Healthcare reform has been a popular topic from everyone to politicians to employees and families. The goal of the Affordable Care Act (ACA) was to provide the millions of uninsured US citizens with affordable, high quality health insurance.
The Impact of The Affordable Care Act (AKA ObamaCare)
This Act, along with the Patient Protection and Affordable Care Act (PPACA) was spurred by the rising costs of healthcare throughout the United States. The Act was implemented in March of 2010, with the hopes of curbing spending on healthcare. Millions of Americans were forgoing health insurance because it was too costly for them and their families. Additionally, many elderly citizens were not receiving adequate coverage with Medicare, but could not afford additional insurance.
Another important aspect of the ACA was its policy change regarding coverage denial. As of 2014, insurance companies cannot deny a patient based solely on a pre-existing condition. Furthermore, it was the goal of ObamaCare to ensure that insurance could not drop a patient because they got sick or reached an annual limit. Before this, many Americans with insurance had to resort to bankruptcy when their medical expenses become too high.
The Act also expands the scope of Medicare for poor families and protects citizens from unjustified increases in premiums. Tax breaks were also offered to small businesses that provided health insurance to their employees. The law went one step further to require large companies to offer health insurance to employees.
How The Affordable Care Act Will Effect Me
If you currently have health insurance through your employer, not much will change as a result of the ACA. You will, however, enjoy the benefit of not being dropped if you get sick. You also have the option of choosing an ObamaCare plan if your employment related health insurance does not meet your needs.
If you work in a big firm, you may have recently been offered health insurance through your employer, as required by the plan. Even many individuals who work at small firms may have seen this change because of the related tax break. Additionally, if your employer offers health insurance, but you must cover the cost for family members, you now have options through the Health Insurance Marketplace.
If you pay for your own health insurance, you may see the biggest change. Before, affordable policies were only offered in group plans. Now, self employed and unemployed individual, as well as individuals whose employers don’t offer health insurance, can afford coverage.
With all of that being said, there are still many complications with the ACA and Obamacare system that will be worked out as healthcare reformation continues in the United States. For more information on how to make healthcare affordable, contact Healthcare Financing Solutions today.