You may have heard about the Affordable Care Act, also known as ObamaCare, and wondered how it works and whether you can get it. This article will answer these and other questions so you can find out what it is all about and whether you are eligible for this program.
ObamaCare is a healthcare reform program implemented in the US in 2010. The law aims to provide millions of previously uninsured Americans with health insurance coverage. The Patient Protection and Affordable Care Act primarily affects Americans who lack health insurance or dislike the employer-provided insurance they have access to.
The 4 major components of The Patient Protection and Affordable Care Act (ObamaCare)
- Individual Mandate: A person may be subject to a fine or penalty that increases in amount and severity every year if they fail to get and maintain minimum coverage for essential medical attention as required by the Patient Protection and Equitable Medical Care Act.
- Health Insurance Exchange: State-run health insurance exchanges provide a venue for individuals and small businesses to compare a wide range of health insurance policies side-by-side and pick the one that best suits their requirements.
- Medicaid Expansion: Medicaid is a joint federal and state program that helps cover medical expenses for some people with limited income and resources. ObamaCare seeks to expand it to cover all people with household incomes below a certain level.
- Employer Mandate: The Affordable Care Act establishes a minimum standard for coverage and cost and mandates that businesses with 50 or more full-time equivalent employees provide health care to at least 95% of full-time employees.
Benefits of The Patient Protection and Affordable Care Act (ObamaCare)
There are many benefits to having health insurance under The Patient Protection and Affordable Care Act (ObamaCare). These benefits include:
Preventive care
This is care that helps you stay healthy. It includes things like doctor visits, screenings, and vaccinations. Under the Affordable Care Act (ObamaCare), most preventive care is covered at no cost to you, even if you have a high-deductible plan. This means you won’t have to pay a copayment or deductible for preventive care.
Some examples of preventive care that is covered at no cost include:
- Wellness visits: These are annual visits with your doctor to discuss your health and make sure you are up-to-date on preventive care.
- Immunizations: These are shots that protect you from diseases like measles, mumps, and rubella.
- Screenings: These are tests that can help detect diseases early when they are most treatable. For example, mammograms can help detect breast cancer early.
- Genetic counseling: This is counseling that can help you understand your risk of developing certain diseases and make informed decisions about your health.
Coverage for pre-existing conditions
A pre-existing condition is a health condition that you had before you got health insurance. Under the Affordable Care Act (ObamaCare), you cannot be denied coverage or charged more for health insurance because of a pre-existing condition. This is also known as a guaranteed issue.
This means that even if you have a serious health condition, you can still get health insurance. You will not be turned away because of your health history. You will also not be charged more for your health insurance because of your pre-existing condition.
There are some exceptions to the pre-existing condition rule. For example, you can be denied coverage if you are applying for a short-term health insurance plan. You can also be denied coverage if you have a pre-existing condition and you have not had health insurance for a certain amount of time.
However, the vast majority of people will be able to get health insurance under the Affordable Care Act (ObamaCare), regardless of their health history.
Financial assistance
Financial assistance is available to help people afford health insurance under The Affordable Care Act (ObamaCare). This assistance can come in the form of subsidies, tax credits, or Medicaid.
- Subsidies are available to help people who are not eligible for Medicaid but who cannot afford to pay the full price of health insurance. Subsidies are based on your income and household size. The more you earn, the less you will receive in subsidies.
- Tax credits are available to help people who are self-employed or who work for a small business that does not offer health insurance. Tax credits can be used to offset the cost of health insurance premiums.
- Medicaid is a government health insurance program for low-income people. If you qualify for Medicaid, you will not have to pay anything for health insurance.
ObamaCare is a complex law, but it can be a good way to get health insurance if you don’t have insurance. If you are not sure if you qualify for health insurance under ObamaCare, or if you need help enrolling in a plan, you can contact us for assistance.
