The affordable Care Act (ACA) popularly referred to as ObamaCare, refers to a law that has seen a lot of reforms in health insurance, ranging from lower coverage costs to some new benefits. The act is in essence made up of two bills that were signed into law in 2010. The first is the PPACA (The Patient Protection and Affordable Care Act), and the second is Health Care and Education Reconciliation Act. Both bills are referred to as the healthcare reform plan, collectively. The PPACA was upheld in 2012, by the Supreme Court. There have been a number of attempts at repealing the law, but it has survived and stands as the law of the land.
What does the ACA do?
Obamacare’s main goal is increasing the availability, affordability, and quality of health insurance (both private and public) to the uninsured citizens of the U.S. It has a number of provisions, for instance, new taxes, subsidies, mandates and regulations. It also aims at curbing the expanding healthcare expenditure in the U.S. Some of the laws that many provisions have exceeded expectations, while others have drawn a lot of criticism. There have been some legislative changes too. Despite all the challenges, Obamacare has managed to push the uninsured rate to an all-time low. Expenditure has grown at an impressive slow rate since the 60s, and the inflation on health care pricing is at its lowest in 5 decades.
I do not currently have health insurance, what does the Act mean for me?
Under the ACA, you need to understand the categories in which you fit, as it will determine the options available to you.
1.You work full time, but your employer does not offer health insurance
2.Your employer does offer insurance, but you cannot afford the premiums
3.You do get insurance through your job but your spouse and children do not
4.You have a health problem and you were refused insurance, or you were asked to pay premiums that you could not afford
5.You lost a job where you had been insured
6.You are a student and have little money
7.You are self-employed
8.You work part time jobs, have dependents and cannot afford health insurance
9.You are an undocumented immigrant
The ACA has undoubtedly improved the health insurance sector. Everyone can get insurance. The Health Insurance Marketplace is a safe haven for people who fall into different categories. The tax credits here make health insurance affordable for employers with small businesses, as well as other people in the various categories. The Act ensures that employers provide insurance and students are added to their parent’s policies. Do not stay uninsured.