Obamacare, sometimes referred to as The Affordable Care Act (ACA), is a health care reform program that was implemented in the US in 2010. The law has four main goals:
- Expand health insurance coverage: The ACA aimed to reduce the number of uninsured Americans by expanding Medicaid eligibility and creating health insurance marketplaces where individuals and small businesses could shop for coverage.
- Prevent insurance companies from denying coverage: The Affordable Care Act prohibits insurance companies from denying coverage based on pre-existing conditions or charging higher premiums to people with health problems.
- Require insurance companies to cover essential health benefits: The Affordable Care Act requires insurance companies to cover a set of 10 essential health benefits, such as preventive care, hospitalization, and prescription drugs.
- Make health insurance more affordable: The Affordable Care Act provides subsidies to help people afford health insurance, and it also prohibits insurance companies from spending more than 20% of their premiums on administrative costs.
The Affordable Care Act has been controversial since its inception, but it has also been successful in achieving its goals. The law has expanded health insurance coverage to millions of Americans, and it has helped to slow the growth of healthcare costs.
Goals ObamaCare achieved
- Expanded Medicaid eligibility: The Affordable Care Act expanded Medicaid eligibility to all adults with income below 138% of the federal poverty level. This resulted in millions of low-income Americans gaining health insurance coverage.
- Created health insurance marketplaces: The Affordable Care Act created health insurance marketplaces, also known as exchanges, where individuals and small businesses can shop for health insurance coverage. The marketplaces offer a variety of plans from different insurers, and they also provide subsidies to help people afford coverage.
- Prevented insurance companies from denying coverage: The Affordable Care Act prohibits insurance companies from denying coverage based on pre-existing conditions or charging higher premiums to people with health problems. This has made it easier for people with health problems to get health insurance coverage.
- Required insurance companies to cover essential health benefits: The Affordable Care Act requires insurance companies to cover a set of 10 essential health benefits, such as preventive care, hospitalization, and prescription drugs. This has ensured that people with health insurance have access to the care they need.
- Made health insurance more affordable: The Affordable Care Act provides subsidies to help people afford health insurance. These subsidies are determined by family size and income. The Affordable Care Act also prohibits insurance companies from spending more than 20% of their premiums on administrative costs. This has helped to keep health insurance premiums in check.
The Affordable Care Act has been successful in achieving its goals, but it is still facing challenges. Some states have refused to expand Medicaid, and some insurance companies have left the marketplaces. However, it is undeniable that it is a unique opportunity to have life insurance for people with scarce resources, which is invaluable given the lack of services associated with personal and family healthcare.
Despite these challenges, The Affordable Care Act remains a landmark piece of legislation that has made health insurance more accessible and affordable for millions of Americans.
Who benefits the most from ObamaCare?
- People with pre-existing conditions: The Affordable Care Act prohibited insurance companies from denying coverage or charging higher premiums to people with pre-existing conditions. This meant that millions of people with health problems were finally able to get health insurance coverage.
- Low-income Americans: The Affordable Care Act expanded Medicaid eligibility to millions of low-income Americans. This meant that they could get health insurance coverage without having to pay for it.
- Young adults: The Affordable Care Act allowed young adults to stay on their parent’s health insurance plan until they turned 26. This helped to make health insurance more affordable for young people.
- Small businesses: The Affordable Care Act created health insurance marketplaces where small businesses could shop for coverage. This made it easier for small businesses to provide health insurance to their employees.
The Affordable Care Act is still a work in progress, but it has made significant progress in improving access to health insurance and making health care more affordable for millions of Americans. If you have any doubts regarding ObamaCare coverage, our experts will gladly guide you through the whole process.
