The Affordable
Care Act
In the early 2000s, many Americans couldn’t afford health insurance due to pre-existing conditions or high costs. In 2009, the House proposed a plan to change this. In 2010, President Obama signed the Affordable Care Act (ACA), also known as «Obamacare,» into law. This law made health insurance cheaper and more accessible for those under 65. You might qualify for subsidies to help pay for your monthly premiums based on certain criteria.
Benefits of the Affordable Care Act
More People have Health Care Coverage
More than 16 million U.S. citizens now have health insurance after the signing of the ACA. The largest percentage of that number are young adults. That’s because with the signing of the ACA, many young adults can stay on their parents’ medical insurance plans until they’re 26.
Health Insurance is More Affordable
Although health insurance isn’t free, there is now a wider range of coverage options available to those who need it. One of the provisions that allow for this is the subsidiaries that the government offers those that meet their specific requirements. These subsidiaries help pay a portion or all of your plan’s monthly premiums.
People with Pre-Existing Conditions Can’t Be Denied Coverage
Before the ACA was in effect, pre-existing conditions, such as cancer, made it difficult for many citizens to obtain the health coverage they needed. Most insurance providers wouldn’t offer coverage for those people. However, the ACA overturned that and now you can’t be denied insurance due to a known health issue when shopping for coverage.
Benefits of the Affordable Care Act
No Limits Exist on Health Care
Originally, people with chronic health problems would run out of insurance coverage. That’s because many insurance companies would set limits on how much money they would spend on an individual. However, with the signing of the ACA, insurance providers can no longer set a preset dollar limit on your coverage.
More Screenings and Preventative Care are Covered Under Obamacare
Although the original health insurance plans also covered a variety of screenings and preventative care, Obamacare expanded those options. These options usually have a low copay or deductibles.
Now, with the ACA, every health care plan must include coverage for the following:
- Hospitalization
- Ambulatory Services
- Emergency Services
- Maternity and Newborn Care
- Services for Mental Health Disorders and Substance Abuse
- Prescription Drugs
- Lab Tests
- Chronic Disease Management and Vaccinations
- Pediatric Dental and Vision Care
- Rehabilitative and “Habilitative” Services
The ACA also stipulates that certain healthcare services are free. These services include colonoscopies, cholesterol and blood pressure checks, birth control, routine vaccinations, and several other services.
The American
Rescue Plan
President Biden signed a law in March 2021 called the American Rescue Plan Act. It aimed to help the country recover from COVID-19. Some parts of this law made benefits from the Affordable Care Act better.
One part of the Affordable Care Act is subsidies for government premiums. The American Rescue Plan increased these subsidies for everyone. It made it so people have to pay less of their income for health insurance.
Initially, the extra subsidies from the American Rescue Plan were temporary, until 2022. But Democrats might make them permanent later on.
Enrolling in Obamacare
Obamacare plans have specific times, usually near the end of the year, when you can enroll or change your health insurance. If you miss this period, you might qualify for a special enrollment period due to life events like losing coverage or getting married. Otherwise, there are other year-round health insurance options with different requirements.
Golden Plan Choice can assist you in selecting the right ACA-compliant insurance plan during open enrollment. If you missed this period, we can still help you find alternative coverage options. With over 15 years of experience, our agents will guide you through the process to ensure you and your family have the necessary health coverage. Feel free to reach out to us with any questions or concerns.