.