Due to the growing cost of care, more and more Americans are turning to the Affordable Care Act (ACA) for help. The ACA includes a variety of provisions intended to reform our healthcare system, which currently costs approximately $10,000 per person annually.
This blog will discuss the ins and outs of the Affordable Care Act, including how it impacts you as an individual, what types of health insurance plans qualify people for subsidized premiums and how much those plans cost.
What is the Affordable Care Act?
The Affordable Care Act (ACA) is a federal law that aims to expand coverage to more people through the expansion of health insurance. The law is often called Obamacare, but that is only one of the many different names it goes by. The law was passed in 2009.
The goal was to improve the American healthcare system by increasing the number of Americans with health insurance coverage and reducing the cost of care. The law uses several different strategies to achieve these aims.
How Was the ACA Created?
In the early 1990s, there was significant debate about changing the American healthcare system. Many were concerned about the rising costs of healthcare, as well as the complexity of the system. Democratic President Bill Clinton attempted to address these concerns with his 1993 National Health Reform.
This plan attempted to create a universal health plan for all Americans, but it ran into many roadblocks, especially when Republicans took over Congress the following year. By the late 1990s, public opinion on healthcare reform had shifted. Democrats hoped to capitalize on this momentum by pushing forward with healthcare reform.
In the lead-up to the year 2000, Harry and Louise, two famous ads, attempted to make the public care about healthcare reform by using humor. The ads were enormously successful, helping to make healthcare reform a major focus of the Democratic Party.
In the lead-up to the year 2000, Democratic President Bill Clinton attempted to address rising concerns about the cost and complexity of American healthcare with the Clinton Health Care Reform Bill.
In the lead-up to the year 2000, Democratic President Bill Clinton attempted to address rising concerns about the cost and complexity of American healthcare with the Clinton Health Care Reform Bill. The bill aimed to create a new universal health care system. Though it passed the Senate, it was ultimately unsuccessful.
Some Key Provisions of the ACA
– Federal Poverty Level – The federal poverty level is an income guideline used to determine eligibility for various government programs. Under the ACA, this level is the minimum income a household of two people must have to qualify for Medicaid.
– Medicaid Expansion – The expansion of Medicaid was a major component of the ACA. This program provides coverage for low-income Americans who don’t qualify for Medicare or other government-run health insurance programs.
– Pre-Existing Conditions – Under previous healthcare laws, people with pre-existing conditions had a difficult time finding health insurance. This meant that even if they had insurance at one point in time, they would have to pay higher premiums when they got sick. The ACA changed this by prohibiting insurance companies from denying coverage to people with pre-existing conditions.
– Health Insurance Exchanges – The ACA allows Americans to buy health insurance through state-run health insurance exchanges. The purpose of this is to make it easier for more people to obtain health insurance.
You and Health Insurance under the ACA
As you can see, the ACA has several key provisions intended to improve healthcare in America. Under the law, anyone who is not covered by an employer can purchase insurance through a health insurance exchange. If you don’t already have health insurance, you can go onto the exchange and buy a policy.
The exchange will determine whether you are eligible for a subsidy, which can reduce the cost of your policy. If you have health insurance, the ACA aims to make it more affordable.
There are several ways this can happen, including allowing young people to stay on their parent’s insurance until they are 26 years old, allowing Medicare to cover prescription drugs and reducing the amount you pay for out-of-pocket health expenses.
How to Get Health Insurance under the ACA
Just like the old system, you can choose your health insurance policy. However, there are some key differences under the ACA. The law requires all health insurance policies to cover 10 essential benefits, including hospitalization and maternity care.
If you are under 26 years old, you are also able to stay on your parent’s health insurance until you are 26 years old. This is a major improvement over previous laws, as you used to be able to only stay on your parent’s health insurance until you turned 26 years old.
Additionally, the ACA also allows you to stay on your parent’s health insurance until you are 26 years old. This means you don’t have to pay more for your insurance because you are a young person.
Pros and Cons of Health Insurance Under the ACA
There are several benefits to having health insurance under the ACA. Firstly, you will be able to get emergency medical care. Secondly, you won’t have to pay for care that is deemed medically necessary, like emergency room visits. The most important benefit of having health insurance under the ACA is that it will make healthcare affordable for everyone.